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A Quick Guide to Open a ActivMoney Savings Account
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Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.
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An ActivMoney savings bank account is a unique offering that seamlessly clubs the advantages of a standard savings account with the benefits of an FD (fixed deposit). This revolutionary account permits you to earn a higher rate of interest on your idle money while keeping the liquidity features of a savings bank account intact. The additional funds over a predefined limit in the ActivMoney account are transferred automatically to an FD, endowing you the opportunity to enhance your savings effortlessly.
Significance and reasons to open an ActivMoney savings bank account
An ActivMoney account is important in today's digital world, especially with inflation on the rise. A standard savings account may not be enough to maximise your money, but the ActivMoney feature can help. It channels excess funds from your savings account to an FD account, where you can earn higher interest. This feature not only helps you save money, but it also protects your funds from inflation.
Here are all the features of an ActivMoney account that you can benefit from:
If you are looking for a way to maximise your savings and protect your money from inflation, the ActivMoney account is a great option. It is a safe, convenient, and flexible way to earn higher interest on your money.
Step-by-step guide to open a Kotak ActivMoney savings bank account
Collect the required documents
Gather all the required documents for the ActivMoney account opening procedure. You can choose to open an ActivMoney account through the physical or digital mode. For physical account opening, you will need to visit a Kotak Mahindra Bank branch and submit the required documents. These include your identity proof like PAN card, Aadhaar card, voter ID, passport, etc., and an address proof like a utility bill, Aadhaar card, rent agreement, etc. Additionally, you will require your current passport-sized photos.
For digital account opening, you can apply online and submit the required documents through the bank's website or mobile app. For this option, you will need your Aadhaar and PAN card.
Apply online
To open a Kotak ActivMoney savings account online, you will need to visit Kotak's website and search for the "Apply Now" option on the Kotak ActivMoney savings account page. Once you find this option, click on it and you will be redirected to the ActivMoney savings account opening page.
On the account opening page, you will need to submit your name, mobile number, email ID, and PIN code. You will also need to share your Aadhaar number and PAN details, along with an image of your original PAN card. These two documents are required to comply with regulatory needs and ensure a smooth bank account opening process.
After you have submitted your details, you will need to complete a video KYC process. This process will verify your identity and address. Once you have completed the video KYC process, your Kotak ActivMoney savings account will be opened.
Document authentication
Kotak will authenticate your details and KYC documents and audit your video KYC. Once verified, your request to open the Kotak ActivMoney savings account will be approved. Post this, you will receive the details over your registered email ID.
Access mobile app and online banking
Kotak offers a convenient, user-friendly app and online banking services. Activate these services using the details mentioned in the account opening kit to manage your bank account, set up alerts, view transactions, etc.
Use the ActivMoney feature
Once your bank account is active, maintain an adequate balance to use the ActivMoney facility effectively. Funds over and above Rs 25,000 by default will be transferred to a 180-day FD account, allowing you to earn a higher rate of interest of up to 7 per cent per annum without any manual interference.
Conclusion
Opening a Kotak ActivMoney bank account offers a lucrative opportunity for you to optimise your savings and attain financial growth. With its attractive auto sweep facility, the bank account ensures that your idle money is put to work, enabling you to generate higher returns without compromising on your liquidity. This means, during financial strains, you are allowed to fetch funds back to your savings account from an FD without incurring any penalty for the premature withdrawal.
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