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8.00%INTEREST ON FD
Kotak Mahindra Bank RD Rates w.e.f. 14 November 2022
| Tenure | Interest Rates (% p.a.) | |
| Regular Citizens | Senior Citizens | |
| 6 months | 5.00 | 6.00 |
| 9 months | 5.75 | 6.25 |
| 12 months | 6.25 | 6.75 |
| 15 months | 6.40 | 6.90 |
| 18 months | 6.40 | 6.90 |
| 21 months | 6.40 | 6.90 |
| 24 months | 6.40 | 6.90 |
| 27 months | 6.40 | 6.90 |
| 30 months | 6.40 | 6.90 |
| 33 months | 6.40 | 6.90 |
| 3 years to less than 4 years | 6.30 | 6.80 |
| 4 years to less than 5 years | 6.25 | 6.75 |
| 5 years to 10 years | 6.20 | 6.70 |
Kotak Mahindra RD – Features & Benefits
Kotak Mahindra has only one type of recurring deposit scheme termed as the Kotak Recurring Deposit.
This scheme comes with the monthly instalment option. Further details are tabulated below:
|
Particulars |
Details |
| Tenure | 6 months – 10 years |
| Deposit Amount | Rs. 100 – Rs. 25,000 per month |
| Rates for Senior Citizens | Extra 0.5% |
| Premature Withdrawal | Allowed |
| Overdraft Facility | Not Allowed |
|
Features |
|
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Kotak RD – Premature Withdrawal
Kotak Mahindra Bank allows its customers to close their recurring deposits before maturity, i.e. premature withdrawal. However, the following points must be taken into consideration w.r.t. to this facility:
- Interest will be calculated at a lower rate for which the deposit actually remained with the bank
- No interest will be paid if RD is closed within a month.
- Partial withdrawals are not allowed.
- RD can be liquidated online using either mobile banking or Kotak internet banking. Customers can also visit the branch for the purpose.
Kotak Bank RD Calculator
Just like a fixed deposit calculator, RD calculator at Paisabazaar is an online tool available at Paisabazaar where customers can check their maturity amount as well as the interest that they will earn on it.
This is an easy-to-use online calculator with movable tabs to fix their monthly deposit amount, rate of interest, and deposit tenure. These can be filled manually too, in the boxes provided.
The calculator shows the estimated maturity amount one will get after the tenure is complete. This way, customers can better plan their investments.
Who can apply for Kotak RD Scheme?
Kotak Mahindra has extended its recurring deposit scheme to:
- Resident individuals
- Hindu Undivided Families (HUFs)
Note: Must have a savings account in Kotak Mahindra Bank.
Documents Required to Apply
To open a recurring deposit, the following documents must be submitted:
- PAN Card
- Form 60/61, if PAN is not available
- Bank account details
Note: This is not an exhaustive list.
How to Open an RD Account with Kotak?
Customers can choose to open a recurring deposit using any of the following methods:
- Kotak Net Banking
- On-call: 1860 266 2666
- At the branch
Frequently Asked Questions
Do senior citizens get additional interest on Kotak RD?
Senior citizens are offered with an extra of 0.5% above the standard RD rates.
Can I change instalment amount after booking for RD?
No. Kotak RD comes with an auto-debit feature which means once the settings are complete, no changes can be made, either in the instalment amount or the frequency.
How is TDS charged on Kotak recurring deposits?
Like fixed deposits, interest crossing Rs. 40,000 in a financial year is subject to 10% TDS. If PAN is not quoted, then TDS will be deducted at 20%.