Know Why Should Businesses Opt For The ActivMoney Current Account

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Effectively utilising resources is crucial for any organisation, whether financial, human, or physical. This ensures optimal output and income. However, managing resources efficiently can be challenging due to the unpredictable nature of the business world.

The Kotak ActivMoney Current Account helps businesses avoid holding excess cash in their accounts, allowing them to maximise their money's potential.

Understanding Kotak811 ActivMoney

The Kotak811 ActivMoney current account enables account holders to enhance their funds by automatically transferring excess balances into a fixed deposit-like account, earning an interest rate of 6.5% per annum. It helps businesses make better use of their money to support growth.

What makes the Kotak811 ActivMoney Current Account the Better Choice?

The following special qualities of Kotak811 ActivMoney make it an excellent choice for your company's current account:

Complete access to funds in the fixed deposit ensures liquidity, allowing for seamless business transactions without any hindrance.
Excess funds are automatically transferred into a 180-day term deposit at the end of each day, providing a convenient way to manage idle funds without penalties for early withdrawal.
You have full control over the threshold limit for your current account balance, with excess amounts automatically converted into fixed deposits in multiples of Rs. 10,000 through the ActivMoney function.
Opening a Kotak811 ActivMoney Current Account grants your company access to various additional benefits, including a Business Power Platinum Debit Card, free cash withdrawals, limitless demand drafts, and more.

Features of the Kotak811 ActivMoney Current Account

Automatic Sweeping: With the ActivMoney facility, excess funds in your Current Account get automatically swept into a Fixed Deposit (FD) when they exceed Rs.2.5 lakh, allowing you to earn attractive current account interest rates of up to 6.5% per annum.
Flexible FD Withdrawals: Enjoy the freedom of withdrawing your Fixed Deposit amount prematurely without any penalty, giving you greater control over your finances.
Convenient Deposit Options: Create Fixed Deposits starting from 180 days in multiples of Rs. 5,000, providing you with flexibility in managing your funds.
Generous Cash Deposit Limits: Deposit cash up to 10 times the average credit balance of the previous month or ?25 lakh, whichever is higher, simplifying your cash management process.
Branch Benefits: Benefit from free cash withdrawals at your home branch location, ensuring easy access to your funds whenever you need them.
Free Withdrawals: Enjoy free cash withdrawals with no current account fee and charges at non-home branch locations, with a daily limit of up to ?2.5 lakh, offering convenience and accessibility.
Free Demand Drafts: Avail up to 50 free Demand Drafts per month payable at Kotak811 branches, facilitating hassle-free payments and transactions.
External Payments: Issue free Demand Drafts up to ?30 lakh per month payable at non-Kotak811 branches, enhancing your ability to make external payments smoothly.
Outward Cheque Returns: Benefit from a waiver on outward cheque returns, with up to 10 instruments per month covered, ensuring smooth transaction processing.

How to apply for the Kotak ActivMoney Current Account

Below is a step-by-step tutorial on how to apply for Kotak ActivMoney:

Step 1: Go to the official Kotak811 website and navigate to the section dedicated to current accounts.

Step 2: Locate the option to apply online for a Kotak811 ActivMoney Current Account and click on it.

Step 3: Fill in the required contact information accurately in the online application form. It includes your name, email address, phone number, and any other details requested.

Step 4: After completing the form, click on the "Apply Now" button to submit your application for opening a Kotak811 ActivMoney Current Account.

Step 5: Following the submission of your application, expect a representative from Kotak811 to reach out to you. They will contact you to discuss your business banking requirements further and to assist you with the account opening process.

Step 6: During the conversation with the representative, you'll have the opportunity to provide more details about your business and clarify any questions you may have about the account opening procedure or the features of the Kotak811 ActivMoney Current Account.

Step 7: The representative will guide you through the necessary paperwork and formalities required to open the current account. They will assist you in completing the required documents and provide any additional information or clarification you may need.

Step 8: Once all the necessary paperwork is completed and processed, your Kotak811 ActivMoney Current Account will be opened, and you will receive confirmation along with the account details.

Step 9: Now you can take advantage of the automatic sweeping feature to earn interest on excess funds, ensuring that your business funds are utilised efficiently.

Kotak811 ActivMoney Current Account Eligibility criteria

The following entities are eligible to open a Kotak811 ActivMoney Current Account:

Resident Indians, including individuals, sole proprietorships, Hindu undivided families (HUFs), partnerships, limited liability partnerships (LLPs), and private limited companies.
Co-operative societies, subsidiaries, associations, trusts, and clubs.
Religious organisations, educational institutes, and government bodies.
Associations of Persons and Public Sector Undertakings.
Domestic banks, regional rural banks, and domestic cooperative banks.
Foreign institutional investors, foreign nationals residing in India, and foreign companies.
Foreign banks, insurance companies, and mutual funds.
Share and stock brokers, related parties, and non-government organisations (NGOs) or charitable trusts.

Conclusion

Choosing the Kotak 811 ActivMoney Current Account for your business offers a diverse range of benefits, including maximising the potential of your funds through automatic sweeping and flexible FD withdrawals. With generous cash deposit limits, branch benefits, and free transactions, it's a comprehensive solution designed to meet your business's financial needs.

Applying for the account is a simple process, and with the assistance of Kotak811 representatives, you can get through it easily.

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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. Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empanelled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees, and 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.