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Kotak Mahindra Bank FD Interest Rates

2.50% - 5.25%
Interest rates
3 months - 10 years
Time Period
5000 - no limit
Min. - Max amount
QUARTERLY
Compounding

About Kotak Mahindra Bank FD

Kotak Mahindra Bank, with its headquarters in Mumbai, is an eminent financial service provider and one of the most preferred destinations for fixed depositors in India.

Fixed deposits have been an attractive mode of investment for Indians for a very long time because of the security of the principal amount and the steady plus guaranteed growth of the money invested besides the assured rate of interest. Moreover, it also gives investors a regular source of income through the interest earned, which they can either claim or reinvest. 

Kotak Mahindra Bank FD rates are one of the most lucrative ones in the current Indian economy. That’s part of the reason why Kotak Bank fixed deposit makes for an excellent avenue to mobilise funds for individuals with a low-risk tolerance.

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Started On2002
Head QuartersMumbai
CRISIL RatingF AAA
CEOUday Kotak
Listed on exchange asKotak Mahindra Bank Ltd.
ICRA RatingNA

Kotak Mahindra Bank FD Rates 2022

TenureRegular customersSenior citizens
1
2

Features and Benefits of IndusInd FD

  • Kotak Bank FD provides attractive interest rates ranging from 2.50% to 5.25% for general citizens and 3.00% to 5.7% for senior citizens
  • Tenure ranges from 7 days to 10 years
  • Flexible tenure options are available suiting your needs
  • You can have the option to avail of an overdraft/loan facility Against Fixed Deposit depending on the tenure of your fixed deposit
  • Best liquidity option if you want to opt for premature withdrawal of the fixed deposit with an applicable penalty and subject to applicable terms and conditions
  • Various payout options to choose from - Cumulative, Quarterly Payout, Monthly Payout  and Short Term FD
  • No cap on the maximum deposit amount
  • Minimum deposit amount starts from Rs. 5000

Types of Kotak Mahindra Bank FD Schemes

Standard/Regular fixed deposit

This type of FD is offered by Kotak Mahindra and all the other banks to its customers in India. In a standard fixed deposit, an investor is required to invest his/her money for a fixed tenure, at a predetermined interest rate. Standard fixed deposit Korak Mahindra ranges from 7 days to 10 years. This is, by far, the most popular FD option chosen by investors.

Special Fixed Deposit

These types of deposits are named Special Fixed Deposits as they are usually offered for a special time period. A special time period can range from any time such as 290 days or 390 days, etc. These types of FDs offer a higher interest rate and are a popular choice among various investors apart from standard deposits.

Tax saving Fixed Deposit

Tax saving fixed deposits, as the name sounds helps depositors to save tax under section 80C. Kotak Mahindra tax saving FD cannot be booked for less than a period of 5 years. The amount invested is exempt from tax under section 80C, but you should keep in mind that the interest generated from the FD is liable to be taxed.

Floating Fixed Deposit

Kotak Mahindra is one of the few banks in India which offers its investors with the option of a flexible interest rate. The rate of floating FDs change quarterly or yearly and the investors can avail the benefits of a changing interest rate. The change in the rate of interest is determined by RBI guidelines.

Term wise Kotak Mahindra Bank FD Rates

Short-Term Deposits

Kotak FD provides short-term deposits ranging from 7 days to 1 year. The interest rates for general customers are 2.50% to 4.50%, and 3.00% to 5.00% for senior citizens.

Medium-Term Deposits

Medium-term deposits range from 1 year to 4 years and 11 months, and the interest rates for general customers are 4.50% to 5.20% and 5.00% to 5.70% for senior citizens.

Long-Term Deposits

Long-term deposits range from 5 years to 10 years. The interest rates for general customers are 5.25% and for senior citizens are 5.75%.

Kotak Mahindra vs Other Banks' FD Rates

NameTenureInterest rate
1
2
3
4
5

How to invest in Kotak Mahindra Bank FD?

A Kotak Mahindra Bank FD account can be opened through different modes like Mobile App, Internet Banking, and offline.

1) Internet Banking

Follow the below-mentioned steps for opening a Kotak Mahindra Bank FD account via internet banking-

  • Sign in to the Kotak Bank NetBanking account.
  • In ‘Investment’, choose the ‘Open a Fixed/ Recurring Deposit’ option.
  • Fill out the FD account opening form and provide all the required information with details of maturity and payment instructions. Also, fill out the nominee details.
  • After verifying the details and click on ‘Submit. On successful account opening, a notification will be received.

