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Kotak Mahindra Bank Fixed Deposit Rate

A fixed deposit, popularly known as an FD and also called Term Deposit is an investment instrument that allows investors to deposit a lump sum amount for a fixed term and earn an interest on their investment. FD is a popular investment choice because of its low volatility and flexibility.

You can open a Kotak Mahindra Bank Fixed Deposit account by depositing an amount as low as Rs. 1000. There is no upper limit for amount of deposit. Terms range from 7 days to 10 years and interest varies from time to time and bank to bank.

Apart from the regular run of the fixed deposit scheme, Kotak Mahindra Bank offers some variants or specialized deposit schemes that offer slightly different terms for the convenience of the investor.

Kotak Mahindra Bank Tax Saving Fixed Deposit

Kotak Mahindra Bank Fixed Deposit Rate
Kotak Mahindra Fixed Deposit Rates

Kotak Mahindra Bank Tax Saving Fixed Deposit offers the investor the facility to earn a good return on interest as well as save tax. The minimum amount of deposit required is Rs. 100 and investors can invest up to 1,50,000 for the purpose of saving tax. Interest on any amount over this will be taxable. The main feature so the scheme include -

1. Both quarterly pay-outs and reinvestment options are available.

2. An amount of up to 1,50,000 can be claimed as deduction under section 80C of the income tax act.

3. The minimum investment term is 5 years and the maximum is 10 years.

4. Partial or premature withdrawal is not allowed under this scheme.

5. Tax shall be deducted at source and a TDS certificate provided unless the investor submits a declaration that he is filing returns.

6. The scheme is available to senior citizens who are residents of India.

Kotak Mahindra Bank Fixed Deposit

Under this scheme, Kotak Mahindra Bank accepts deposits for a period of 7 days to 10 years and pays interest on a monthly or quarterly basis depending on the choice of the investor. It is also possible to reinvest the interest into the scheme - cumulative deposit. Investors may withdraw the entire amount prior to the maturity date by paying a small penalty. This scheme is available to NRI, NRO, and NRE investors also.

Kotak Mahindra Bank Senior Citizens Deposit

Like other banks, Kotak Mahindra Bank also provides a higher rate of interest to senior citizens of India (individuals over the age of 60). Senior citizens may open an FD account in their single name or in the joint name with their spouse or other family member. The interest on these FDs is 0.5% above the declared rate under the scheme.

Kotak Mahindra Bank Sweep-in Facility

This facility is provided by Kotak Mahindra Bank on its regular fixed deposits. Investors can link one or more FDs to their savings bank accounts. This gives them the benefit of maintaining only a minimal balance in the SB account while their funds earn interest from FD schemes. The investor can still withdraw money from the SB account as and when required. These withdrawals will be fulfilled using funds from the linked FD and the balance amount will continue to earn interest. The bank charges a small fee for this service every time a transaction is completed.

Interest Rate on Kotak Mahindra Bank Fixed Deposit

The interest on fixed depositsis expressed as a percentage of the deposit amount. Interest is usually computed annually except in cases where the terms of the scheme provide for more frequent computations. Interest rates range from 3.5% to 9% and vary with amount of deposit and term. Rates may also change following directives from the RBI or government.

As a general rule amount cannot be withdrawn form an FD account. However if the investor wishes he can close the account and withdraw the entire fund. In such a case a small penalty - expressed as a reduction in the rate of interest - will be charged. Kotak Mahindra Bank charges 1% penalty on withdrawal. That is to say the investor will be paid 1% less than the agreed interest rate for the period for which the amount remained with the bank.

Some special schemes like the Sweep-in deposits allow partial withdrawal of funds.

Kotak Mahindra Bank Fixed Deposit Rates

The following tables show the rates of interest offered by Kotak Mahindra Bank under various schemes.

Note: Interest rates are subject to change at any time at the sole discretion of the bank. Investors are advised to visit the bank website for the latest rates.

Interest Rates for Domestic / NRO / NRE Fixed Deposits effective from 15th November 2018 (subject to change from time to time)

RegularSenior Citizen*
Maturity Periods - Premature Withdrawal AllowedLess than Rs.1 Crore#Annualized YieldLess than Rs.1 Crore#Annualized Yield
7 - 14 Days3.50%3.50%4.00%4.00%
15 - 30 Days4.00%4.00%4.50%4.50%
31 - 45 Days5.00%5.00%5.50%5.50%
46 - 90 Days5.50%5.50%6.00%6.00%
91 - 120 Days6.50%6.50%7.00%7.00%
121 - 179 days6.50%6.50%7.00%7.00%
180 Days7.00%7.00%7.50%7.50%
181 Days to 269 Days7.00%7.12%7.50%7.64%
270 Days7.00%7.12%7.50%7.64%
271 Days to 363 Days7.00%7.12%7.50%7.64%
364 Days7.00%7.12%7.50%7.64%
365 Days to 389 Days7.30%7.50%7.80%8.03%
390 Days (12 months 25 days)7.30%7.50%7.80%8.03%
391 Days - Less than 23 Months7.25%7.45%7.75%7.98%
23 Months7.25%7.45%7.75%7.98%
23 months 1 Day- less than 2 years7.25%7.45%7.75%7.98%
2 years- less than 3 years7.25%7.45%7.75%7.98%
3 years and above but less than 4 years7.10%7.29%7.60%7.82%
4 years and above but less than 5 years7.00%7.19%7.50%7.71%
5 years and above up to and inclusive of 10 years6.50%6.66%7.00%7.19%

