Are you searching for methods to maximize the potential of your money? Do you want to maximize your savings while still maintaining liquidity?
Look no further than the ActivMoney Savings Account. This innovative account offers a unique feature called AutoSweep, which can help you reach your financial goals faster and more efficiently.
Understanding the ActivMoney Savings Account
The ActivMoney Savings Account has an autosweep feature designed to make your money work harder for you. With this feature, any surplus funds in your savings account above a specified threshold are automatically transferred to a fixed deposit (FD) account.
This means that when the balance in your savings account exceeds the threshold, the excess amount is moved to an FD, allowing you to earn a higher interest rate on that portion of your savings.
Features of the ActivMoney Savings Account
The ActivMoney Savings Account has various features that can help you in managing your finances. Here are some key features of this account:
- The available balance for utilization (including withdrawal in ATMs, cheque issuance, online purchases, etc.) in your account is the threshold balance in your savings account + the total principal amount of fixed deposit(s) created through ActivMoney
- Earn applicable interest on the money in your savings account till it is swept into a fixed deposit with ActivMoney
- Only the principal amount of the fixed deposit will be considered for the sweep-in facility, as interest is settled on the maturity of the deposit
- A fixed deposit needs to be active for a minimum period of 7 days to earn interest
- FDs made through the ActivMoney facility will be created and broken in multiples of Rs.10,000/- unless specified otherwise.
- No penalty on pre-mature withdrawal of these FDs since the FDs made through ActivMoney are for a tenor of 180 days.
How to activate the ActivMoney feature?
After opening your savings account, you can activate the ActivMoney feature by linking it to a fixed deposit. You can easily request this service from your bank. Once activated, any surplus funds in your savings account above the specified threshold will be automatically transferred to the fixed deposit.
Similarly, when there is a shortfall in your savings account balance, the required funds will be transferred back from the fixed deposit. It’s a seamless process that optimizes your earnings while ensuring liquidity.
To wrap up
The ActivMoney Savings Account is a great tool that can help you reach your goals effectively. With its unique AutoSweep feature, you can earn higher interest rates on your surplus funds and enjoy the liquidity of a savings account.
So, why settle for a regular savings account when you can maximize your earnings with the ActivMoney Savings Account? Open an account today and take a step closer to achieving financial success.