Discovering the Lesser-Known Features of Your Current Account
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Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.
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As you explore the various options for opening a Current Account for your business, you must look beyond the basic features and discover the ones that can enhance your banking experience. Let's explore some lesser-known features of Current Accounts so you can aptly choose one best-suited for your business needs.
One of the unique features of the Kotak Current Account with ActivMoney is its ability to automatically transfer surplus balances into 91-day deposits using an auto-sweep facility. How does it work? When your balance exceeds a predetermined threshold, the surplus amount is automatically transferred into a Fixed Deposit (FD). This way, you can maximise the returns on your unutilised funds. The best part is penalty-free premature withdrawal from the linked Fixed Deposit. This means that you can access the full amount without incurring any penalty charges in case of an urgent need for funds.
With a Kotak Current Account featuring ActivMoney, businesses benefit from an auto-sweep facility where both the primary balance and linked deposits contribute to transaction availability. This ensures enhanced flexibility for managing Working Capital, vendor payouts, and daily business operations without interruptions.
With the Overdraft Facility, you can withdraw funds beyond the available balance in your Current Account up to a pre-approved credit limit. This means that during urgent financial needs or when there is a temporary shortfall in funds, you can access instant cash without delay, helping you to deal with business challenges effectively.
Kotak’s Business Banking Solutions offer flexibility through customisable Current Account variants. Depending on the needs of your business, you can opt for features such as lower transaction costs, flexible cash deposit limits, higher withdrawal limits, or integration with services like CMS and auto-sweep facilities. This makes it easier for businesses to align their accounts with operational workflows and optimise idle balances via tools like Kotak ActivMoney.
Wrapping up
Uncovering the lesser-known features that can make a significant difference in managing your business’s finances. Kotak’s Current Accounts stand out with their ActivMoney feature, allowing you to earn interest on idle funds and the convenience of a combined balance for transactions and penalty-free premature withdrawal. Embrace the benefits of this feature-rich Current Account and take control of your financial journey with Kotak. Open the account today and experience a banking experience like no other.
*T&C apply. For deposits of 7 days and above. Visit www.kotak.com for details.
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