Kotak811 introduces ‘sweep-in sweep-out facility’ on its savings account

By Gloria Mathias

Kotak811 has 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.

The Kotak811 accountholders have to access the online facility 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’s feature also highlights how one can purchase things of their choice with the FD-like interest earned from their zero-balance account.

Kotak811 was conceptualized to simplify banking and make it fully accessible online. As one of India’s full services, a 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.

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.