FOROES

How to Maximize your Earnings with the Activ Money Savings Account?

If you are looking for a way to maximise your savings, then the ActivMoney Savings Account is just what you need. This unique account offers an Auto Sweep feature that allows you to earn a higher interest rate on your surplus funds while ensuring liquidity.

Understanding the ActivMoney facility

The ActivMoney feature is an automatic sweep-in facility offered on a unique type of savings account. Suppose you open an account with the ActivMoney facility. And by default, the ActivMoney threshold for your savings account is set at Rs. 25,000.

Automatic transfers to fixed deposits

Suppose your savings account balance exceeds the threshold of Rs. 25,000 at the end of the day. In that case, the extra amount will be automatically transferred in multiples of Rs. 10,000 to a 180-day fixed deposit (FD).

This enables you to earn the prevailing FD interest rate on the balance transferred to the FD. The best part is that since the FD is linked to your savings account, you can access the funds whenever you need them without incurring penalty charges.

Withdrawal from FD to cover deficits

If your savings account balance falls short, there’s no need to worry. The deficit amount will be automatically withdrawn from your FD to cover the shortfall. This ensures that you always have sufficient funds for your transactions and expenses in your savings account.

Benefit from no premature withdrawal charges

One of the key advantages of the ActivMoney facility is that there are no premature withdrawal charges on the fixed deposit. This means you can withdraw the FD amount before the maturity date without incurring any penalties. Such flexibility allows you to address unforeseen financial requirements without worrying about additional charges.

Increasing your savings with competitive interest rates

The ActivMoney Savings Account enables you to earn a competitive interest rate. The interest rate offered on the fixed deposits created through ActivMoney is typically higher than the regular savings account interest rates. With this feature, you can increase your income and witness your savings grow consistently.

Maintaining liquidity

While earning a higher interest rate is essential, having access to your funds when needed is equally crucial. With the Activ Money Savings Account, you don’t have to worry about locking your money away for a specific period.

The auto sweep savings account feature allows you to withdraw the required funds from the fixed deposit without penalty charges. With this option, you can receive the advantages of a fixed deposit and have the flexibility of a savings account.

To wrap up

The ActivMoney Savings Account, with its Auto Sweep feature, is a fantastic tool for maximizing your earnings while maintaining liquidity. So, why settle for a regular savings account when you can make your money work harder with the ActivMoney Savings Account? Open an account today and start maximizing your savings!

Exit mobile version