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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 a Current Account best suited for your business needs.
One of the unique features of the Kotak ActivMoney Current Account is the ActivMoney facility which allows you to earn FD-like interest of up to 7%* p.a. on the idle funds in your Current Account. 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 the ActivMoney Current Account, you enjoy the convenience of a combined balance for all your transactions. This balance comprises the amounts in your Current Account and the linked Fixed Deposit. As a result, you can access a more substantial available balance for various business financial activities, giving you greater flexibility and control over your finances.
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.
The ActivMoney Current Account lets you personalise your banking experience by allowing you to choose from a range of solutions. Depending on your business needs, you can choose from low transaction fees, higher withdrawal limits, and other specific features. This way, Kotak’s customisable Current Account options cater to your needs and preferences.
Wrapping up
Uncovering the lesser-known features that can make a significant difference in managing your business’s finances is crucial. Kotak’s ActivMoney Current Account stands out with its 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.
*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. AutoSweep 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.
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