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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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Do you use a Current Account for your everyday business banking needs? Current Accounts offer several benefits, such as high transactional capacity, overdraft facilities, easy access to funds, and online banking facilities. However, one thing that Current Accounts do not provide is interest on your deposited funds. This is where Kotak’s ActivMoney* facility plays an important role.
ActivMoney is a simple yet innovative feature that ensures your balance earns interest while remaining accessible for everyday transactions. This benefit can be game-changing, especially for businesses, startups, and individuals who keep substantial balances in their Current Accounts.
Here are the details about the features and benefits of Kotak Current Accounts powered by the ActivMoney facility.
How Does ActivMoney Help You Earn Returns?
Here's how it works: Whenever your Current Account balance exceeds a certain amount, the excess funds are automatically transferred into a Term Deposit. This Term Deposit then earns attractive returns and helps you boost your earnings.
The available balance for transactions is the combined amount in your Current Account and Term Deposit. The best part is that you get to retain your liquidity; you can withdraw your funds anytime without incurring penalties for premature withdrawals.
Kotak Current Accounts with ActivMoney are designed to offer maximum convenience and flexibility. With this facility, you can make the most of your money and earn higher returns without having to worry about managing your investments on a daily basis.
Features of Kotak Current Accounts with ActivMoney
High Liquidity:
With the auto-sweep facility, you can ensure your funds are utilised to their full potential by automatically transferring them to a Term Deposit. Moreover, it offers high liquidity as your funds are always readily available whenever you need them.
Note: Term Deposits created through ActivMoney are now set for a tenure of 91 days.
Customised Current Account Variants:
You get access to customised Current Account variants based on the specific needs of your business, providing greater flexibility and control over your finances. Moreover, you only need to submit basic Current Account opening documents that are already listed on the website. ActivMoney is available on all the Kotak Current Account variant.
Cash Deposit Facility:
With Kotak Current Accounts, you can enjoy flexible cash deposit options that allow you to deposit cash as per your convenience.
Business Power Platinum Debit Card:
Accounts like Ace or Elite Current Account offer an exceptional free cash deposit limit along with ATM usage and a Platinum Debit Card.
*T&C apply. For deposits of 7 days and above. Visit www.kotak.com for details.
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