04 AUGUST, 2023

Current Accounts are a must-have for businesses of all sizes. They are essential to pay expenses, receive payments, and quickly access cash when needed. However, Current Accounts offer little interest, a significant barrier for businesses that want to make the most of their excess funds. Imagine earning interest on the money that would otherwise be sitting idle in your Current Account. That's what Kotak's ActivMoney Current Account offers. 

This feature is a game-changer for businesses that want to make the most of their cash reserves without compromising their daily transactions and operations. The additional money received through interest can be used to maximise your earnings, reinvest in your company, or even save for unexpected expenses.

But is your business eligible for ActivMoney? Here is a detailed look at the ActivMoney Current Account requirements, eligibility criteria, features and benefits to understand if your business is eligible to make the switch.

Earn FD-like interest of up to 7%* p.a. with ActivMoney Current Account and more.

ActivMoney Current Account’s features and advantages are not limited to just convenience. It offers a range of value-added benefits to help your business grow, including:

  • Auto-sweep facility: The account automatically transfers idle funds above a fixed amount into a linked fixed deposit, allowing you to earn interest on those funds. This auto-sweep feature ensures that your money is not sitting idle and is working to generate additional income.
  • Penalty-free withdrawals: The available balance for your transactions is the combined total of your Current Account and fixed deposit amounts. Importantly, you can access this amount anytime without penalty for premature withdrawal of the fixed deposit.
  • Customised account variants: Specially crafted Current Account variants with ActivMoney (auto-sweep) facility enabled, are available. This allows you to open a Current Account online that best suits your business requirements and cash flow patterns.
  • Access to Business Power Platinum debit card: This card provides a daily purchase limit allowing you to make high-value transactions conveniently.
  • Offers beyond banking: Get access to additional benefits and services such as discounts, special deals, and value-added services.
  • Efficient management: Get digital banking services and tools to streamline your financial transactions and simplify account management.
  • More features with ActivMoney Premium Current Account: With the ActivMoney Premium Current Account, you can enjoy benefits, including higher withdrawal limits, exclusive offers, and personalised financial solutions.

Eligibility criteria and requirements

The ActivMoney Current Account opening documents are kept to a minimum to facilitate a smooth account opening process. You can check the documents listed in detail on the Kotak website.

Ending note

Many know about earning interest on investment funds or savings accounts but making interest on a Current Account is equally essential. This way, you can make your money work for you and boost your earnings.

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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.