Kotak 5 Year FD Interest Rate

This article covers the fixed deposit scheme offered by Kotak Mahindra Bank for a 5-year tenure. Kotak group promises assured saving schemes and guaranteed returns for its investors. While considering any deposits/investments, you should have a thorough knowledge of the scheme. You can also ask the bank representatives or customer care service to know the details.

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Eligibility

Kotak Mahindra Bank generally offers flexible eligibility criteria for its depositors. You may want to proceed with an FD account if any of the following points check out:

  • You are an Indian citizen.
  • You may be an NRI.
  • You might be a senior citizen.
  • You could be a member of a Hindu Undivided Family.
  • You could even start a fixed deposit as a minor. Legal guardianship must be synced with the account formalities.

You also have the option to start tax-saving deposits with Kotak Mahindra Bank. The minimum booking period here is 5 years extending up to 10 years. In this scenario, the major talking points are saving tax & attaining attractive interests rather than growing money alone.

Documents Required

The following is the list of documents required if you are planning to open an FD account with Kotak:

  • A recent photograph
  • Document showing address proof
  • Document showing age
  • Your signature
  • Few other basic prerequisites for completing the bank formalities

Kindly note that the accepted documents to prove your identity, address & signature generally include the following:

Aadhaar Card

Voter’s ID

PAN Card

Passport

Driving License

Utility Bill

Bank Statement

Updated Bank Account Passbook

Benefits of Kotak Mahindra Bank Fixed Deposit

Some standard benefits offered by Kotak FD schemes are as follows:

  • An assured return on your deposit when the term of maturity is reached.
  • You will get the benefit of flexible tenure options.
  • You may also avail of an overdraft facility against fixed deposit schemes.
  • You have the choice to start the fixed deposit scheme using online techniques. Online processes will help you manage the deposit & investment program easily from the comfort of your spaces.
  • You can select from a series of interest payout options. The top available options are monthly payouts and quarterly payouts.
  • You have an option to terminate your fixed deposit scheme before reaching the maturity period, thereby offering high liquidity value. However, you may have to pay a penalty as per the terms and conditions.
  • For 5 years and above, the interest rates offered for regular citizens are 5.25%. If you are a senior citizen, this percentage will rise to 5.75%.
  • The annualized yield of this FD scheme is even better. The interest rates offered for regular and senior citizens are 5.35% and 5.88%, respectively.
  • The deposit amount can be as low as Rs 5000. The low deposit amount makes investment possible for maximum people.
  • The maturity period you may select could be as low as 7 days exceeding up to 10 years. Since the interest payout option is your selection, you may combine it with your tenure decision.

How to Invest in a Kotak FD account?

Kotak Mahindra Bank offers an attractive fixed deposit scheme for your financial security needs. For this FD scheme, you can opt for a tenure of 5 years to equip with the corresponding interest rates.

For making an offline investment, you may connect with the relevant authorities. Visiting a Kotak Mahindra Bank branch may be your best option. Contacting authorized dealers will help you with an end-to-end deposit process. 

For online procedures, here is how you can invest in Kotak Mahindra Bank FD:

  • Log in your personal net banking details on the official website of Kotak Mahindra Bank. 
  • Enter your valid credentials first to receive customized access to the deposit schemes. 
  • Choose an FD account and provide the supporting documents as mentioned in the banking forum. 
  • You may have to decide and select the deposit amount, tenure of the deposit, and the type of interest payout. You may use an FD calculator to have an idea about your promised returns in advance.

You should be mindful of the terms & conditions for fixed deposit schemes mentioned in the bank details. Following the eligibility, the documentation is carried out in sync with the deposit opening procedure. Once the account runs active, you can deposit the principal amount and start earning interests.

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Written By: PolicyBazaar - Updated: 05 November 2021

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