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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.
Table of Contents
| Tenure | Kotak Mahindra Bank FD Rates | |
| Regular Individuals | Senior Citizens | |
| 7 – 14 Days | 3.50% | 4.00% |
| 15 – 30 Days | 4.00% | 4.50% |
| 31 – 45 Days | 4.50% | 5.00% |
| 46 – 90 Days | 5.10% | 5.60% |
| 91 – 120 Days | 5.25% | 5.75% |
| 121 – 179 days | 5.40% | 5.90% |
| 180 Days | 5.75% | 6.25% |
| 181 Days to 269 Days | 5.80% | 6.30% |
| 270 Days | 5.80% | 6.30% |
| 271 Days to 363 Days | 6.05% | 6.55% |
| 364 Days | 6.05% | 6.55% |
| 365 Days to 389 Days | 6.20% | 6.70% |
| 390 Days (12 months 25 days) | 6.20% | 6.70% |
| 391 Days – Less than 23 Months | 6.20% | 6.70% |
| 23 Months | 6.20% | 6.70% |
| 23 months 1 Day – less than 2 years | 6.20% | 6.70% |
| 2 years – less than 3 years | 6.20% | 6.70% |
| 3 years and above but less than 4 years | 6.10% | 6.60% |
| 4 years and above but less than 5 years | 6.10% | 6.60% |
| 5 years and above up to and inclusive of 10 years | 6.00% | 6.50% |
Note: The above mentioned Kotak fixed deposit rates are applicable from 13th February 2020 and may change any time.
| Tenure | Kotak Bank FD Interest Rates | |||
| Rs. 2 crore – below Rs. 5 crore | Rs. 5 crore – below Rs. 10 crore | Rs. 10 crore – below Rs. 25 crore | Rs. 25 crore & above | |
| 91-120 days | NA | 5.40% | 5.40% | 5.40% |
| 121–179 days | NA | 5.40% | 5.40% | 5.40% |
| 180 days | NA | 5.60% | 5.60% | 5.60% |
| 181 – 270 days | 5.90% | 5.70% | 5.70% | 5.70% |
| 271 to 279 days | 4.45% | 4.35% | 4.35% | 4.35% |
| 280 days to less than 12 months | 5.95% | 5.70% | 5.70% | 5.70% |
| 12 months – less than 15 months | 6.10% | 5.70% | 5.70% | 5.70% |
| 15 months – less than 18 months | 6.10% | 5.70% | 5.70% | 5.70% |
| 18 months- less than 2 years | 6.10% | 5.70% | 5.70% | 5.70% |
| 2 years and above but less than 3 years | 6.10% | 5.70% | 5.70% | 5.70% |
Note: The above mentioned Kotak fixed deposit rates are applicable from 14th February 2020 and may change any time.
| Tenure | Regular Citizens | Senior Citizens |
| 5 years and above up to and inclusive of 10 years | 6.00% | 6.50% |
Note: The bank may change these rates any time without prior notice.
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 in maintained in INR (post conversion from foreign currency) and withdrawals are also made in Indian Rupee.
| Tenure | Kotak Mahindra Bank NRE/NRO FD Rates* |
| 7 – 14 Days | 3.50% |
| 15 – 30 Days | 4.00% |
| 31 – 45 Days | 4.50% |
| 46 – 90 Days | 5.10% |
| 91 – 120 Days | 5.25% |
| 121 – 179 days | 5.40% |
| 180 Days | 5.75% |
| 181 Days to 269 Days | 5.80% |
| 270 Days | 5.80% |
| 271 Days to 363 Days | 6.05% |
| 364 Days | 6.05% |
| 365 Days to 389 Days | 6.20% |
| 390 Days (12 months 25 days) | 6.20% |
| 391 Days – Less than 23 Months | 6.20% |
| 23 Months | 6.20% |
| 23 months 1 Day – less than 2 years | 6.20% |
| 2 years – less than 3 years | 6.20% |
| 3 years and above but less than 4 years | 6.10% |
| 4 years and above but less than 5 years | 6.10% |
| 5 years and above up to and inclusive of 10 years | 6.00% |
Note: The aforementioned Kotak Mahindra NRE/NRO FD rates are applicable from 13th February 2020.
*No interest will be payable for NRE TDs staying less than 1 year.
FCNR or Foreign Currency Non-Resident Fixed Deposit account is available to the NRI customers. They can keep their foreign earning 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.
| Tenure | USD (<0.5 mio | USD (≥ 0.5 mio) | GBP | EUR | YEN | AUD | SGD |
| 1 year < 2 years | 2.05% | 1.60% | 0.69% | 0.00% | 0.00% | 2.00% | 2.00% |
| 2 years < 3 years | 1.60% | 1.25% | 0.43% | 0.00% | 0.00% | 1.50% | 2.00% |
| 3 years < 4 years | 1.25% | 1.10% | 0.40% | No quote | No quote | No quote | No quote |
| 4 years < 5 years | 1.20% | 1.00% | No quote | No quote | No quote | No quote | No quote |
| 5 years only | 1.05% | 1.00% | No quote | No quote | No quote | No quote | No quote |
Note: The aforementioned Kotak Mahindra FCNR rates are applicable from 15th February 2020.
Read more about Types of NRI 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:
There are 3 different types of fixed deposit schemes offered by the Kotak Mahindra Bank, viz.:
Read more about Types of Kotak FD Schemes
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:
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
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 bank | Penalty |
| Less than 181 days | Nil |
| 181 days and/or above | 0.50% |
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.
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:
Eligibility Criteria:
An Indian national or an NRI (for NRE/NRO/FCNR deposits), HUF, senior citizens can open 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:
Note: This is an indicative list. The bank may ask for further documents if and when required.
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 6.20% for regular individuals and 6.70% 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 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). |
