Kotak Mahindra Fixed Deposit Rate

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Kotak Mahindra Bank Fixed Deposit Rate

Kotak Mahindra Fixed Deposit Rate - FD Rate in India

A Fixed Deposit (FD) or Term Deposit is one of the most popular financial saving instruments among investors as it provides a higher rate of interest than a regular savings account. It is considered to be a safe and low-risk form of saving. Money can be deposited in an FD account for a period that typically ranges from 7 days to 10 years.

Having a Fixed Deposit account translates into savings, as money is locked for a particular amount of time, and earns a higher rate of interest than money in a savings account. Kotak Mahindra Bank offers a range of Fixed Deposit schemes that gives you a good rate of interest, as well as flexibility.

Kotak Mahindra Bank Deposit Rates

The rate of interest paid on a fixed deposit varies according to the amount deposited, period and the issuing bank / NBFC. Kotak Mahindra Bank Interest Rates on FDs typically range from 4%-9% per annum.

The defining criteria for a fixed deposit is that the money cannot be withdrawn before maturity, unless on payment of a penalty.

Kotak Mahindra Bank offers schemes where premature withdrawal is allowed without levying any penalty as well as schemes where premature withdrawal is not allowed. Once the deposit matures, the bank credits the original amount along with the interest earned to the bank account specified on the application when the FD is opened. The money deposited earns a fixed rate of interest throughout the entire FD period (except for certain kinds of floating rate deposits).

Kotak Mahindra FD rates

Following is an overview of Kotak Mahindra Bank Term Deposit Rates and Kotak Mahindra Bank Short-Term Fixed Deposit Interest Rates.

Kotak Mahindra Bank Interest Rates on Fixed Deposits 2015 – 2016:

(Do keep in mind that these rates can change at any time and can be changed at the sole discretion of the Bank. For the latest rates, it is advisable to check with Kotak Mahindra Bank directly.)

Maturity Period - Premature Withdrawal Allowed  Less than Rs. 1 Crore Annualized Yield 
7 - 14 Days 4.00%  4.00% 
15 - 30 Days 4.50%  4.50% 
31 - 45 Days 5.50%  5.50% 
46 - 90 Days 6.25%  6.25% 
91 - 120 Days 6.50%  6.50% 
121 - 179 days 6.75%  6.75% 
180 Days 7.20%  7.20% 
181 Days to 269 Days 7.20%  7.33% 
270 Days 7.30%  7.43% 
271 Days to 363 Days 7.30%  7.43%
364 Days 7.30%  7.43% 
365 Days to 389 Days 7.50%  7.71% 
390 Days (12 months 25 days) 7.50%  7.71% 
391 Days - Less than 23 Months 7.30%  7.50%
23 Months 7.30%  7.50% 
23 months 1 Day- less than 2 years 7.30%  7.50% 
2 years- less than 3 years 7.30%  7.50% 
3 years and above but less than 4 years 7.25%  7.45% 
4 years and above but less than 5 years 7.25%  7.45% 
5 years and above up to and inclusive of 10 years 7.00%  7.19% 
Maturity Period - Premature Withdrawal Allowed  Rs. 1 Crore & above but below Rs. 5 Crores  Rs. 5 Crores & above but below Rs. 10 Crores  Rs. 10 Crores & above & below 25 Crores  Rs. 25 Crores & Above
7 - 14 Days 6.00%  5.75%  5.75%  5.75% 
15 - 30 Days 6.00%  6.00%  6.00%  6.00% 
31 - 45 Days 6.25%  6.25%  6.25%  6.25% 
46 - 60 Days 6.25%  6.25%  6.25%  6.25% 
61 - 90 Days 6.25%  6.25%  6.25%  6.25% 
91 - 120 Days 6.50%  6.50%  6.50%  6.50% 
121 - 179 Days 6.75%  6.50%  6.50%  6.50% 
180 Days 7.20%  7.10%  7.10%  7.10% 
181 Days to 270 Days 7.20%  7.10%  7.10%  7.10% 
271 Days to less than 12 months 7.30%  7.00%  7.00%  7.00% 
12 months - less than 15 months 7.30%  7.25%  7.25%  7.25% 
15 months - less than 18 months 7.25%  7.25%  7.25%  7.25% 
18 months - less than 2 Years 7.25%  7.25%  7.25%  7.25% 
2 years and above but less than 3 years 7.25%  7.25%  7.25%  7.25% 
3 years and above but less than 4 years 7.25%  7.00%  7.00%  7.00% 
4 years and above but less than 5 years 7.25%  7.00%  7.00%  7.00% 
5 years and above up to & inclusive of 7 years 7.00%  7.00%  7.00%  7.00% 

Kotak Mahindra Bank FD Interest Rates for Senior Citizens

Kotak Mahindra Bank offers special Senior Citizen FD Rates which is generally a small percentage above the normal FD rates.

