Kotak Mahindra Bank Sweep in FD

What is the Kotak Mahindra Bank Sweep-in FD?

The Kotak Mahindra Bank Sweep in FD is available for current and savings accounts. When your balance exceeds the Sweep in Balance threshold, the surplus is swept into FD in multiples of ₹5,000. By default, Sweep-in FDs are set for 180 days in savings accounts and 91 days in current accounts, earning simple interest. The tenure can range from as short as 7 days to as long as 10 years. This lets your funds earn attractive FD interest rates better than regular savings account interest while preserving liquidity.

Key Features of the Kotak Mahindra Bank Sweep in FD

Kotak Mahindra Bank sweep in FD facility provides the following key features:

• Simple Setup: Customers can digitally activate the Sweep in the FD Kotak Mahindra Bank facility through mobile banking or by visiting the branch.
• Flexibility: Surplus savings are automatically moved into an FD without manual effort. Since there is no lock-in, you can access the required funds anytime.
• Smarter Wealth Management: Suitable for depositors who keep high balances in their savings account but need instant access to only a portion. This facility strikes the right balance between liquidity and better returns.

How to Activate Kotak Mahindra Bank Sweep-in FD?

Activating Kotak ActivMoney Sweep-in FD is simple and convenient, with options available both online and at the branch:

1. Online Activation

   If you prefer quick and convenient access, you can activate Kotak Mahindra Bank Sweep in FD online in just a few steps:

   • Log in to Kotak 811: Open the Kotak 811 app or log in through Kotak Mahindra Bank net banking services.
   • Go to Deposits Section: Navigate to the "ActivMoney" or sweep-in facility option under the deposits menu.
   • Set Threshold Balance: Choose your sweep-in balance limit based on your savings pattern and liquidity requirements.
   • Enter Account Details: Confirm the account linked to the Sweep in FD facility for smooth automatic transfers.
   • Review & Confirm Setup: Cross-check details and confirm to activate the Sweep in FD online instantly.
   • Instant Activation: Once confirmed, your Kotak Mahindra Bank sweep-in FD becomes active immediately.

2. Offline Activation

   For customers who prefer visiting the bank directly, Kotak Mahindra Bank also allows offline activation of Sweep in FD:

   • Visit Nearest Branch: Walk into your closest Kotak Mahindra Bank branch to request Sweep in FD activation.
   • Request ActivMoney Facility: Ask the bank representative to enable the Sweep in FD (ActivMoney) option on your savings account.
   • Fill Application Form: Complete the Sweep in FD activation form by providing account details and preferred threshold balance.
   • Submit KYC Documents: Provide necessary KYC documents if requested during activation.
   • Bank Verification: The bank staff will verify details and process your request to enable the sweep in FD.
   • Receive Confirmation: You will be notified once the Sweep in FD facility is successfully activated on your account.

Key Takeaways

The Kotak Mahindra Bank Sweep in FD (ActivMoney) is a convenient facility to help you utilise surplus funds. Excess funds beyond the set sweep-in limit are automatically converted into flexible fixed deposits, allowing your money to earn attractive Kotak Mahindra Bank FD rates while remaining accessible whenever required. This approach ensures that your savings continue to generate returns while remaining readily accessible.