Kotak Activmoney, what's the catch here

[theda]

The Kotak Activmoney features without premature withdrawal penalty seem really good but there is a catch here. It says to give 7% interest but the final interest is calculated based on number of days the FD was kept.

For example if you keep the FD for 180 days you will get 7% interest but if you withdraw the money between 46-90 days you will get only 3.5% interest.

In other banks like Indusind with premature withdrawal penalty you only loose 1% of original interest rate. For example if make a FD for 365 days with 7.5 % interest and break it after 90 days you will still get 6.5% interest.

So, it seem Kotak Activmoney has a much bigger premature withdrawal penalty.

 

[shashank08]

Hi all,
Can the SweepIn/SweepOut Activmoney FD be used for IPO applications under UPI mandates/ASBA?
If yes, will the FD only be broken upon IPO allotment, or will it break at the time of application?

Check this thread

J

Thread 'Is it possible to apply IPO using Sweep-in FD?'

May 26, 2023

I just was about to make a FD and also did apply for few IPO's recently. So this thought came to my mind if we can use the Sweep-in Fixed Deposits to Fund IPO's? I tried searching for it but could only find on HDFC's website that they don't allow it. Does anyone have any experience with it or any ideas if other banks allow it or not?

• Jack007
• bank account ipo stock sweep-in fd
• Replies: 75
• Forum: Investment

Someone mentioned active money can be utilized without breaking it. It will be good idea to connect with @wuodland for more information..

Post in thread 'Is it possible to apply IPO using Sweep-in FD?'

Jun 28, 2024

Kotak doesn't allow, it closed my sweep deposit and transferred the amount to the savings account

you need to use kotak activ money for that. I applied various ipo and sme trade from it

• wuodland

•