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Kotak Mahindra Bank FD Rates 2021

Home Fixed Deposit Kotak Mahindra Bank FD Rates 2021

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हिंदी में पढ़े
Updated: 08-04-2021 10:34:02 AM

Investment Amountinvestment amount icon

Minimum – ₹ 5,000

Maximum – No Limit

Tenure

tenure icon

Minimum – 7 days

Maximum – 10 years

Interest Rate

interest rate icon

Minimum – 2.50%

Maximum – 5.30%

Kotak Mahindra Bank offers a wide range of fixed deposit schemes with high Kotak FD rates to regular individuals as well as senior citizens for a tenure ranging from 7 days to 10 years. Let us take a look at the prevailing Kotak Mahindra Bank FD rates along with other important aspects like premature withdrawal, loan against FD and TDS implication.

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Kotak FD Rates 2021
Term Wise Kotak FD Rates
Kotak Mahindra NRI Fixed Deposit Rates in 2021
Features & Benefits of Kotak Mahindra Bank FD Schemes
Types of Kotak Mahindra FD Schemes
Kotak FD Calculator
Premature Withdrawal Facility
Kotak Loan against FD
TDS Implication
Important Information Required for Opening a Kotak Bank FD Account
Frequently Asked Questions (FAQs)
Kotak Mahindra FD News

Kotak FD Rates 2021

  • FD Interest Rates for Domestic/NRE/NRO Deposits below Rs. 2 crore

Tenure

Kotak Mahindra Bank FD Rates (in %)
Regular Individuals

Senior Citizens

7 – 14 Days2.503.00
15 – 30 Days2.503.00
31 – 45 Days2.753.25
46 – 90 Days2.753.25
91 – 120 Days3.253.75
121 – 179 days3.253.75
180 Days4.404.90
181 Days to 269 Days4.404.90
270 Days4.404.90
271 Days to 363 Days4.404.90
364 Days4.404.90
365 Days to 389 Days4.505.00
390 Days (12 months 25 days)4.905.40
391 Days – Less than 23 Months4.905.40
23 Months5.005.50
23 months 1 Day – less than 2 years5.005.50
2 years – less than 3 years5.005.50
3 years and above but less than 4 years5.105.60
4 years and above but less than 5 years5.255.75
5 years and above up to and inclusive of 10 years5.305.85

The above-mentioned interest rates are with effect from 25th March 2021. No interest payable on NRE deposits maturing in less than 1 year.
Senior Citizens’ rate is not applicable to NRO/NRE deposits

  • Kotak Mahindra FD Rates for Tax Saver Deposits
TenureRegular CitizensSenior Citizens
5 years and above up to and inclusive of 10 years5.30%5.80%

Term Wise Kotak FD Rates

  • Kotak Bank FD interest rates range from 2.50% to 4.75% for regular residents
  • Senior citizens get preferential rates at an extra 0.50% across tenure
  • For deposits maturing in 7 days to 1 year, depositors can earn interest of up to 4.50%
  • For 2 years to less than 5 years, customers can earn 4.75% interest
  • For deposits maturing in 5 years and above, it is 4.50 % for regular individuals and 5.00% for senior citizens

Note: The bank may change these rates any time without prior notice.

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Kotak Mahindra NRI Fixed Deposit Rates in 2021

  • Kotak NRE/NRO Fixed Deposits

NRE or Non-Resident External Fixed Deposit Account is available to the NRI customers who wish to park their foreign earnings in Indian banks and earn guaranteed returns on the same. Interest earned on such deposits is not taxed in India. The fund value (deposit amount + interest earned) is fully repatriable. The account is maintained in INR while the withdrawals are also processed in it. Deposits made are converted to INR at the prevailing forex rates.

NRO or Non-Resident Ordinary Fixed Deposit Account is designed for residents of India (also Returning Indians). They can keep their foreign earnings in this account and earn guaranteed interest which is taxable in India. The fund value may be repatriable after payment of taxes on it. The account is maintained in INR (post-conversion from foreign currency) and withdrawals are also made in Indian Rupee.

Kotak offers the same interest rates to domestic residents as it does for those seeking NRE or NRO accounts. However, to earn interest on NRE fixed deposit, you have to keep the FD active with the bank for 1 year at least.

Click here for Kotak Mahindra NRE/NRO fixed deposit interest rates. 

  • Kotak FCNR FD Rates

FCNR or Foreign Currency Non-Resident Fixed Deposit account is available to the NRI customers. They can keep their foreign earnings in this account without exposing their money to forex risks as the account is maintained in the currency in which deposits were made. Interest earned on this account is not taxable in India. Interest earned can fully be repatriated.

