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Fixed Deposit

Kotak Mahindra offers a range of Fixed Deposit products which are both traditional as well as flexible in nature. While certain deposits are for a long term others are with a short term perspective. Let us take a look at the various types of term deposit schemes available with the bank.
 

Kotak FD Rates 2017

FD Tenure

Interest Rates

Regular Citizens Senior Citizens
7 – 14 Days 3.50% 4.00%
15 – 30 Days 4.00% 4.50%
31 – 45 Days 5.00% 5.50%
46 – 90 Days 5.40% 6.10%
91 – 120 Days 5.60% 6.10%
121 – 179 days 6.00% 6.50%
180 Days 6.60% 7.10%
181 Days to 269 Days 6.60% 7.10%
270 Days 6.60% 7.10%
271 Days to 363 Days 6.60% 7.10%
364 Days 6.60% 7.10%
365 Days to 389 Days 6.60% 7.10%
390 Days (12 months 25 days) 6.80% 7.30%
391 Days – Less than 23 Months 6.75% 7.25%
23 Months 6.75% 7.25%
23 months 1 Day- less than 2 years 6.60% 7.10%
2 years- less than 3 years 6.50% 7.00%
3 years and above but less than 4 years 6.25% 6.75%
4 years and above but less than 5 years 6.25% 6.75%
5 years and above up to 10 years 6.00% 6.50%

Note: Above interest rates are offered on deposits below Rs 1 Crore w.e.f. 01 Nov, 2017. Rates are subject to change without prior information.

Types of Kotak Mahindra Bank Fixed Deposit

  1. Kotak Mahindra Tax Saving Fixed Deposit
  2. Kotak Mahindra Regular Term Deposit
  3. Kotak Mahindra Senior Citizen Fixed Deposit
  4. Kotak Mahindra Recurring Deposit
  5. Kotak Mahindra Ace Deposit
Kotak Mahindra Tax Saving Fixed Deposit

This Kotak Mahindra Bank deposit scheme is designed mainly to help account holders save tax under Section 80C of the Income Tax Act. The features and benefits of the scheme are as follows:
 

  • The deposit account holder can choose to receive the interest on its due date or re-invest the interest and the principal to earn further interest.
  • The minimum amount of deposit is Rs.100 and the maximum amount of deposit is limited to Rs.1.5 lakhs.
  • The deposit can be opened for a period of 5 years to 10 years
  • Partial or premature withdrawal is not allowed before the expiry of 5 years
  • Nomination facility is available
  • TDS will be applicable on the earned interest if it exceeds Rs.10, 000 as per the applicable rates
  • A different Senior Citizen’s Tax Saving product is available for individuals aged 60 years and above

Eligibility-
 

The deposit is available to all Resident Individuals, HUFs, minors and Senior Citizens above 60 years of age.

Kotak Mahindra Regular Term Deposit

A regular Kotak Mahindra Bank fixed deposit scheme with the following features:
 

  • The minimum amount of deposit is Rs 10, 000 for existing customers and Rs 25, 000 for new customers.
  • The period of deposit can be chosen from 7 days to 10 years. However, for term deposits of lower than 181 days, simple rate of interest is calculated.
  • The customer may choose to receive the interest payout monthly or quarterly or keep it invested to earn higher interest
  • Partial or premature withdrawal is allowed under the scheme
  • Nomination facility is available
  • Auto sweep-in facility
  • Flexibility to keep the financial portfolio diversified
  • Overdraft facility is available against term deposit

Kotak Mahindra Senior Citizen Fixed Deposit

A deposit scheme designed for senior citizens above the age of 60 years with the following features and benefits:
 

  • The minimum amount of deposit is Rs 10, 000 for existing customers and Rs 25, 000 for new customers.
  • The period of deposit can be chosen from 7 days to 10 years
  • The customer may choose to receive the interest payout monthly or quarterly or keep it invested to earn higher interest
  • Partial or premature withdrawal is allowed under the scheme
  • Nomination facility is available
  • Auto sweep-in facility
  • Flexibility to keep the financial portfolio diversified
  • Overdraft facility is available against term deposit

Kotak Mahindra Recurring Deposit

A deposit scheme where deposits are to be made monthly for a pre-determined period. The features are as follows:
 

  • Monthly investments are required to be made which can be done from an existing Savings Account
  • Senior Citizens are allowed an extra rate of interest of 0.50% per annum
  • A penal charge @ interest rate + 2% will be charged in case of delay in paying the deposit installment for more than 5 days post the due date
  • A penal interest of 0.50% will be charged for premature withdrawal
  • The amount of deposit ranges from Rs.100 – Rs.50, 000 per month for tenure up to 10 years and Rs 50, 001 – Rs 1 lakh for tenure up to 36 months

Eligibility-
 

  • Any Resident Individual including minors and HUFs can open a Recurring Deposit Account

Kotak Mahindra Ace Deposit

A deposit scheme promising higher returns through investments in Mutual Funds. The features of the deposit scheme are as follows:
 

  • The monthly interest earned on the Term Deposit is invested in an Equity Mutual Fund through SIP by placing a Standing Instruction on the customer’s Savings Account
  • The principal amount of deposit is safe from market volatility
  • The earnings from Equity Fund is also tax-free if redeemed 1 year post investment
  • Nomination facility is available
  • The customer can choose the scheme of Equity Mutual Fund in which he wants to invest
  • Overdraft facility is available against term deposits
  • Premature withdrawal is also permitted

Eligibility-
 

  • Resident Individuals, NROs and Non-individual customers can open the account

Documents Required for the Fixed Deposit Schemes

For individuals and HUFs
 

  • Proof of identity which can be any one among PAN Card, Voter’s ID Card, Driving License or Passport
  • Photograph
  • Other KYC documents

For Trusts
 

  • Copy of the Trust Deed
  • Copy of Registration Certificate
  • Copy of Resolution of the Trustees authorizing the concerned members to open and operate the account
  • Photograph of the members operating the account

For Associations or Clubs
 

  • By-laws of the Association
  • Copy of Resolution of the Board authorizing the concerned members to open and operate the account
  • Photograph of the members operating the account

For Partnership Firms
 

  • Partnership Deed
  • Letter from the partners authorizing the concerned persons to open and operate the account
  • Photograph of the persons operating the account

Public or Private Limited Companies
 

  • Board Resolution or Authority Letter
  • Memorandum & Articles of Association
  • Certificate of Incorporation
  • Certificate of Commencement of Business for public limited companies
  • Form 32 for Private Limited companies
  • Governing Act or Rules of Regulations
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