Sweep-In Facility

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With Sweep-in Facility you can link your existing Term 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 Term 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.

  1. Enjoy liquidity by linking your Term Deposit to Savings Account or Current Account
  2. Earn applicable interest on the money till it is swept-in the account, while the remaining Term Deposit amount will fetch you interest of Term Deposit at the contracted rate
  3. Only an exact amount required to make up for the deficit in the account is withdrawn from your Term Deposit in the units of Rs. 1/-, thereby giving you the convenience of getting payments processed with ease ensuring complete peace of mind
  4. Only the principal amount of the Term Deposit will be considered for the Sweep-in Facility
  5. Multiple Term Deposits can be linked to your Savings account
  6. Avail Overdraft facility against Term Deposit
 

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What is the Sweep-In facility?

The Sweep-In facility enables you to link your existing Term 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 Term Deposit in the units of Rs. 1/-, thereby giving you the convenience of getting payments processed with ease ensuring complete peace of mind.

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 Term Deposit.

With the Sweep-In facility you can link your existing Term 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 Term Deposit to clear the cheque. On this utilized amount, you will earn a rate of interest for the period that the Term Deposit remained with the Bank at the applicable rate of interest at the time of booking the original Term Deposit. Your balance amount in Term Deposits will continue to earn the original rate of interest.

How will the Sweep-In work?

Let's take an example to illustrate how the Sweep-In facility works:

Mr. A has availed Sweep-In facility on his existing Term 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 Term Deposit to the extent of Rs. 3000/- (4000/- minus 1000/-) and clear the cheque.

Can we avail Sweep-In facility with multiple deposits?

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.

Can a Term Deposit be linked to two different Savings Accounts for the Sweep-In?

No. A single Term Deposit can only be linked to one savings account for the Sweep-In facility.

Are both principal and interest amount of the Term Deposit considered for the Sweep-In facility?

No, only the principal amount of the Term 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 PeriodsLess than Rs.15 lacs#Annualised YieldRs. 15 Lacs And Above But Below Rs. 1 Crore#Annualised Yield
7 - 14 Days0.00%0.00%6.00%6.00%
15 - 30 Days5.50%5.50%6.25%6.25%
31 - 45 Days5.75%5.75%6.50%6.50%
46 - 90 Days6.50%6.50%7.00%7.00%
91 - 120 Days7.50%7.50%8.25%8.25%
121 - 180 days7.50%7.50%8.25%8.25%
181 Days to 270 Days8.25%8.51%8.50%8.77%
271 Days to less than 1 Year8.50%8.77%8.75%9.04%
364 Days8.75%9.04%9.00%9.31%
365 - 389 Days9.25%9.58%9.25%9.58%
390 Days9.35%9.68%9.35%9.68%
391 Days & above upto and inclusive of 699 Days9.25%9.58%9.25%9.58%
700 Days9.25%9.58%9.25%9.58%
701 Days & above but less than 2 Years9.25%9.58%9.25%9.58%
2 years - 1000 Days9.00%9.31%9.00%9.31%
1001 Days9.25%9.58%9.25%9.58%
1002 Days to less than 3 years9.00%9.31%9.00%9.31%
3 years and above but less than 4 years9.00%9.31%9.00%9.31%
4 years and above but less than 5 years9.00%9.31%9.00%9.31%
5 years and above upto and inclusive of 7 years9.00%9.31%9.00%9.31%
7 years and above upto and inclusive of 10 years9.00%9.31%9.00%9.31%
Term Deposit rates effective from September 6, 2012 (subject to change from time to time)
Maturity PeriodRs. 1 Crore & above but below Rs. 5 Crore #Annualised Yield
7 - 14 Days8.00%8.00%
15 - 30 Days8.20%8.20%
31 - 45 Days8.30%8.30%
46 - 90 Days8.50%8.50%
91 - 120 Days8.60%8.60%
121 - 180 Days8.70%8.70%
181 Days to 270 Days9.00%9.31%
271 Days to less than 12 months9.00%9.31%
12 months - less than 15 months9.25%9.58%
15 months - less than 18 months9.00%9.31%
18 months - less than 2 Years9.00%9.31%
2 years and above but less than 3 years9.00%9.31%
3 years and above but less than 4 years9.00%9.31%
4 years and above but less than 5 years9.00%9.31%
5 years and above upto and inclusive of 7 years9.00%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 RATES FOR DOMESTIC / NRO / NRE TERM DEPOSITS

Disclaimer

#Simple interest rate
*Senior Citizens' rate is not applicable on NRO/NRE deposits
***101Days-120Days: Premature withdrawal of deposit is not permitted in this bucket for amount 1Cr and above.
No interest will be payable for NRE TDs staying less than 1 year.
For Term Deposits with tenure below 181 days, interest will be calculated at maturity as Simple Interest.
Standalone Term Deposits of tenure 181 days and above linked to saving / current account will be treated as per the regular sweep deposit functionality and penal charge will be applicable as above.
For ActivMoney (2 way sweep deposits) Regular Term Deposit rates will be applicable for all customers including Senior Citizen's / Bank Staff
Acceptance of deposits of Rs.5 cr. and above is at the discretion of the Bank's Treasury.
Interest on Term Deposit can be paid for a period of less than a quarter (monthly interest payout) at the discounted interest rates as per RBI directives
Kindly note that the above rates are applicable for mentioned dates only and are subject to change without prior notice

Important: Penal Charge on Pre-mature withdrawal of Term Deposits (Domestic / NRO / NRE)

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 Term Deposit Accounts of the Bank, the penal charge on premature closure of term deposits including partial closure has been fixed by the bank as below on term deposits booked/ renewed on or after 1st November, 2012.

Tenure of Term DepositPenalty
Less than 181 daysNil
181 days and above0.50%

In addition to the above, no interest will be paid on the principal amount withdrawn from NRE term deposits before completion of one year.

INTEREST RATES FOR RECURRING DEPOSITS (For Resident Individuals & HUF only)

Disclaimer

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

Penalty on delay in payment of RD installment

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.

Premature Withdrawal of RD

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

INTEREST RATES FOR FCNR DEPOSITS

  • Minimum tenure to book FCNR (B) deposit is 1 year & 1 day
  • No interest would be paid if the said deposit is pre-closed in less than a year.
  • Premature penalty of 0.5% of FCNR (B) deposit would be charged on withdrawal of FCNR (B) deposit.
  • It may not be advisable to withdraw the deposit, which is placed for original maturity of 3 years and above, prematurely

Disclaimer

*Rates for Senior Citizen category not available for FCNR Deposits.
No interest will be payable for FCNR Deposits staying less than 1 year.
Interest rate subject to change without prior notice.


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