MaturityUSD (< 0.5 mio)USD (≥ 0.5 mio)GBPEUROYENAUDSGD
One year and above but less than two years0.10%0.01%0.01%0.00%0.00%0.01%0.01%
Two years and above but less than three years0.10%0.01%0.01%0.00%0.00%0.01%0.01%
Three years and above but less than four years0.01%0.01%0.01%NANANANA
Four years and above but less than five years0.01%0.01%NANANANANA
Five years only0.01%0.01%NANANANANA

The above-mentioned interest rates are applicable as on 1st April 2021.

Read more about Types of NRI FD Schemes

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Features & Benefits of Kotak Mahindra Bank FD Schemes

The bank provides 3 distinct types of fixed deposit schemes that are available for its domestic customers as safe investment options. The following are the features and benefits that investors may fetch from these fixed deposits:

  • Deposits can be held for 7 days to a maximum period of 10 years
  • These deposits come with the option of renewal post maturity
  • Nomination facility is provided and encouraged
  • Domestic deposits can be made by all Indian nationals including individual residents, HUFs as well as minors (with guardian)
  • Premature withdrawal option is provided to avoid breaking the FD to recuperate cash crunch
  • Overdraft facility is available for up to 85% of the deposit amount
  • Tax saving FD scheme is available where deductions of up to Rs. 1.5 lakh per FY can be claimed u/s 80C of the Income Tax Act, 1961 (premature withdrawal and loan against FD not available)
  • The sweep-in facility is provided in which FD account is linked to the savings or current account. Deficit in the linked account shall be recuperated with FD to maintain minimum balance (Debits made in multiples of Re. 1)

Types of Kotak Mahindra FD Schemes

There are 3 different types of fixed deposit schemes offered by the Kotak Mahindra Bank, viz.:

  1. Regular Fixed Deposit
  2. Tax Saving Fixed Deposit
  3. Senior Citizen Fixed Deposit

Read more about Types of Kotak FD Schemes

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Kotak FD Calculator

Account holders can make use of Kotak FD calculator to check the amount they would receive on maturity. This online tool is available at Paisabazaar.com and can be used without any charge or fee. Customers who want to invest in Kotak Mahindra Bank Fixed Deposit can check the maturity amount and interest earned by providing details like:

  • Deposit Amount
  • Current Kotak Bank FD Rates
  • Deposit Tenure

Using this FD Calculator, depositors can check and compare maturity amount for different tenure & corresponding FD rates.

Read more about How to Use Kotak FD Calculator

Premature Withdrawal Facility

Kotak Mahindra Bank Premature Withdrawal facility means that the depositor can withdraw the fixed deposit amount before maturity. Fixed Deposit is classified into two types:

However, individuals who want to make premature withdrawals will be required to pay penalty for the same, which will be charged on the Kotak Mahindra FD Rate.

Period for which deposit remains with bankPenalty
Less than 181 daysNil
181 days and/or above0.50%

Kotak Loan against FD

Kotak Bank provides its customers with the facility of loan against fixed deposit up to 85% of the value of their fixed deposit at attractive interest rates for a tenure ranging from 7 days to 7 years. This way, customers do not need to break their FD in times of cash crunch.

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TDS Implication

TDS or Tax Deducted at Source is an exercise that is followed by Kotak Mahindra Bank against fixed deposits. The following are some of the worth-mentioned points with regard to this:

  • Tax deducted at 10% on the interest earned
  • TDS @20% if PAN card is not submitted
  • TDS is deducted when the interest income crosses Rs. 40,000 limit (Rs. 50,00 in case of senior citizens)
  • If the depositor falls in no income category (annual income below Rs. 2.5 lakh/FY) they should submit Form 15G (15H for senior citizens) informing the bank for not exercising TDS

Important Information Required for Opening a Kotak Bank FD Account

Eligibility Criteria:

An Indian national or an NRI (for NRE/NRO/FCNR deposits), HUF, senior citizens can open a fixed deposit with the bank. Minors may also apply for the same under the guardianship of parents or a legal guardian.

