How can I learn more about TDS on FD?

You become liable for tax deduction when the aggregate interest amount for a financial year tops Rs 40,000. As per the Income Tax Act, the general deductible rate is 10%. For more information, you should clarify with the bank personnel dealing with the FD schemes.

What is the possibility of opening a joint account in this scheme?

Non-senior citizens can opt for a joint account scheme if the first account holder is a senior citizen.

Does a senior citizen have to fulfil any special eligibility criteria?

No. If you are a senior citizen, you just have to present a document that proves your age along with the other documents.

What is the penalty to be paid for taking returns before the maturity term?

For a specific amount, you will have to contact the bank authorities. Always try and make sure your FD account stays secure until the maturity term is reached for receiving maximum benefits.

Is customer service available for FD account support?

Yes. You may contact the bank through calls, emails, feedback forms, direct location, and suggestion forums.

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.

Returns as high
as 7.1%^##

Includes life cover

Completely Tax free^{^}

We are rated^~

7.7 Crore

Registered Consumer

Insurance Partners

4.2 Crore

Policies Sold

In-built life cover

Get Guaranteed returns upto 7.1%* With Life Cover

Your Name

+91

Mobile Number

View Plans

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We are rated^~

7.7 Crore

Registered Consumer

Insurance Partners

4.2 Crore

Policies Sold

Disclaimer: *The Guaranteed Returns are dependent on the policy term and premium term availed along with the other variable factors. 7.1% rate of return is for an 18 years old, healthy male for a policy term of 20 years and premium term of 10 years with Rs.10,000 monthly installment premium. All plans listed here are of insurance companies’ funds.

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.

Comparison Between

Fixed Deposits, Guaranteed Return Plans & Debt Mutual Fund

Guaranteed Return Plans, Fixed Deposits &
Debt Mutual Fund

Guaranteed Return Plans

Returns Before Tax

7.5% ^(TAX-FREE)

Returns After Tax

7.5%

Guaranteed Returns

Yes

Life Cover

Yes

Tax on Profit

Tax Free*

Risk

No Risk

Still Better than FD’s and Debt Mutual Fund

Fixed Deposits

Returns Before Tax

7% ^(TAXABLE)

Returns After Tax

4.8%

Guaranteed Returns

Yes

Life Cover

Tax on Profit

Taxable

Risk

Low Risk

Debt Mutual Fund

Returns Before Tax

8% ^(TAXABLE)

Returns After Tax

5.5%

Guaranteed Returns

Life Cover

Tax on Profit

Taxable

Risk

High Risk

VIEW PLANS

*For annual premium upto ₹5 Lacs

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.

FD interest rates India have fallen consistently over the last 12 years.

Invest in Plans that offer Guaranteed Returns for over 25 Years

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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FAQs

How can I learn more about TDS on FD?

You become liable for tax deduction when the aggregate interest amount for a financial year tops Rs 40,000. As per the Income Tax Act, the general deductible rate is 10%. For more information, you should clarify with the bank personnel dealing with the FD schemes.
What is the possibility of opening a joint account in this scheme?

Non-senior citizens can opt for a joint account scheme if the first account holder is a senior citizen.
Does a senior citizen have to fulfil any special eligibility criteria?

No. If you are a senior citizen, you just have to present a document that proves your age along with the other documents.
What is the penalty to be paid for taking returns before the maturity term?

For a specific amount, you will have to contact the bank authorities. Always try and make sure your FD account stays secure until the maturity term is reached for receiving maximum benefits.
Is customer service available for FD account support?

Yes. You may contact the bank through calls, emails, feedback forms, direct location, and suggestion forums.

†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in

* Applicable for Titanium variant of Max Life Smart Fixed-return Digital (Premium payment of 5 years, Policy term of 10 years) and a healthy male of 18 years old paying Rs. 30,000/- monthly (exclusive of all applicable taxes)

** Fixed deposit rate applicable for 5 year's 1 day to 10 years for investment amount less< 2 Crore ( Not for senior citizens).

*** PPF interest rate applicable for 15 years for investment amount upto 1.5 Lac

+ Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023

#Discount offered by insurance company

## The Guaranteed Returns are dependent on the policy term and premium term availed along with the other variable factors. 7.1% rate of return is for an 18 years old, healthy male for a policy term of 20 years and premium term of 10 years with Rs.10,000 monthly installment premium. All plans listed here are of insurance companies’ funds.

~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