Are you tired of your savings account acting like a commitment-phobe, offering measly returns?
Well, ditch the dead-end relationship and swipe right on Kotak ActivMoney! This innovative savings solution is like the power couple of high-interest rates and easy access to your funds. It’s like Beyoncé and Jay-Z, but for your bank account!
Is your hard-earned cash languishing in a savings account, offering interest rates that resemble dust mite droppings? Well, it’s time to give your money a much-needed career change! Introducing Kotak ActivMoney, the revolutionary savings solution that’s like a financial personal trainer for your idle funds. It’ll have your money working overtime, earning interest rates as high as 7%* (Saving account me FD wala interest), while still letting you access it whenever you need a pick-me-up!
Sweep In, Sweep Out: The Best of Both Worlds
Kotak ActivMoney understands that life throws curveballs. Sometimes you need immediate access to your cash, but who wants to sacrifice interest for flexibility? Enter the magic of auto-sweep! This nifty feature automatically transfers your idle funds into high-interest FDs (Fixed Deposits) in multiples of Rs. 5,000. Need the money back? No sweat! Just sweep it back into your savings account with zero penalty fees. It’s like having your cake and eating it too, but with money!
Say "Hey Good Lookin'" to Your Financial Future
Kotak ActivMoney isn’t just about the here and now. It’s about building a secure and prosperous future. By earning substantial interest, you can watch your savings grow like a well-watered money tree. Just imagine all the exciting things you can do with that extra cash – that dream vacation, a killer new wardrobe, or maybe even financial independence!
Ready to Mingle with Kotak ActivMoney?
Don’t settle for a loveless relationship with your savings account. Upgrade to Kotak ActivMoney and experience the thrill of high-interest rates and unmatched flexibility! Visit your nearest Kotak Mahindra Bank branch or head online to activate your financial glow-up today. Because hey, a richer you is a more confident you!
How It Works
Picture this: your idle funds, sitting there twiddling their thumbs, suddenly get a wakeup call from ActivMoney. It’s like a VIP pass to the FD party, where your money gets to mingle with higher interest rates and lucrative opportunities. Plus, with our sweep in, sweep out feature, accessing your funds is as easy as swiping right on your favorite app.
Features That Wow
Get ready to be wowed by the perks of ActivMoney. We’re talking FD-wala interest rates up to 7%*, the freedom to use your funds however you please – whether it’s splurging on that designer handbag or just treating yourself to a fancy dinner. And guess what? No more fretting over premature withdrawals (No penalty on premature withdrawal) – we’ve banished penalties like yesterday’s news.
So, why settle for a snooze-worthy savings account when you could be living the high life with Kotak ActivMoney? Activate your financial superhero mode today and watch your money soar to new heights. Trust us, your future self will thank you for it.
*For deposits above 7 days. Terms and conditions apply, but let’s not dwell on the fine print when there’s magic to be made!
Terms and Conditions of Kotak ActivMoney
Applicable Rates: Regular Fixed Deposit rates apply to all customers, including Senior Citizens and Bank Staff.
Premature Withdrawal: Interest will be paid at the prevailing rate on the date of deposit or the contracted rate, whichever is lower, as per the bank’s Terms & Conditions for premature withdrawal.
Mandatory PAN: PAN is mandatory for availing the ActivMoney facility.
Eligibility: ActivMoney is available for both resident savings and current accounts, as well as non-resident customers. NRE Deposits will have a tenure of 1 year, with no interest payable for deposits held for less than 1 year.
Exclusions: ActivMoney cannot be provided for accounts already linked to FD Facility/One Way Sweep or accounts with overdraft facilities. Additionally, accounts where the ActivMoney feature has been disabled are ineligible.
Sweep In and Sweep Out: Sweep in transfers funds from the linked FD to the account when the balance falls below the threshold, while sweep out transfers excess funds from the account to the FD.
Residency Change: For resident customers becoming non-resident, linked sweep in FDs will continue, but the ActivMoney facility will be deactivated.
Nomination: The nomination made for the savings/current account will apply to any FDs created through the ActivMoney feature.
Balance Maintenance: Funds will be transferred from the linked FD in multiples of Rs. 5,000 if the balance in the linked account falls below the Sweep In threshold.
Liquidation: FDs created through ActivMoney will be liquidated on a Last In First Out (LIFO) basis.
Documentation: FD advice will not be issued for deposits booked through ActivMoney.
Thresholds: Sweep Out and Sweep In thresholds are specified to automate transfers between the account and the FD.
New Registrations: FDs will be created and broken in multiples of Rs. 5,000 for new ActivMoney registrations from 5th July’23 onwards.
For more information on ActivMoney for Current Accounts, click here.
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