Do Banks Provide Interest On Current Accounts?
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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 Current Accounts play an important role.  

The ActivMoney facility 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 is a detailed insight into the features and benefits of ActivMoney Current Accounts and how easy it is to open and manage them. 

How Do The Activmoney Current Accounts 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 fixed deposit. This fixed deposit then earns interest up to 7%* p.a. and helps you boost your earnings.

The available balance for transactions is the combined amount in your Current Account and fixed deposit. The best part is that you get to retain your liquidity; you can withdraw your funds anytime without incurring penalties for premature withdrawals. 

The ActivMoney Current Accounts 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 ActivMoney Current Accounts

High Liquidity:

With the auto sweep facility, you can ensure your funds are utilised to their full potential by automatically transferring them to a linked fixed deposit account. Moreover, it offers high liquidity as your funds are always readily available whenever you need them.

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 documentsthat are already listed on the website.

Cash Deposit Facility:

With ActivMoney Current Accounts, you can enjoy flexible cash deposit options that allow you to deposit cash as per your convenience.

Business Power Platinum Debit Card:

 Activ Current Accountoffers an exceptional purchase limit and ATM cash withdrawal limit with the Business Power Platinum Debit Card. 

Complete Online Support

 You can open a Current Account online through the official website, saving time and effort. The online support also ensures smooth and seamless operations, with round-the-clock assistance available for queries or concerns. 

You can also explore the eligibility criteria, fees and charges, and other Current Account requirements in detail on the website.

With its streamlined application process, useful features, and the ability to earn interest on idle funds, ActivMoney Current Accounts help to utilise money more efficiently. This gives you a valuable opportunity for financial growth while ensuring the safety and liquidity of your funds.

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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.