Whats the best auto Sweep-in Sweep-out facility ?
- Thread starter mkate
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Skylar
KF Master
Yup I'm using the same.
Skylar
KF Master
This regulation was imposed last year. Up to ₹5 lakhs, every bank is secured as insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC). Beyond this limit, the level of security is the same across all banks.
ActiveMoney claims to offer 7% p.a. interest rates, but this isn't entirely accurate. They create Fixed Deposits (FDs) for only 180 days, and if you examine the interest rate chart, you'll see that the 7% rate is only applicable on the 180th day. Before that, on most days, you'll receive an interest rate of 4% or less, which is only marginally higher than savings account interest rates. Therefore, they strategically advertise the 7% rate on the 180th day to promote their product.
Comparing this to traditional FDs, a normal FD typically earns 6% or more after 6-7 months of maturity. However, ActiveMoney FDs are renewed after 6 months and start with interest rates of 4% or less.
Comparing this to traditional FDs, a normal FD typically earns 6% or more after 6-7 months of maturity. However, ActiveMoney FDs are renewed after 6 months and start with interest rates of 4% or less.
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Skylar
KF Master
Active money on Kotak works this way!
180Days - 3.5%
180Days - 3.5%
Annually - 7%
My multiple Active Sweep crossed a year and I'm getting 7% interest in them.
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