2) Mobile App - Kotak Bank App

Follow the steps mentioned ahead to open an FD account via Kotak Bank-

  • Download the Kotak Bank App.
  • In ‘Investment’, choose the ‘Open a Fixed/ Recurring Deposit’ option.
  • Fill out the FD account opening form and provide all the required information with details of maturity and payment instructions. Also, fill out the nominee details.
  • After verifying the details and click on ‘Submit. On successful account opening, a notification will be received.

3) Opening Kotak Mahindra Bank FD Offline

For opening a Kotak Mahindra Bank FD account via offline mode, one has to visit the nearest Kotak Mahindra Bank branch. Fill out the Kotak Mahindra Bank FD application form and present all the necessary documents with the deposit amount. On successful processing of the application, an FD receipt will be provided by the Kotak Mahindra Bank.

Eligibility for Kotak Mahindra Bank FD Account

Individuals or entities satisfying the following criteria can opt for a fixed deposit in Kotak Mahindra Bank FD –

  • Indian National
  • HUFs
  • NRIs and PIOs (Non-Resident Indians and Persons of Indian Origin)
  • Senior Citizens and Minors

Documents to Open Kotak Mahindra Bank FD

The following documents have to be furnished for opening a Kotak Mahindra Bank FD

  • Four passport size photographs
  • FD account opening form
  • Identity Proof as per KYC norms (PAN Card, Driving License, Aadhaar Card, Voter ID Card, Passport)
  • Address proof as per KYC norms. (Aadhaar Card, PAN Card, Voter ID Card, Passport, Driving License)
  • Pan Card or a declaration in Form No. 60 or 61 of the Income Tax Act
  • Senior Citizen ID Card (for senior citizens)
  • Signature proof (PAN Card, Passport, Driving License)
  • Other documents as applicable for partnership, proprietorship, company, HUF, association, or institution.

FAQs

Can I open an FD account in Kotak Mahindra in a joint account with a non-senior citizen?

Yes, provided the first account holder is a senior citizen.

What are the factors influencing Kotak Mahindra Bank FD rates?

Interest rates are the most critical part of fixed deposits, apart from the security it provides to depositors. These rates depend primarily on the following factors:

Age of the depositor – Individuals above the age of 60 years, i.e. senior citizens are eligible for a higher rate of interest on their deposits compared to general citizens.

Repo rate – This rate is set by the Reserve Bank of India’s Monetary Policy Committee. The apex bank provides overnight loans to the banks. The higher the repo rate, the higher are the FD rates offered by banks and vice versa.

Reverse repo rate – This is the rate at which RBI avails loans from banks. Similar to the repo rate, it is also directly proportional to FD rates.

Tenure of deposit – Kotak FD rates also vary based on the tenure for which an individual locks in their deposit.

Deposit amount – Lastly, the deposit amount also influences Kotak Bank FD rates.

How to Calculate Kotak Fixed Deposit Interest?

In order to calculate FD interest for accounts with a maturity period above 181 days, Kotak Mahindra Bank utilises the following formula:

A = P (1 + r / n) nt

Here,

A = Maturity amount

P = Principal amount

r = Rate of interest

n = frequency of compounding of interest

t = maturity period

How is TDS calculated on Kotak Mahindra Bank FD Interest?

If the interest an individual earns from all his/her deposit accounts in a particular year is equal to or more than Rs.40,000 then it is subject to 10% taxation. For senior citizens, the threshold is Rs.50,000. Typically, this taxation happens under the purview of the designated bank. However, general citizens and senior citizens can submit Form 15G and 15H respectively to prevent tax deduction at source and instead pay the tax themselves when they file their IT returns.

To submit these forms, one must, however, satisfy certain criteria. For instance,

For Form 15G – One has to be a member of HUF or a resident individual below the age of 60 years. His/her income earned must not be taxable.

For Form 15H – One has to be a resident individual or a member of HUF above 60 years of age. His/her total income generated during the particular FY must not be taxable.

Calculate Kotak Mahindra Bank FD Interest
Investment Amount
₹25,000.00
Time Period
9 Months
1 Year
2 Years
3 Years
Maturity Amount
Kotak Mahindra Bank
@4.5% p.a
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online upto 0%
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