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.
Other Flexi Fixed Deposit Schemes
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.
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.
No, you can link your fixed deposit to only one savings account for the sweep-in facility.
Yes, you can link your fixed deposit to your current account.
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