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Here's why businesses should opt for the Kotak ActivMoney 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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No matter the kind of business you run, one thing must be crucial – optimum utilisation of resources. Whether that is physical resources like raw materials and machinery, human resources like employees, or financial resources like capital, it’s essential for you to apply them strategically to make sure that they aren’t left idle when they could be adding to productivity and revenue.
However, ensuring your capital is optimally utilised can often be tricky. This is because the business environment is rapid and unpredictable, and you never know how much money you’re going to need and when to make the most of a buying opportunity or when you will need additional funds to meet emergency expenses. Hence, quite a few business owners keep more funds than required in their Current Accounts. You, however, can avoid this and make the best use of your funds with a Kotak Current Account featuring ActivMoney*. Let’s see how.
What is ActivMoney?
ActivMoney is a special feature available with select Kotak Current Account variants that helps utilise the idle funds in your Current Account by putting them to work to boost your earnings. It is an auto-sweep facility that converts balance above a certain limit into a Fixed Deposit, earning attractive returns.
Why should you opt for ActivMoney with your Kotak Current Account?
Kotak ActivMoney is an auto-sweep facility designed to improve capital efficiency for your business banking needs. It automatically transfers surplus funds — once they exceed a pre-defined threshold — from your Current Account into 91-day Fixed Deposits, helping you get more value from idle balances without compromising liquidity.
In addition to the auto sweep facility, Kotak Current Accounts also support business requirements like TFX settlements, POS transactions, CMS integration, free cash withdrawals, free unlimited demand drafts, and more — making it a comprehensive banking solution for modern enterprises.
Additional Read: Do Banks Provide Interest on Current Accounts?
How to apply for a Kotak Current Account with ActivMoney?
You can begin the process to open the Current Account online by providing your contact details on Kotak’s website and clicking on ‘apply now’. Post this, a representative will get in touch with you to understand the unique needs of your business and accordingly recommend the best-fit Kotak Current Account variant with ActivMoney. The representative will also guide you on the Current Account opening documents and other formalities to ensure a seamless and quick account opening process. Don’t let your business funds sit idle in your Current Account; put them to optimum use with ActivMoney.
T&C Disclaimer
*For deposits of 7 days and above. ActivMoney (Auto Sweep) is a facility for automatically sweeping out funds above a pre-specified threshold from your Current Account to a Fixed Deposit (FD) Account for 91 days. In case of insufficient balance in the Current Account, the FD will be broken prematurely, and the required amount will be transferred to the Current Account. Default Sweep Out and Sweep In limits for an account variant are the minimum thresholds, and one cannot opt for limits lower than these. Auto Sweep Out of funds above a pre-specified threshold from the Current Account to Fixed Deposit will be for 91 days (for NRE accounts, it will be for 1 year) and in multiples of ₹5,000/-. The nomination registered for the 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. The Bank may, at its absolute discretion, discontinue/suspend any of the services completely or partially, with or without any notice to the customer. For ActivMoney (2-way sweep deposits), regular Kotak Fixed Deposit rates will be applicable, basis the tenor of the deposit without any pre-payment penalty. For detailed terms & conditions, please visit www.kotak.com
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