CreditMantri Finserve Private Limited
Door No.3, Block B, No. 147, 2nd Floor, Workeasy Space Solutions, RK Swamy Centre, Hansa Building, Pathari Road,Thousand Lights, Chennai, Tamil Nadu600006
Have any queries? Click here for more details
All written queries will be responded within 1 working day.
We'd love to help you through every step along the way.
Is your Credit Score >750?
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.
Andhra Bank Recurring Deposit Rate
Axis Bank Recurring Deposit Rate
Bandhan Bank Recurring Deposit Rate
Bank Of Baroda Recurring Deposit Rate
Bank Of India Recurring Deposit Rate
Bank Of Maharashtra Recurring Deposit Rate
Canara Bank Recurring Deposit Rate
Central Bank Of India Recurring Deposit Rate
Citibank Recurring Deposit Rate
City Union Bank Recurring Deposit Rate
Corporation Bank Recurring Deposit Rate
DCB Bank Recurring Deposit Rate
Deutsche Bank Recurring Deposit Rate
Dhanlaxmi Bank Recurring Deposit Rate
Federal Bank Recurring Deposit Rate
HDFC Bank Recurring Deposit Rate
ICICI Bank Recurring Deposit Rate
IDBI Bank Recurring Deposit Rate
Indian Bank Recurring Deposit Rate
Indian Overseas Bank Recurring Deposit Rate
IndusInd Bank Recurring Deposit Rate
Jammu Kashmir Bank Recurring Deposit Rate
Karnataka Bank Recurring Deposit Rate
Karur Vysya Bank Recurring Deposit Rate
Lakshmi Vilas Bank Recurring Deposit Rate
Oriental Bank Of Commerce Recurring Deposit Rate
Punjab National Bank Recurring Deposit Rate
Punjab Sind Bank Recurring Deposit Rate
RBL Bank Recurring Deposit Rate
SBI Recurring Deposit Rate
South Indian Bank Recurring Deposit Rate
State Bank Of Travancore Recurring Deposit Rate
SVC Bank Recurring Deposit Rate
Syndicate Bank Recurring Deposit Rate
Tamilnad Mercantile Bank Recurring Deposit Rate
UCO Bank Recurring Deposit Rate
Union Bank Of India Recurring Deposit Rate
Vijaya Bank Recurring Deposit Rate
YES Bank Recurring Deposit Rate
CreditMantri will never ask you to make a payment anywhere outside the secure CreditMantri website. DO NOT make payment to any other bank account or wallet or divulge your bank/card details to fraudsters and imposters claiming to be operating on our behalf.