The new Kotak811 App is all set to activate savings with the ActivMoney feature

MUMBAI, India, Oct. 11, 2024 /PRNewswire/ -- ActivMoney, is a one-of-a-kind banking solution offering both liquidity and attractive returns, is now available with the new Kotak811 Mobile Banking App.

About ActivMoney

ActivMoney empowers customers to make the most of their hard-earned money by automatically transferring idle funds into a Fixed Deposit (FD) for 180 days, while ensuring instant access to the funds whenever needed. This innovative feature not only helps customers earn up to 7%* interest per annum on their savings but also provides the flexibility to use the money for any transaction without penalties.

How Does ActivMoney Work

ActivMoney continuously monitors the account holder's balance and automatically transfers surplus funds into a term deposit based on a preset threshold. This automated process ensures that the idle funds are optimally invested and working harder, providing the account holder with both convenience and peace of mind.

Key Benefits of ActivMoney:

• Increased Returns: Better interest rates on idle funds through term deposits.
• Automation: Simplify savings management with automated fund transfers.
• Liquidity: Access to funds whenever needed, ensuring financial flexibility.

ActivMoney is part of Kotak Bank's robust digital banking suite, designed to deliver convenience, transparency, and enhanced value to customers. Whether one's saving for immediate goals or future aspirations, ActivMoney ensures one's money is always working effectively. Customers can now easily enable the ActivMoney feature via the new app.

About Kotak 811

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 bank, 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 presented itself as a bank within a bank, adopting a fresh and new brand identity with 'digital at its core. As a brand ethos, Kotak811 continuously inquires into India's banking challenges, innovates to bridge these gaps, and inspires 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.

For more information, please visit the digital bank's website at https://www.kotak811.com/zero-balance-savings-account-online/

Download the Kotak811 mobile banking app now:

• For Android users: Kotak811 Mobile Banking
• For iOS users: Kotak811 Mobile Banking

Disclaimer: This Article is for information purpose only

*For deposits above 7 days. The assumption for calculation of returns is that Principal Amount remains invested in FD created via ActivMoney feature for two consecutive time periods i.e. 360 days in total. ActivMoney feature should be active for the entire period. FDs made through feature of ActivMoney will be created and broken in multiples of ₹5,000 For FDs made through the feature of ActivMoney (2-way sweep deposits), Regular FD rates will be applicable for all customers including Senior Citizens/Bank Staff. While there is nil penalty on premature withdrawal as the contracted tenor of FD is 180 days, very early premature withdrawal like 45 days or before at times may result in interest earnings on FD lower than savings bank account interest. For detailed T&C, visit www.kotak.com homepage > Accounts > Savings Account > ActivMoney.