Documents Required to Apply

The following list of documents must be checked when applying for a domestic fixed deposit with Kotak Mahindra Bank:

  • Fully filled & duly signed Account Opening Form
  • ID Proof (PAN Card, Aadhaar Card, Driving License, Passport or Voter’s ID Card)
  • Residence Proof (Passport, Voter’s ID, Passport, Aadhaar Card, Utility Bill (latest), Bank Statement or Bank A/c Passbook (Updated and not older than 3 months)
  • Signature Proof (PAN Card, Driving License or Passport)
  • Latest passport-sized photographs (4)

Note: This is an indicative list. The bank may ask for further documents if and when required.

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Frequently Asked Questions (FAQs)

Q. What is the minimum & maximum tenure option of Kotak Bank Fixed Deposit Account?

A. The minimum and maximum tenure option of Kotak Bank Fixed Deposit Account is 7 days and 10 years respectively.

Q. What is the highest Kotak Bank FD rate?

A. Currently, the highest Kotak Bank FD rate is 5.30% for regular individuals and 5.80% for senior citizens. Rates can change any time without prior notice.

Q. Who all are eligible for Kotak Bank Regular Fixed Deposit Scheme?

A. The deposit scheme is available to all resident individuals, HUFs, minors, and senior citizens above 60 years of age.

Q. Is premature withdrawal available for Kotak Bank Tax Saving Fixed Deposit?

A. No, premature withdrawal is not available for Kotak Bank Tax Saving Fixed Deposit. The minimum lock-in period for Kotak Mahindra Bank Tax Saver FD is 5 years.

Kotak Mahindra FD News

Kotak Mahindra FD rates revised
18th February 2020

Kotak Mahindra Bank has recently revised its FD interest rates, w.e.f. 13th February 2020, giving an overall downward effect in the domestic fixed deposits.

Whereas short term tenure saw a slight upraise, long term tenure of 1 year, 3 years and 5 years went down by 10 basis points.

Till 7th of February, FD rates for 1, 3 and 5 years were offered at 6.25%, 6.10% and 6.10%, respectively. These have been updated to 6.20% and 6.10% for 1 year and 3 and 5 years from the 13th of February, 2020.

The highest rate offered has changed from 6.25% to 6.20% (offered for tenure ranging from 365 Days – 389 Days to 2 years – less than 3 years).

FD Rates for bulk deposits changed  
26th December 2019

Kotak Mahindra has revised its FD interest rates for bulk deposits. These deposits are applicable to domestic as well as NRE/NRO deposits.

Investors can earn guaranteed returns at 4.00% to 6.10% for deposits worth Rs. 2 crore or less than Rs. 5 crore. These changes for deposits of/above Rs. 5 crore at 4% – 5.85%.Senior citizens do not fetch any preferential rates on bulk deposits.

Kotak Mahindra revises its FD rates
27th November 2019

Kotak Mahindra has revised its fixed deposit interest rates for the first time in the month of November. Rates have been lowered, following the cut in repo rate along with other economic reasons.

Now investors may fetch returns at 3.50% at the minimum while a maximum of 6.30% can be earned (for 365 Days to 389 Days – less than 2 years). Tax saving FD will now fetch interest @ 6.10%. Senior citizens continue to earn 0.5% of additional interest rates over the regular FD rates.

Kotak Mahindra Bank FD rates revised
22nd October 2019
Kotak Mahindra Bank has cut down its fixed deposit interest rates by 25 basis points for select tenure. Now investors can earn a maximum of 6.50% interest which was 6.75% pre-revision. The said revision is effective from October 19th, 2019.
The bank provides FD option for tenure ranging from 7 days to 10 years and deposits worth Rs. 2 crore for regular deposits and up to Rs. 25 crore for bulk deposits.
Kotak Mahindra Bank reduces FD interest rates
16th September 2019
Effective September 6th, 2019, Kotak Mahindra Bank has revised its fixed deposits (FD) interest rates. These changes have been made on select terms. Reductions have been made ranging from 10 basis points to 30 basis points. This has led to changes in FD interest rates for regular citizens as well as senior ones too.With the latest revisions, regular citizens shall get interest on FDs at 3.50% – 6.80% whereas senior citizens shall be receiving FD interest rates ranging from 4.00% – 7.30% across the terms.
Kotak Mahindra Bank revises fixed deposit rates
19 August, 2019
Kotak Mahindra Bank revises its fixed deposit rates with effect from 9th August 2019 for deposits below Rs. 2 crore. The bank has reduced interest rates on FDs across all tenures by 10 to 40 basis points. The bank is offering an interest rate of 3.50% to 6.90% for FDs maturing between 7 days to 5 years and above up to and inclusive of 10 years. The highest fixed deposit interest rate provided by the bank is 6.90% for a period of 390 days (12 months 25 days).
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