Kotak Mahindra Bank offers a diverse range of Fixed Deposit products that offer high interest rates. While certain deposits are for a long term, others are with a short term perspective. Let us take a look at Kotak FD rates and various types of term deposit schemes available with the bank.
Kotak FD Rates 2019
|Tenure||Kotak Bank FD 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||5.50%||6.00%|
|91 – 120 days||6.25%||6.75%|
|121 – 179 days||6.25%||6.75%|
|181 days – 269 days||6.50%||7.00%|
|271 days – 364 days||7.10%||7.60%|
|365 days – 390 days||7.30%||7.80%|
|391 days – less than 3 years||7.25%||7.75%|
|3 years and above – less than 4 years||7.00%||7.60%|
|4 years – less than 5 years||7.00%||7.50%|
|5 years – 10 years||6.50%||7.00%|
Note: Interest rates mentioned above are applicable on deposits below ₹ 1 crore with effect from April 25, 2019.
Note- Interest rates on NRE (Non Resident External) and NRO (Non Resident Ordinary) term deposits are same as the interest rates applicable on domestic term deposits.
FCNR (Foreign Currency Non-Resident) Fixed Deposit Interest Rates
|1 year < 2 years||3.45||1.65||0.00||0.00||2.00||2.00|
|2 years < 3 years||3.20||1.56||0.00||0.00||1.50||2.00|
|3 years < 4 years||2.90||1.61||No quote||No quote||No quote||No quote|
|4 years < 5 years||2.25||No quote||No quote||No quote||No quote||No quote|
|5 years only||1.90||No quote||No quote||No quote||No quote||No quote|
Note- No interest shall be payable on FCNR term deposits closed in less than 1 year. All figures in % per annum.
Types of Kotak Mahindra Bank Fixed Deposit Schemes
- Kotak Mahindra Tax Saving Fixed Deposit Scheme
- Kotak Mahindra Regular Term Deposit Scheme
- Kotak Mahindra Senior Citizen Fixed Deposit Scheme
- Kotak Mahindra Sweep-In Facility Scheme
Kotak Mahindra Tax Saving Fixed Deposit
This Kotak Mahindra Bank Tax Saving Fixed 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:
|Features of Kotak Mahindra Tax Saving Fixed Deposit|
Eligibility – The deposit scheme is available to all resident individuals, HUFs, minors and senior citizens above 60 years of age.
Also Read: Tax Saving FD Interest Rates
Kotak Mahindra Regular Term Deposit
The Kotak Mahindra Regular term deposit scheme is the basic fixed deposit scheme available to investors. The scheme has following features:
|Features of Kotak Mahindra Regular Term Deposit|
Kotak Mahindra Senior Citizen Fixed Deposit
Kotak Mahindra Senior Citizen Fixed Deposit scheme is designed for senior citizens above the age of 60 years. Kotak FD rates in this scheme are 0.50% above card rates. The scheme comes with the following features and benefits:
|Features of Kotak Mahindra Senior Citizen Fixed Deposit|
Also Read: Senior Citizens Fixed Deposit Interest Rates
Kotak Mahindra Bank Sweep-In Facility
Kotak Mahindra Sweep-In facility allows a depositor to link his fixed deposit account to the savings account or current account. Whenever the amount in the account falls below the limit, money is automatically swept-in from the linked fixed deposit. The features and benefits of this facility are mentioned below:
|Features of Kotak Mahindra Sweep-In Facility|
Also Read: Fixed Deposit Sweep in Facility
Kotak Bank FD Calculator
Depositors can use the facility of Kotak Mahindra Bank FD calculator to check the amount they would receive on maturity. They have to enter the principal amount, interest rate and tenure of the FD scheme. The interest and total amount will be displayed on the screen.
Documents Required for Kotak Bank Fixed Deposit Schemes
|For Individuals and HUFs|
|For Associations or Clubs|
|For Partnership Firms|
|Public or Private Limited Companies|
How to Apply for Kotak Mahindra Bank FD
Applicants can open the Kotak Mahindra Bank fixed deposit by visiting the website and filling the form. They have to mention simple details such as name, email address, mobile number, city, branch, required FD scheme, etc. and submit the form online without even logging in to their netbanking accounts.