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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.

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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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.

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

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

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