*Applicable for Kotak811 Zero Balance Account and Kotak811 Edge Savings Account FYKC customers
- Default Sweep-out threshold is ₹25,000 (the balance in the account above the threshold amount will be transferred to Sweep FD in the multiples of ₹5,000).
- Default Sweep-in threshold is ₹20,000 (the balance in the account below the threshold amount will be transferred from fixed deposits back to the savings account in the multiples of ₹5,000).
- For FDs made through the feature of ActivMoney (2-way sweep deposits), Regular Fixed Deposit rates will be applicable for all customers including Senior Citizens / Bank Staff.
- As per the Terms & Conditions of the bank for premature withdrawal, interest will be paid at the rate prevailing on the date of deposit for the tenure the deposit or the withdrawn amount remained with the bank or at the contracted rate, whichever is lower.
- PAN is mandatory for availing of the ActivMoney facility.
- ActivMoney facility can be provided to Indian residents holding a Kotak811 Zero Balance or Kotak811 Edge Savings Account.
- ActivMoney facility cannot be provided to:
- Non-Resident customers
- Savings account where already Linked FD Facility/ One Way Sweep facility is linked
- Savings account where overdraft facility is availed
- Any other accounts where the feature of ActivMoney has been disabled at the time of creation
- Savings account without PAN
- In cases where Sweep-in facility is activated on FDs booked through the ActivMoney feature, overdraft facilities cannot be given.
- In the case of a Resident customer who is becoming a Non-Resident and availing of this facility, linked sweeps in FDs will continue; however, the ActivMoney facility will be deactivated.
- In the case of an FD created through the ActivMoney feature, the nomination made by the customer in respect of the savings account for which this feature is availed will be deemed to be the nomination for any FD created according to the ActivMoney feature availed.
- FDs made through the ActivMoney feature will be liquidated on a LIFO basis, i.e., Last In First Out; the latest deposit is closed first to maximise returns on your deposit portfolio.
- ActivMoney fixed deposit will be booked by default in Auto-renewal mode
- All other terms and conditions concerning regular fixed deposits will be applicable
- For regular fixed deposit Terms and Conditions - Kotak Mahindra Bank
- FD advice will not be issued for deposits booked through the ActivMoney facility.
- Sweep-Out is a threshold where the balance in the account above the threshold is transferred to Sweep FD.
- Sweep-In is a threshold where the balance in the account below the threshold will be transferred from the FD back into the account, including maintenance of the AMB (Average Monthly Balance)
- FD denotes Fixed Deposits.
Note: Terms and Condition Updated as on 19th July 2023