Kotak Mahindra Bank Fixed Deposit (FD)
Kotak Mahindra Bank offers the option of opening a fixed deposit account for individuals. The bank offers a number of options for the tenure of the deposits.
The rates of interest offered on the fixed deposits start at 2.75% p.a. and go up to 7.25% p.a.
Features & Benefits of Kotak Mahindra Bank Regular FDs
- Get attractive rates of interest.
- Deposit is accepted for a minimum period of 7 days and a minimum period of 10 years.
- Minimum deposit accepted is Rs.10,000 for existing customers and Rs.25,000 for new customers.
- Get interest at monthly or quarterly basis or after maturity as preferred by you.
- Online booking of term/fixed deposit is accepted.
- Premature withdrawal of fixed deposit is allowed.
- Offers NRO and NRE term deposits for NRIs.
- Enjoy nomination facility.
- Sweep-in facility is available.
- Get overdraft facility against term deposits.
Features & Benefits of Kotak Mahindra Bank Senior Citizen FDs
- Minimum deposit accepted by the bank is ₹ 10,000 for existing customers and ₹ 25,000 for a new customer.
- Get competitive rates of interest.
- Deposit is accepted for a minimum period of 7 days and a minimum period of 10 years.
- You can choose to get interest at monthly or quarterly basis or on maturity.
- You can open your FDs online with Kotak Mahindra Bank.
- Get premature withdrawal facility.
- Get nomination facility.
- Sweep-in facility is available.
- Overdraft facility is available.
Features & Benefits of Kotak Mahindra Bank Tax Saving FDs
- Interest is paid on quarterly basis, or you can continue to invest till maturity.
- Offers attractive rates of interest.
- You can save tax.
- Minimum deposit period of 5 years and a maximum period of 10 years.
- Get nomination facility.
- Premature or partial withdrawal is not allowed.
- Get TDS certificate on tax deducted at source.
- Senior citizens (should be resident Indians and above the age of 60) can also open their FD accounts under this scheme.
Kotak Mahindra Bank FD Eligibility:
Resident Indians, senior citizens, members of HUF and NRIs are eligible to open their fixed deposit accounts with Kotak Mahindra Bank.
Kotak Mahindra Bank FD Interest Rates:
The bank offers attractive Kotak Mahindra FD Interest Rates for their customers. The bank offers 7.25% p.a. as the highest rate of interest for a tenure of more than 5 years for deposits below Rs.2 crore.
The lowest rate of interest is 2.75% p.a. for tenures ranging from 7 days up to 30 days.
Kotak Mahindra Bank FD Rates
The rates of interest offered by Kotak Mahindra Bank on term deposits below Rs.2 crore are as follows:
Tenure | Interest Rates for General Public (p.a.) | Interest Rates for Senior Citizens (p.a.) |
7 - 14 Days | 2.75% | 3.25% |
15 - 30 Days | 3.00% | 3.50% |
31 - 45 Days | 3.25% | 3.75% |
46 - 90 Days | 3.50% | 4.00% |
91 - 120 Days | 4.00% | 4.50% |
121 - 179 days | 4.25% | 4.75% |
180 Days | 7.00% | 7.50% |
181 Days to 269 Days | 6.00% | 6.50% |
270 Days | 6.00% | 6.50% |
271 Days to 363 Days | 6.00% | 6.50% |
364 Days | 6.50% | 7.00% |
365 Days to 389 Days | 7.10% | 7.60% |
390 Days (12 months 25 days) | 7.15% | 7.65% |
391 Days - Less than 23 Months | 7.20% | 7.70% |
23 Months | 7.25% | 7.75% |
23 months 1 Day- less than 2 years | 7.20% | 7.70% |
2 years- less than 3 years | 7.00% | 7.50% |
3 years and above but less than 4 years | 6.50% | 7.00% |
4 years and above but less than 5 years | 6.25% | 6.75% |
5 years and above upto and inclusive of 10 years | 6.20% | 6.70% |
Note: The interest rates mentioned in the table are as of 13 September 2023.
FAQs on Kotak Mahindra Bank Fixed Deposit Scheme
- Are Loans Provided Against FDs at Kotak Mahindra Bank?
Yes, the bank provides loans to the depositor against his/her FDs opened with Kotak Mahindra Bank. The bank also provides loans against deposit standing in the name of minors. However, you need to provide necessary documents to the bank in support of your application.
- Does Kotak Mahindra Bank Allow Premature Renewal of FD?
The bank allows premature renewal of its fixed deposits on request from the depositor. The depositor can renew a fixed deposit by applying for premature closure of a current term deposit. He/she can enjoy the interest rate applicable on the date of renewal, provided the deposit is renewed for a period longer than the balance period of the original deposit.
- Does Kotak Mahindra Bank Charge Premature Withdrawal Charge on FDs?
The bank allows premature withdrawal of its fixed deposits on request. It does not charge any penalty fee for withdrawal in less than 181 days. However, for 181 days and above, Kotak Mahindra Bank charges 0.50% as penalty fee on premature withdrawal.
- Does Kotak Mahindra Bank provide Tax Saver Fixed Deposits?
Yes, the bank provides tax saver fixed deposits. With the bank's tax saving term/ fixed deposits, you can get good returns on your investments along with the benefit of saving tax. The bank offers regular tax saving products to resident individuals, HUFs, minors and senior citizens above the age of 60. As per the Income Tax Act, 1961, Kotak Mahindra Bank deserves the right to deduct tax at source, if the interest earned on your term deposits exceeds ₹ 10,000. After deducting tax, the bank will issue a TDS certificate to you.
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