Interest Rates for Domestic / NRO / NRE Fixed Deposits effective from 5th December 2018. (Rates are subject to change from time to time)

Maturity Period - Premature Withdrawal AllowedRs. 1 Crore & above but below Rs. 5 Crores #Rs. 5 Crores & above but below Rs. 10 Crores #Rs. 10 Crores & above but below 25 Crores #Rs. 25 Crores & above #
7 - 14 Days4.50%4.25%4.25%4.25%
15 - 30 Days4.50%4.75%4.75%4.75%
31 - 45 Days5.75%6.25%6.25%6.25%
46 - 60 Days6.25%6.30%6.30%6.30%
61 - 90 Days6.50%6.75%6.75%6.75%
91 - 120 Days6.75%7.10%7.10%7.10%
121 - 179 Days6.75%7.25%7.25%7.25%
180 Days7.10%7.40%7.40%7.40%
181 Days to 270 Days7.10%7.25%7.25%7.25%
271 Days to 279 Days6.25%6.20%6.20%6.20%
280 Days to Less than 12 Months7.25%7.25%7.25%7.25%
12 months - less than 15 months7.40%7.50%7.60%7.60%
15 months - less than 18 months7.40%7.35%7.35%7.35%
18 months - less than 2 Years7.40%7.25%7.25%7.25%
2 years and above but less than 3 years7.25%7.00%7.00%7.00%
3 years and above but less than 4 years7.00%6.75%6.75%6.75%
4 years and above but less than 5 years7.00%6.75%6.75%6.75%
5 years and above up to & inclusive of 7 years6.50%6.00%6.00%6.00%

Interest Rates for Domestic/NRO/NRE Fixed Deposits effective from 5th December 2018 (Rates are subject to change from time to time)

Maturity Period - Premature Withdrawal Not AllowedRs. 1 Crore & above but below Rs. 5 CroresRs. 5 Crores & above but below Rs. 10 CroresRs. 10 Crores & above But below 25 CroresRs. 25 Crores & Above
91 - 120 DaysNA7.20%7.20%7.20%
121 - 179 DaysNA7.35%7.40%7.40%
180 DaysNA7.50%7.50%7.50%
181 Days to 270 Days7.20%7.35%7.35%7.35%
271 Days to 279 Days6.35%6.30%6.30%6.30%
280 Days to Less than 12 Months7.35%7.35%7.35%7.35%
12 months - less than 15 months7.50%7.60%7.70%7.70%
15 months - less than 18 months7.50%7.45%7.45%7.45%
18 months - less than 2 Years7.50%7.35%7.35%7.35%
2 years and above but less than 3 years7.35%7.10%7.10%7.10%

Kotak Mahindra Bank Special FD Rates:

Maturity Period - Premature Withdrawal Not AllowedRs. 1 Crore & above but below Rs. 5 CroresRs. 5 Crores & above but below Rs. 10 CroresRs. 10 Crores & above but below 25 CroresRs. 25 Crores & Above
91 - 120 DaysNA6.60%6.60%6.60%
121 - 179 DaysNA6.60%6.60%6.60%
180 DaysNA7.20%7.20%7.20%
181 Days to 270 Days7.30%7.20%7.20%7.20%
271 Days to less than 12 months7.40%7.10%7.10%7.10%
12 months - less than 15 months7.40%7.35%7.35%7.35%
15 months - less than 18 months7.35%7.35%7.35%7.35%
18 months - less than 2 Years7.35%7.35%7.35%7.35%
2 years and above but less than 3 years7.35%7.35%7.35%7.35%

Kotak Mahindra Bank Fixed Deposit Interest Rates for Senior Citizens

Kotak Mahindra Bank offers a higher interest rate for Indian Senior Citizens. The rate is 0.5% above the rate for the scheme selected by the investor.

Kotak Mahindra Bank Fixed Deposit Premature Withdrawal Penalty

Breaking a fixed deposit before the maturity date is possible and might come in handy if you are in an urgent need for funds – for example, in case of a medical emergency.

In such cases the bank allows investors to terminate the contract and close the fixed deposit account. A small penalty expressed as a reduction in the interest rate is charged for premature withdrawal. Interest will be paid at the reduced rate for the period during which the account was active.

Kotak Mahindra Bank FD – FAQS

1. What is the eligibility for opening an FD account with Kotak Mahindra Bank?

All residents of India irrespective of age can open an FD account with Kotak Mahindra Bank. In addition to this, corporates and other registered businesses can also open FD accounts. In case the investor is a minor, a guardian must be appointed to contract on his behalf.

2. What is the documentation required for individuals to open an FD account in Kotak Mahindra Bank?

The usual KYC documents such as proof of identity, address, and age must be provided. In addition to this, the bank may require an introduction from an existing member who has held an active account in the bank for more than 6 months.

3. For how long can I keep my fixed deposit?

Fixed deposit terms range from 7 days to 10 years. Upon the completion of the term, the principal (original) amount as well as any re-invested interest will be paid to the investor.

4. Can I deposit additional amount in my FD account?

No. It is not possible to make frequent deposits into an FD account except under certain specialized schemes.

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