Whats the best auto Sweep-in Sweep-out facility ?

[mkate]

Whats the best auto Sweep-in Sweep-out facility ?

I think ActiveMoney from Kotak is the best in market currently, what are your thoughts ?

 

[Skylar]

Whats the best auto Sweep-in Sweep-out facility ?

I think ActiveMoney from Kotak is the best in market currently, what are your thoughts ?

Yup I'm using the same.

 

[mkate]

Recently RBI imposed restrictions on Kotak Mahindra Bank on issuing Credit Cards & onboarding new customers digitally. Considering this, is Kotak Bank secure & credible to have accounts ?

 

[Skylar]

Recently RBI imposed restrictions on Kotak Mahindra Bank on issuing Credit Cards & onboarding new customers digitally. Considering this, is Kotak Bank secure & credible to have accounts ?

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.

 

[mkate]

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.

 

[Skylar]

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.

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.