Kotak is known for introducing smart and innovative financial solutions to maximize customers’ savings. This time, they have introduced a sweep-in sweep-out facility in the form of Kotak811 ActivMoney. It involves the automatic sweeping out of funds above a certain threshold from one’s savings account to an FD account for 180 days.
If the savings account reaches a balance of above Rs 25,000, the additional funds will get invested in fixed deposits in multiples of Rs.5000. It is an opportunity for customers to earn up to 7% interest per annum on their idle savings account funds.
The fixed deposits will break prematurely if the account balance falls below Rs 20,000. The amount from the FDs will get transferred to the account in multiples of 5000. The good news is that no charge is levied on the premature withdrawal of FDs created via the ActivMoney facility.
Want to enjoy the Kotak811 ActivMoney facility? All one has to do is open a Kotak811 account online and consent to the sweep-out feature. If one already has a Kotak811 app, they can log into the mobile banking app and opt for the facility.
Kotak is spreading awareness of this attractive money-saving feature through a creative social media campaign. The brand has collaborated with CA Harsh Gupta on Instagram to simplify the explanation of how the ActivMoney feature works.
The brand has also roped in Ranveer Singh and Keerthy Suresh to advertise the Kotak811 ActivMoney feature through an action-packed ad film. In this ad, one can see a couple fighting over whether to open an FD or savings account. In the end, they become aware of the #FDwalasavings available from the Kotak 811 savings account.
The brand’s campaign also highlights how one can purchase things of their choice with the FD-like interest earned from their zero balance account. For instance, one can become the cat parent of the year by getting unlimited supplies for their fur buddy. So, open a Kotak811 account today and start earning high interest.