CreditMantri Finserve Private Limited
Door No.3, Block B, No. 147, Workeasy Space Solutions, RK Swamy Centre, Hansa Building, Pathari Road,Thousand Lights, Chennai, Tamil Nadu600006
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Save money while enjoying a higher interest rate with Kotak Mahindra Bank Recurring Deposits. Kotak Mahindra Bank Recurring Deposit Interest Rates differ for resident and NRI customers. Kotak Mahindra Bank Senior Citizen RD Interest Rates are higher.
A Recurring Deposit (RD) is a guaranteed returns investment wherein you make regular instalments of money in a systematic manner to earn a lump sum amount at the end of the specific period. You can save significant amounts by depositing these small amounts every month. It is very similar to the fixed deposit scheme. In Fixed Deposits (FD), one needs to be make a huge amount for a specific tenure to earn interest. In recurring deposit, the investment amount is small and thus, helps in saving for a specific financial goal.
About Kotak Mahindra Bank Recurring Deposit Rate
The Kotak Mahindra Bank Recurring Deposits are designed in a way that it helps in achieving your financial goals on your own terms. This recurring deposit gives you the freedom to choose the term and the amount you wish to deposit on a monthly basis. At the end of the maturity term, there is guaranteed return at the applicable interest rate. It is a good option to save your money and maximize your returns.
The recurring deposit interest rate is higher than Savings Account and is equal to the Fixed Term Deposit rate. It is important to know that these interest rates are subject to change by the bank at their discretion. It is therefore recommended that you check the prevailing rates on recurring deposit by the bank before booking a recurring deposit.
Kotak Mahindra Bank offers an online recurring deposit calculator by which you can find out how much can be earned and saved through monthly deposits in this scheme. It is an easy and simple online tool that can be used to understand the maturity amount and the date. The minimum tenure of recurring deposit will be 6 months and in multiples of 3 months upto a maximum of 10 years. The maximum value of recurring deposit per month for a tenure greater than 36 months is restricted too Rs. 25,000/- and for tenure upto 36 months, it is restricted to Rs. 1lac per month.
One needs to feed in the basic details of your investment like regular monthly deposit amount, tenure of the deposit to arrive at the maturity value and maturity date. This is very helpful in planning your financial goals and having a fair estimate of the returns. One can use multiple combinations of deposit amount and interest rate on the same tool. The prevailing interest rates are subject to change by the bank. It is therefore prudent to check what the rates are before booking a recurring deposit.
All resident individuals, sole or joint and Non-Residents (NRIs) can open a recurring deposit account with Kotak Mahindra Bank.
1. Is PAN card mandatory for opening a recurring deposit account?
Yes, PAN is mandatory for recurring deposit to avoid TDS deduction.
2. Will I get overdraft facility on my recurring deposit with Kotak Mahindra Bank?
Currently the bank does not offer overdraft facility with recurring deposit account.
3. If an instalment is delayed, what is penalty charge?
If the depositor delays the monthly instalment beyond the stipulated due date and a grace period of 5 days, a penal interest for the entire month will be charged. This will be 2% over and above the applicable recurring deposit Rate.
4. Do I earn interest if a premature closing of the recurring deposit account is done within the booking month?
There is no interest paid if the recurring deposit is closed in the same month as booking it. Only principal amount is returned.
5. How can I open a recurring deposit with Kotak Mahindra Bank?
There are different ways of opening a recurring deposit with Kotak Mahindra Bank. One can do it online through the net banking account. You can drop into the nearest Kotak Mahindra Bank branch and physically submit the application.
Usefulness of information,
Soumya ranjan biswal
Very simple to understand the details. Really helpful.
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