Kotak Mahindra Bank Limited (KMBL) 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 are automatically transferred into a Fixed Deposit, allowing customers to earn 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.
It transfers the balance above the threshold to an FD of 180 days at an interest rate of 7%* p.a., allowing customers to earn higher interest for the time they keep their savings in FD and the balance in their Savings Account earns 3.5% p.a. It is also available to 811 and Current Account holders. 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.”
