kotak mahindra bank has announced the launch of its activmoney feature which provides users with fdlike interest rates of up to 7 per annum according a press release by the bank in order to help customers achieve a higher interest rate on their savings activmoney automatically transfers surplus funds in the account above a predetermined level into a fixed deposit according to the kotak mahindra bank press release activmoney spruces up interest income on the savings account with a 7 pa interest rate for 180 days as well as no premature withdrawal charges which otherwise are applicable to a fixed deposit thereby offering the customer the best of both worlds how it works when a customer activates the activmoney feature in their savings account it automatically transfers any balance above a certain threshold specified by the account variety in multiples of rs 10000 to a 180day fd with a current interest rate of 7 pa if a consumer wants to use the funds the entire balance in the savings and fd is immediately availableas a result a client gets up to 7 pa during the time she keeps her savings in an fd through activmoney while the balance in her savings account earns 35 pa 811 and current account customers can also use activmoney criteriathe default minimal criteria for surplus funds earning higher interest rates from fd wala is rs 25000 for savingssalary811 accounts and rs 50000 for current accounts savings account interest ratesavings bank acnaturerate of interestfor balances upto rs 50 lakhsfor balances above rs 50 lakhsa domestic wef june 13 2022350 pa4 pab non resident nrenro350 pa350 paas per the website with effect from 1 april 2016 the periodicity of payment of interest on savings bank account will be quarterly thus the savings bank interest calculated on daily product basis will be paid at quarterly intervals on 30th june 30th september 31st december 31st march each year note pa is per annum fd interest rateskotak mahindra offers fixed deposit interest rate between 275 to 720 for tenure ranging from 7 days to 10 years