For deposits above 7 days. T&C apply. For detailed terms and conditions, please visit www.kotak.com. ActivMoney (Auto-Sweep) is a facility of automatically sweeping out funds above a pre-specified threshold from your Current Account to a Term Deposit (TD) Account for 180 days. In case of insufficient balance in the Current Account, the TD will be broken prematurely and the required amount will be transferred to the Current Account. Default Sweep Out and Sweep In for limit for an account variant are the minimum thresholds and one will not be able to opt for limits lower than these. Auto-Sweep out of funds above a pre-specified threshold from Current Account to Fixed Deposit will be for 180 days (For NRE accounts it will be for 1 year) and in multiples of Rs. 5,000/- The nomination registered for Current Account will apply for FDs created through ActivMoney. If the customer opts for ActivMoney in an account, standalone Fixed Deposits cannot be linked to that account. Terms and Conditions guiding the fixed deposit will be applicable to Fixed Deposits booked under ActivMoney. Bank may at its absolute discretion discontinue/suspend any of the services completely or partially with or without any notice to the customer. The rate mentioned is applicable for Fixed Deposits less than Rs. 2 Crores for a tenure of 180 days and is subject to change without prior notice. For ActivMoney (2 way sweep deposits), Regular Kotak Fixed Deposit rates will be applicable, basis the tenor of the deposit, for all customers including Senior Citizens/Bank Staff without any pre-payment penalty.
The standout feature of ActivMoney Current Account is the auto-sweep facility. When your balance exceeds a certain threshold, this facility automatically transfers the excess funds into a fixed deposit, enabling you to earn interest up to 7%* p.a. and optimise liquidity management, going beyond the offerings of a regular Current Account.
ActivMoney Current Account encompasses all the standard features of a Current Account, including a chequebook, debit card, and online banking.
The ActivMoney facility is pre-enabled with the ActivMoney Current Account. To add this facility to another account variant, you can visit your nearest Kotak Mahindra Bank branch.
The auto-sweep facility in ActivMoney Current Account is activated once the balance in your account reaches twice the Current Account minimum balance.
The Current Account auto-sweep feature in ActivMoney Current Account is automated.