Kotak Mahindra Bank Senior Citizen FD Rates:

Maturity Period - Premature Withdrawal Allowed  Less than Rs. 1 Crore Annualized Yield 
7 - 14 Days 4.50%  4.50% 
15 - 30 Days 5.00% 5.00%
31 - 45 Days 6.00%  6.00% 
46 - 90 Days 6.75%  6.75% 
91 - 120 Days 7.00%  7.00% 
121 - 179 days 7.25%  7.25% 
180 Days 7.70%  7.70% 
181 Days to 269 Days 7.70%  7.85% 
270 Days 7.80%  7.95% 
271 Days to 363 Days 7.80%  7.95% 
364 Days 7.80%  7.95% 
365 Days to 389 Days 8.00%  8.24% 
390 Days (12 months 25 days) 8.00%  8.24% 
391 Days - Less than 23 Months 7.80%  8.03% 
23 Months 7.80%  8.03% 
23 months 1 Day- less than 2 years 7.80%  8.03% 
2 years- less than 3 years 7.80%  8.03% 
3 years and above but less than 4 years 7.75%  7.98% 
4 years and above but less than 5 years 7.75%  7.98% 
5 years and above up to and inclusive of 10 years 7.50%  7.71% 

Kotak Mahindra Bank Special FD Rates:

Maturity Period - Premature Withdrawal Not Allowed   Rs. 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
91 - 120 Days NA  6.60% 6.60%  6.60% 
121 - 179 Days NA  6.60% 6.60% 6.60%
180 Days NA  7.20%  7.20%  7.20% 
181 Days to 270 Days 7.30%  7.20%  7.20%  7.20% 
271 Days to less than 12 months 7.40%  7.10%  7.10%  7.10% 
12 months - less than 15 months 7.40%  7.35%  7.35%  7.35% 
15 months - less than 18 months 7.35% 7.35% 7.35% 7.35%
18 months - less than 2 Years 7.35%  7.35%  7.35%  7.35% 
2 years and above but less than 3 years 7.35%  7.35%  7.35%  7.35% 

How to Calculate Kotak Mahindra Fixed Deposit Interest

You can use several online resources to calculate the Interest accrued on your Kotak Mahindra FD Deposit. There are several online sites that allow you to instantly calculate the interest earned without the hassle of manual calculation.

You can also calculate the interest earned and the maturity value on the principal amount using the below formula. Following is the formula to calculate the interest earned in a Fixed Deposit account:

Calculate Kotak Mahindra FD Rate

A = P x (1 + r/n)nt

I = A - P

Where

A = Maturity Value

P = Principal Amount

r = Rate of Interest

t = Number of Years

n = Compounded Interest Frequency

I = Interest Earned

Kotak Mahindra Bank FD 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, as in case of a medical crisis. In such cases the bank will allow partial or complete withdrawal of the deposit before completion of the period of the deposit. Generally, a 0.50% penalty is levied on premature withdrawal if the tenure of the deposit has exceeded 181 days and above. If it’s below 181 days, then no penal charges are applicable.

For special FD schemes, premature withdrawal is not entertained, and it is possible to withdraw the amount only upon maturity.

Kotak Mahindra Bank FD – FAQS

What is the tenure range for Kotak Mahindra Bank Fixed Deposit?

The tenure ranges from 7 days to as long as 10 years.

Is there any minimum amount that I have to give for opening a Fixed Deposit with Kotak Mahindra Bank?

Yes, you need to deposit at least Rs. 10000/- in order to open a term deposit account. There is no maximum limit.

Can I deposit an additional amount in my FD account?

No. It is possible to deposit the amount only once. If you want to invest any additional amounts, then you will need a new FD account.

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

All resident individuals, including minors, are eligible to open a fixed deposit account.

What are the documentation required to open an FD account in Kotak Mahindra?

The documentation generally required is as follows:

  • Proof of identity: PAN card / Voter ID Card / Passport / Driving license (any one)
  • Passport-size photographs
  • Address proof, Signature proof and Age proof

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