Management Co. Ltd. Kotak Securities Ltd.
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With Sweep-in Facility you can link your existing Fixed Deposit to your Savings or Current Account. In case of a shortfall in the account in processing a debit instruction, the deficit is taken care of by withdrawing an exact value from your Fixed Deposit.
The deposit is broken in units of Rs. 1/-, thereby giving you the convenience of getting payments processed with ease ensuring complete peace of mind.
The Sweep-In facility enables you to link your existing Fixed Deposit to your Current or Savings, which 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.
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.
Let's take 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.
Yes, you can link more than one deposit to your Current/ Savings Account. In this case, the system will first Sweep-In amount from the deposit which was booked last or recently.
No. A single Fixed Deposit can only be linked to one savings account for the Sweep-In facility.
No, only the principal amount of the Fixed Deposit is considered for the Sweep-In facility.
|Regular Term Deposit rates effective from September 6, 2012 (subject to change from time to time)|
|Maturity Periods||Less than Rs.15 lacs#||Annualised Yield||Rs. 15 Lacs And Above But Below Rs. 1 Crore#||Annualised Yield|
|7 - 14 Days||0.00%||0.00%||6.00%||6.00%|
|15 - 30 Days||5.50%||5.50%||6.25%||6.25%|
|31 - 45 Days||5.75%||5.75%||6.50%||6.50%|
|46 - 90 Days||6.50%||6.50%||7.00%||7.00%|
|91 - 120 Days||7.50%||7.50%||8.25%||8.25%|
|121 - 180 days||7.50%||7.50%||8.25%||8.25%|
|181 Days to 270 Days||8.25%||8.51%||8.50%||8.77%|
|271 Days to less than 1 Year||8.50%||8.77%||8.75%||9.04%|
|365 - 389 Days||9.25%||9.58%||9.25%||9.58%|
|391 Days & above upto and inclusive of 699 Days||9.25%||9.58%||9.25%||9.58%|
|701 Days & above but less than 2 Years||9.25%||9.58%||9.25%||9.58%|
|2 years - 1000 Days||9.00%||9.31%||9.00%||9.31%|
|1002 Days to less than 3 years||9.00%||9.31%||9.00%||9.31%|
|3 years and above but less than 4 years||9.00%||9.31%||9.00%||9.31%|
|4 years and above but less than 5 years||9.00%||9.31%||9.00%||9.31%|
|5 years and above upto and inclusive of 7 years||9.00%||9.31%||9.00%||9.31%|
|7 years and above upto and inclusive of 10 years||9.00%||9.31%||9.00%||9.31%|
|Term Deposit rates effective from September 6, 2012 (subject to change from time to time)|
|Maturity Period||Rs. 1 Crore & above but below Rs. 5 Crore #||Annualised Yield|
|7 - 14 Days||8.00%||8.00%|
|15 - 30 Days||8.20%||8.20%|
|31 - 45 Days||8.30%||8.30%|
|46 - 90 Days||8.50%||8.50%|
|91 - 120 Days||8.60%||8.60%|
|121 - 180 Days||8.70%||8.70%|
|181 Days to 270 Days||9.00%||9.31%|
|271 Days to less than 12 months||9.00%||9.31%|
|12 months - less than 15 months||9.25%||9.58%|
|15 months - less than 18 months||9.00%||9.31%|
|18 months - less than 2 Years||9.00%||9.31%|
|2 years and above but less than 3 years||9.00%||9.31%|
|3 years and above but less than 4 years||9.00%||9.31%|
|4 years and above but less than 5 years||9.00%||9.31%|
|5 years and above upto and inclusive of 7 years||9.00%||9.31%|
# Simple interest rate
Interest is payable for NRE TD held for 1 year & above.
Kindly note that the above rates are applicable for today only.
Interest will be paid at the rate prevailing on the date of deposit for the tenure the deposit or the withdrawn amount remained with the bank or at the contracted rate, whichever is lower after deducting applicable penal charge for premature withdrawal as per Terms & Conditions of the bank.
As per Terms & Conditions of Fixed Deposit Accounts of the Bank, the penal charge on premature closure of Fixed Deposits including partial closure has been fixed by the bank as below on Fixed Deposits booked/ renewed on or after 1st November, 2012.
|Tenure of Fixed Deposit||Penalty|
|Less than 181 days||Nil|
|181 days and above||0.50%|
Note: Interest rates are subject to periodic changes. The applicable interest rates will be offered based on the date and time of receipt of the funds by the bank.
*Recurring Deposit Advice will be dispatched to your registered mailing address with the bank within 3 - 4 working days of opening the RD account
Not available for Non Resident Indians / Persons Of Indian Origin
In case of delay in payment of any installment post grace period of 5 days, penal interest at the rate of RD interest rate (contracted rate of interest at the time of booking of the RD) + 2% p.a. or such other rate as may be specified by Bank from time to time, will be charged for the month of delay.
Fraction of a month will be treated as full month for the purpose of calculating such interest.
Even if the payment for the month is honoured, but the standing instruction towards installment recovery has failed, the Bank will recover a standing instruction failure charge from the current / savings bank account as per General Features and Schedule of Charges (GFSC)
The total penal interest chargeable shall be recovered from the total amount of interest payable by the bank and shall be recovered only at the time of maturity or premature closure of the account as the case may be.
In case of premature closure of this deposit within a month, no interest shall be paid and only principal amount will be returned.
On premature withdrawal of RD. The interest will be paid at the rate prevailing on the date of deposit for the tenure the deposit remained with the bank or at the contracted rate, whichever is lower post deducting penal charge of 0.5% on premature withdrawal of deposit
*Rates for Senior Citizen category not available for FCNR Deposits.
No interest will be payable for FCNR Deposits staying less than 1 year.
Acceptance of deposits of USD 1 mio and above [or equivalent] is at the discretion of the Bank.