Kotak Mahindra Bank Sweep-In Facility
You can open a fixed deposit (FD) account with Kotak Mahindra in order to maximise your savings in order to meet your financial requirements. On opening an FD account, you can avail various other benefits including the Sweep-In facility.
This facility allows you to link your FD account with your Kotak Mahindra savings account. In case, there is a shortage of funds in your account, this facility will allow you to withdraw the deficit amount from your FD account so that you can meet your financial requirements.
Features of Kotak Mahindra Sweep-In Facility
- You can link your savings account with your fixed deposit account allowing you to enjoy liquidity.
- You will continue to earn interest on your deposit amount until it is swept-in to your savings account.
- Only the principal amount will be allowed to be swept-in to your savings account.
- You can link multiple fixed deposit accounts to your savings account.
- The exact amount required to make up for the deficit will be allowed to be withdrawn from your fixed deposit account in the units of Re.1.
How to Apply
You can avail this facility by using Kotak Mahindra's net banking facility where you can log in by providing your username, CRN number, or mobile number, and then by entering the password.
You can also visit the nearest Kotak Mahindra branch to avail this facility.
FAQs on Kotak Mahindra Sweep-In Facility
- How does the sweep-in facility work?
For example, you have a cheque of Rs.5,000 to clear but you have only Rs.2,000 in your savings account. Once the cheque comes to the lender for clearing and provided you have availed the facility, the bank will withdraw Rs.3,000 from your fixed deposit account to meet the deficit.
- Can I link my fixed deposit to two different Savings Accounts for the Sweep-In?
No, you can link your fixed deposit to only one savings account for the sweep-in facility.
- Can I link my fixed deposit to my current account?
Yes, you can link your fixed deposit to your current account.
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