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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 the Kotak ActivMoney Current Account. Let’s see how.
What is Kotak ActivMoney?
ActivMoney is a special feature with the Kotak ActivMoney Current Account that helps utilise the idle funds in your Current Account by putting them to work to boost your business. It is an auto-sweep facility that converts balance above a certain limit into a Fixed Deposit, thus earning you FD-like interest
Why should you opt for the Kotak ActivMoney Current Account?
Here are the unique features of Kotak ActivMoney that make it a great option to serve as your business’s Current Account:
At all times, you have full access to the funds in the Fixed Deposit. So, for all the business transactions you want to carry, the available balance will be the balance in your Current Account plus the balance in your Fixed Deposit. Hence, liquidity here will not be an issue.
In addition to the auto-sweep ActivMoney feature, there are some other features that your business can benefit from when you open the Kotak ActivMoney Current Account, including a business power platinum debit card, free cash withdrawals, free unlimited demand drafts, and more.
Additional Read: Do Banks Provide Interest on Current Accounts?
How to apply for the Kotak ActivMoney Current Account?
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 your business banking needs and accordingly recommend the right Kotak ActivMoney Current Account variant to you. 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 by opening the Kotak ActivMoney Current Account.
*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. 10,000/- 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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