Kotak Mahindra Bank Limited (“KMBL” / “Kotak”) announced the launch of its ActivMoney feature which gives customers the benefit of FD like interest up to 7%* p.a., and the flexibility to access their funds anytime! Through ActivMoney, excess funds in the account, beyond a defined threshold, are automatically transferred into a Fixed Deposit, thereby helping customers earn a higher interest on their savings.
The cumulative Savings Account deposit of all scheduled commercial banks in India is Rs 62.9 lakh crore, earning an industry average of 3.5% interest p.a. ActivMoney offers a 7%* p.a. interest rate for 180 days and no premature withdrawal charges, offering the customer the best of both worlds. This is in contrast to other instruments like Fixed Deposit, Liquid Funds, which give higher interest for a duration of six months to one year.
Rohit Bhasin, President – Retail Liabilities Product and Chief Marketing Officer, Kotak Mahindra Bank said, “ActivMoney makes banking more rewarding and enables consumers to use their savings more efficiently and effectively.”New customers can open an account online or visit the nearest branch, while existing customers can sign up through mobile banking or the nearest branch.
