Sweep In Facility - Features of Fixed Deposit Sweep In

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Sweep-In Facility

With Kotak’s Sweep-In Facility, you can enjoy financial flexibility. Now never worry about running out of funds, all you have to do is link your existing Fixed Deposit to your Savings or Current Account. In case you are falling short of funds in your account the deficit will be withdrawn from your Fixed Deposit so you can enjoy financial peace of mind and live worry-free.

Enjoy liquidity by linking your
Fixed Deposits to Savings or Current Account

Earn applicable interest on the
money till it is swept-in the account

Only the principal amount of the
fixed deposit will be considered
for the Sweep-In facility

Multiple Fixed Deposits can be
linked to your Savings account

Only an exact amount required
to make up for the deficit in the
account is withdrawn from your
Fixed Deposit in the units of Re. 1/-
for convenience of getting
payments processed with ease

Avail Overdraft facility
against Fixed Deposit

Frequently Asked Questions

What is the Sweep-In facility?

The Sweep-In facility enables you to link your existing Fixed Deposit to your Current or Savings.

This can be utilized in case of an emergency, wherein the shortfall in your account is swept in from your linked Fixed Deposit in the units of Rs. 1/-, thereby giving you the convenience of getting payments processed with ease ensuring complete peace of mind.

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What are the benefits of the Sweep-In facility?

The Sweep-In facility helps you enjoy liquidity in your Savings account while earning high returns with the applicable interest rates of a Fixed Deposit.

With the Sweep-In facility you can link your existing Fixed Deposit to the Savings/Current Account. Whenever there is a shortfall of funds in the Account to clear a cheque, we will utilize units of the Fixed Deposit to clear the cheque. On this utilized amount, you will earn a rate of interest for the period that the Fixed Deposit remained with the Bank at the applicable rate of interest at the time of booking the original Fixed Deposit. Your balance amount in Fixed Deposits will continue to earn the original rate of interest.

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How will the Sweep-In work?

We have taken an example to illustrate how the Sweep-In facility works:

Mr. A has availed Sweep-In facility on his existing Fixed Deposit of Rs. 10,000/-.

Assuming on a particular day, the balance in his Savings Account is Rs. 1000/-, and he issues a cheque for Rs. 4000/- in his account and it has now come to the bank for clearing:

Kotak Bank will utilize the shortfall amount of Rs. 3000/- from the linked Fixed Deposit to the extent of Rs. 3000/- (4000/- minus 1000/-) and clear the cheque.

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