Revolutionary Financial Solution Allows Customers to Earn High Interest on Idle Funds
New Delhi, October 04 - Kotak811, a pioneer in digital banking solutions, has unveiled a ground breaking financial offering that allows customers to earn high interest of up to 7%* p.a. on their idle funds through its innovative ActivMoney feature. This subscription is available for the Kotak811 Zero Balance Savings Account and is set to redefine how individuals manage their finances while reaping the benefits of high FD-like interest rates on their savings account
ActivMoney, a state-of-the-art auto sweep facility, represents a new take on banking by transforming idle funds into earning assets. It automatically transfers surplus funds from a customer's savings account into an ActivMoney Fixed Deposit (FD) with an attractive interest rate, delivering the potential to earn FD-like returns without the associated lock-in period. The hallmark of this feature is its unparalleled flexibility, allowing users to access their funds at any time without incurring penalties. The best of both worlds: savings accounts and fixed deposits.
By subscribing to ActivMoney, Kotak811 account holders truly have an opportunity to harness greater gains from their hard earned money. Last, there are absolutely no charges nor penalties if an ActivMoney FD needs to be broken.
The process to activate ActivMoney is as effortless as managing a Kotak811 account. Customers can easily subscribe to ActivMoney post opening the Kotak811 Zero Balance Savings Account.
To illustrate the simplicity of ActivMoney, consider this example: You hold an 811 Savings Account and subscribe to ActivMoney. The sweep-out limit for this is Rs. 25,000. When your account balance exceeds this threshold, the surplus amount will be seamlessly transferred into a FD in multiples of Rs. 5,000 with an interest rate up to 7%* p.a. As your account balance fluctuates, ActivMoney ensures that the shortfall below the set threshold of ₹20,000 is offset using your FD. This smart mechanism ensures that customers are never penalised for premature withdrawal.
In the case of premature withdrawal, interest will be paid at the rate prevailing at the time of premature withdrawal or at the contracted rate, whichever is lower.
ActivMoney can be subscribed by Indian residents holding savings accounts.
Kotak811's ActivMoney feature cements its commitment to pioneering innovative financial solutions that empower customers. Kotak811 continues to redefine the banking experience with Kotak811 Zero Balance Savings Account, enabling users to make the most of their finances while maintaining flexibility.
For more information on Kotak811's offerings and the ActivMoney feature, visit [https://www.kotak811.com/savings-account/activ-money-savings-account].
When 8th November 2016 changed the way India transacted forever, Kotak811 was conceptualized to simplify banking and make it fully accessible online. Kotak811 was launched on 29th March 2017. As one of India’s first full service, truly digital banks, it offers customers a simple and convenient way to open a savings account and transact digitally using 180+ features on its Kotak811 Mobile Banking app, from home or on the move.
On 29th March 2022, Kotak811, emerged in the banking sphere with ‘digital' at its core. Its main ethos is to continuously inquire into India’s banking challenges, innovate to bridge these gaps, and inspire Indians to adopt a way of banking that lets them take full control.
Kotak811 has customers from 1,000+ Cities & Towns covering over 10,000 pin codes, across the country. Every 5 seconds, a new Account is opened digitally. Interestingly, more than 50% of 811 Accounts are opened outside banking hours. Kotak 811 offers instant account opening in 3 mins and KYC via video call in 5 mins.
For more information, please visit the digital bank’s website at https://www.kotak811.com/savings-account/811-digital-savings-account
*Terms and Conditions Apply
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