Earn FD like interest in your Savings Account with ActivMoney

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About How it works Features Terms and Conditions
ActivMoney is a sweep in sweep out facility that gives you exciting benefits of a higher FD like interest rate & flexibility to access your funds anytime with your savings/current account.
The ActivMoney facility automatically transfers funds above a default threshold into a Fixed Deposit, earning you higher interest.
Enjoy the benefit of up to 7%* interest p.a.
Access your funds whenever you need them
Zero Premature Withdrawal Penalty
Let’s say you have a Kotak Edge Savings Account and you opt for the ActivMoney facility.
The default ActivMoney threshold for your savings account is Rs.25,000.
Now in case your savings account balance is more than the threshold of Rs.25,000 at the end of the day, the excess amount will automatically get transferred in multiples of Rs.10,000 to a 180 day FD. You will then earn the prevailing FD rate on the balance that has been transferred to the FD. As this FD is linked to your savings account, you can access the funds whenever you wish to, with no penalty charges.
In case you are falling short of funds in your savings account, you need not worry as the deficit will be withdrawn from your FD automatically.
What’s more? There are no premature withdrawal charges on this Fixed Deposit, thus helping you save up on that as well.
Here’s an example:
Summary of Account Balance at the End of the Day |
||||
Savings/ Current Account Balance |
Fixed Deposit Balance |
Total Available Balance |
||
Day 1 |
You have a balance of Rs.1 lakh in your account with the defined threshold (minimum amount to stay in your Savings account) of Rs.25,000. At the end of the day, Rs.70,000 is moved to an auto-created Fixed Deposit of 180 days at the prevailing rate of 7% p.a. |
Opening balance: Rs.1,00,000 End of the Day: Rs.30,000 |
0 Rs.70,000 (Deposit1) |
Rs.1,00,000 Rs.1,00,000 |
Day 2 |
Credited Rs.25,000 to your account |
Opening Balance: Rs.30,000 End of the Day Balance: Rs.25,000 |
Rs.70,000 (Deposit1) Rs.30,000 (Deposit2) |
Rs.1,25,000 |
Day 17 |
Cheque for Rs.40,000 presented in clearing |
Opening Balance: Rs.25,000 End of Day Balance: Rs.25,000 |
Deposit1*: Rs.60,000 Deposit2*: liquidated |
Rs.85,000 |
*Liquidated Deposit2 of Rs.30,000 and deposit1 liquidated in part for Rs.10,000 to honor the cheque of Rs.40, 000 as breaking of FD is done in multiples of Rs.10, 000. Deposit2 will earn interest for 15 days at the applicable rate without penalty as it exceeds 7 days which is the minimum period required to be eligible for interest and Rs.10000 liquidated from Deposit1 would earn eligible interest for 16 days.
Please Note:
To know more about ActivMoney facility for Current Account click here
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By clicking on the hyper-link, you will be leaving www.kotak.com and entering website operated by other parties. Kotak Mahindra Bank does not control or endorse such websites, and bears no responsibility for them.
By clicking on the hyper-link, you will be leaving www.kotak.com and entering website operated by other parties. Kotak Mahindra Bank does not control or endorse such websites, and bears no responsibility for them.
By clicking on the hyper-link, you will be leaving www.kotak.com and entering website operated by other parties. Kotak Mahindra Bank does not control or endorse such websites, and bears no responsibility for them.
By clicking on the hyper-link, you will be leaving www.kotak.com and entering website operated by other parties. Kotak Mahindra Bank does not control or endorse such websites, and bears no responsibility for them.