Kotak Mahindra Bank announced the launch of ActivMoney, which gives customers the benefit of FD-like interest up to 7%* p.a. and the flexibility to access their funds anytime. Excess funds in the account are automatically transferred into a Fixed Deposit, allowing customers to earn higher interest on their savings.
ActivMoney is a feature in the Savings Account that transfers the balance above the threshold in multiples of Rs 10,000/- to an FD of 180 days at an interest rate of 7%* p.a. If the customer wishes to use the funds, the entire balance in Savings and FD is instantly available. This allows the customer to earn higher interest up to 7%* p.a. for the time they keep their savings in FD through ActivMoney and the balance in their Savings Account earns 3.5% p.a. ActivMoney is also available to 811 and Current Account holders.
Virat Diwanji, Group President and Head, Consumer Banking, Kotak Mahindra Bank said, “With ActivMoney, we aspire to change the paradigm of savings culture of Indians by offering customers FD wala interest rate on their savings account while retaining the flexibility to access funds anytime without any penalty on foreclosure.”
