Managing personal finances is not easy. With so many expenditures to take care of, it’s more important than ever to be able to maximize your savings so that you can invest, grow your wealth, and plan for the future.
With negligible interest in savings accounts and lock-in periods on FDs, it can be difficult to grow your money in a safe and secure manner.
But modern banking is changing, and organisations like Kotak811 are leading the charge. With a zero Balance Savings Account, interest rates of up to 7% interest p.a. on your savings, and an instant credit card on online account opening, Kotak811 helps simplify savings while maximising returns.
Meet The Kotak811 Zero Balance Savings Account
Imagine a savings account with no minimum balance requirement. It’s a haven for students, homemakers, self-employed individuals, and anyone who finds it challenging to maintain a minimum balance. Kotak811’s zero balance savings account is designed to cater to the needs of the digital age, where flexibility and accessibility are paramount.
Opening this account is a breeze. Say goodbye to tedious paperwork and in-person visits. The entire account opening process is conducted online. No physical forms to fill, no photocopies of KYC documents required. You only need to provide your PAN and Aadhaar details during the account opening process.
Benefits Far Beyond the Basics
Upon opening your zero balance savings account, you’ll receive a free virtual debit card instantly. This virtual card empowers you to make online purchases and pay bills online conveniently. You can also download the Kotak811 Mobile Banking App, making banking transactions a seamless experience, accessible from anywhere, at any time.
But the magic doesn’t stop here. Kotak811 understands that today’s customers desire more than just the basics. That’s where the savings account auto-sweep feature comes into play.
Unlocking the Potential with ActivMoney
ActivMoney is an igneous feature that allows your money to work harder for you. It offers FD-like interest rates on your savings account balance. Here’s how it works:
Let’s say you have a significant sum in your savings account that you don’t plan to use immediately. Instead of letting it sit idle, ActivMoney automatically sweeps in when your balance crosses a certain threshold, typically ₹30,000. These funds are then converted into a fixed deposit, earning you an impressive interest rate of up to 7% per annum.
ActivMoney will convert any amount above Rs 25,000 into a multiple of Rs 5,000. For example, if you have ₹50,000 in your savings account, ActivMoney will convert ₹25,000 of it into a fixed deposit that will earn up to 7% p.a. interest. These funds are available 24*7 Unlike Fixed Deposit where the funds are locked. This way, you’re not only safeguarding your money but also earning substantial interest on it. It’s like having the best of both worlds – the liquidity of a savings account and the high returns of an FD.
Playing the Credit Card
Now, here’s where it gets even more exciting. With an FD created through the ActivMoney feature, you have the unique opportunity to get a credit card against fixed deposits. Kotak811 offers the DreamDifferent Credit Card, a secured credit card that’s perfect for individuals who are new to credit or have a low CIBIL score. No need for holding a job or earning any income whatsoever.
The credit limit on this card is set at an impressive 90% of your FD amount. This means you have financial flexibility that aligns perfectly with your goals. As you use the DreamDifferent Credit Card for your expenses, your FD continues to earn interest, ensuring that you earn while you spend.
The Benefits Just Keep Flowing
Here’s a quick overview of the benefits of the DreamDifferent Credit Card:
- Reward Points: Earn 1 reward point for every ₹100 spent offline and 2 reward points for every ₹100 spent online.
- Activation Offer: Receive 500 Bonus Reward Points upon card activation and spending ₹5000 within the first 45 days of card issuance.
- Interest-Free Withdrawal: Enjoy interest-free cash withdrawals of up to 90% of your total credit limit.
- Balance Transfer: Seamlessly convert your other credit card balances.
- Fuel Surcharge Waiver: Avail a 1% fuel surcharge waiver on transactions ranging from ₹500 to ₹3000, with a maximum waiver of ₹3500 annually.
- Railway Surcharge Waiver: Save on railway surcharges for transactions on www.irctc.co.in and Indian Railways Booking Counters, with a maximum waiver of ₹500 per year.
- 811 DreamDifferent Shield: Benefit from a ₹50,000 cover against fraudulent usage.
Your Friend for Financial Freedom
Kotak811 believes that financial freedom should be accessible to all, regardless of their financial background or history. With the zero balance savings account, ActivMoney, and the DreamDifferent Credit Card, you’re not just managing your finances; you’re crafting a unique financial journey that’s filled with opportunities.
Whether you’re a student, a homemaker, self-employed, or anyone looking for financial flexibility and growth, Kotak811 is your ideal partner. It’s a financial solution that empowers you to maximise your savings, earn impressive interest, and build a strong credit history, all while enjoying the convenience of a secured credit card.
In a world where financial choices abound, Kotak811 stands as a go-to option for anyone looking for neo-banking, breaking innovation, supreme security, and cool convenience into a single offering. It’s time to make your money work smarter for you. Open a zero balance savings account with Kotak811, activate ActivMoney, and step into a world of financial possibilities. Your journey to financial freedom begins today.
Disclaimer: Terms and conditions apply to the DreamDifferent Credit Card. The credit limit is provided based on your fixed deposit amount.