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Kotak Mahindra RD Rates

Home Recurring Deposit (RD): Interest Rates, Schemes Kotak Mahindra RD Rates
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Updated: 28-02-2025 07:55:44 AM

Kotak Bank has an extensive range of investment options laid out for customers at large. Recurring deposit is one of those. It is a good option for investors who do not wish to invest a big amount at one go and instead prefer spreading it across the tenure.

Read on to know the updated Kotak RD rates as well as the features and benefits of investing in the bank’s recurring deposit schemes.

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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

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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
  • Available for resident individuals and HUFs only
  • Can be opened in joint names
  • Compulsory to open a savings A/c with Kotak from which instalments will be debited
  • Interest paid on maturity or on premature withdrawal
  • A penalty will be levied after 5 days from the due date of instalment
  • Partial withdrawal not allowed
  • Auto-debit facility is enabled date/time cannot be changed once set
  • Can be closed online

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:  

  1. Interest will be calculated at a lower rate for which the deposit actually remained with the bank
  2. No interest will be paid if RD is closed within a month.
  3. Partial withdrawals are not allowed.
  4. 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:

  1. Kotak Net Banking
  2. On-call: 1860 266 2666
  3. 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%.

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