Kotak Mahindra Bank FD Interest Rates
Kotak Mahindra bank is one of the renowned leading private banks in India, holding its corporate office in Mumbai, Read more
6.20%
6.25%
6.77%
Highest Return7.2%
* Assuming investment of ₹ 1 Lakh per year & income tax slab of 30%
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About Kotak Mahindra FD Rates
Kotak Mahindra Bank Fixed Deposit Scheme allows the investors to invest a part of their salary in the FD scheme to achieve their goals and plan accordingly.
The benefits of Kotak Mahindra Bank's Fixed Deposits include tax saving plans, senior citizen advantages, recurring deposits with monthly investments, and nomination services. The bank also allows a sweep-in facility. In addition, by linking the FD (one or more) to a savings account, the customers can enjoy liquidity and an overdraft facility.
Moreover, in general, one can save tax on their earnings from Fixed Deposit schemes up to a limit of Rs. 1,50,000 per annum under Section 80C of the Income Tax Act, 1961. Kotak Bank Fixed Deposit Account can be easily opened through internet banking, mobile applications, and offline by visiting the bank branch office.
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Kotak Mahindra Bank Fixed Deposit Rates
Kotak Mahindra Bank FD Rates for Above Rs. 2 Crores
Rates with effect from 11th August 2022:
| FD Tenure |
Above Rs. 2 Crore but less than Rs. 5 Crores |
Above Rs. 5 Crores but less than Rs. 10 Crores |
Above Rs. 10 Crores but less than 25 Crores |
Rs. 25 Crores & more |
| 7 - 14 Days |
3.50% |
3.50% |
3.50% |
3.50% |
| 15 - 30 Days |
3.50% |
3.65% |
3.65% |
3.65% |
| 31 - 45 Days |
3.75% |
3.75% |
3.75% |
3.75% |
| 46 - 60 Days |
4.00% |
4.00% |
4.00% |
4.00% |
| 61 - 90 Days |
4.50% |
4.50% |
4.50% |
4.50% |
| 91 - 120 Days |
5.00% |
5.00% |
5.00% |
5.00% |
| 121 - 179 Days |
5.00% |
5.10% |
5.10% |
5.10% |
| 180 Days |
5.50% |
5.50% |
5.50% |
5.50% |
| 181 Days to 270 Days |
5.50% |
5.50% |
5.50% |
5.50% |
| 271 Days to 279 Days |
3.50% |
3.50% |
3.50% |
3.50% |
| 280 Days - 364 days |
5.65% |
5.80% |
5.80% |
5.80% |
| 365 days but less Than 15 months |
6.00% |
6.10% |
6.10% |
6.20% |
| 15 months but less than 18 months |
6.00% |
6.10% |
6.10% |
6.10% |
| 18 months but less than 2 Years |
6.00% |
6.10% |
6.10% |
6.10% |
| 2 years and above but less than 3 years |
6.00% |
6.10% |
6.10% |
6.10% |
| 3 years and above but less than 4 years |
6.00% |
6.00% |
6.00% |
6.00% |
| 4 years and above but less than 5 years |
6.00% |
6.00% |
6.00% |
6.00% |
| 5 years and above up to & inclusive of 7 years |
5.90% |
6.00% |
6.00% |
6.00% |
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Types of Kotak Fixed Deposit Schemes
- Standard / Regular Fixed Deposit
- Special Fixed Deposit
- Tax Saving Fixed Deposit
- Floating Fixed Deposit
The detailed description of these fixed deposit schemes is as follows:
1. Standard / Regular Fixed Deposit
- With security and flexibility, this scheme offers the benefit of earning higher Kotak FD rates.
- Availability of nomination facility.
- One can open this FD account hassle-free without putting much effort.
- Offers short-term facility.
2. Special Fixed Deposit
- Special FD is for a selected time period.
- The tenure under this deposit scheme ranges from 290 days, 390 days, etc., as per the investor's requirement.
- Offers a high rate of interest compared to other deposit schemes.
3. Tax Saving Fixed Deposit
It is a unique fixed deposit product that provides the dual benefit of tax savings and returns. A tax saver fixed deposit provides a tax deduction of up to Rs. 1,50,000 under Section 80C of the Income Tax Act. The features of this policy are:
- Up to Rs. 1,50,000 can be exempted annually under the tax saving FD as per Section 80C of the Income Tax Act.
- A fixed return is guaranteed after the completion of 5 years.
- Interest can be paid out to the depositor quarterly or at the time of maturity.
- The interest that you earn is taxable.
- Premature withdrawal is not allowed before the completion of the 5-year lock-in period.
- A nomination facility is available under the scheme.
Eligibility criteria:
- Individual Residents
- Non-Resident Individuals
- Senior Citizens above 60 years
4. Floating Fixed Deposit
- One of the unique deposit options offers the depositor flexible interest rates.
- Rates under the scheme are flexible and can be changed yearly or quarterly benefitting the investors.
- The RBI guidelines will only determine the change in the interest rates.
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Features of Kotak Mahindra Bank Fixed Deposit Interest Rates
The features and benefits of these fixed deposits are:
- The tenure of Kotak FD interest rates ranges from 7 days to 10 years.
- The Kotak FD rates are attractive, and in general, the senior citizens get a 0.50% extra interest rate on regular bank interest rates.
- You can start your fixed deposit account with Kotak Mahindra Bank by investing a minimum amount of Rs. 5,000.
- The bank provides the facility wherein you can avoid the penalties over premature encashment of the fixed deposits.
- A nomination facility is available.
- Premature withdrawals are available depending upon the bank scheme.
- The fixed deposit account opening process is extremely easy and quick.
- The bank provides the facility of loan against the FD amount.
- There are many fixed deposit options to select from.
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Kotak Bank FD Rate Calculator
Kotak Mahindra Bank Fixed Deposit calculator is an easy-to-use, hassle-free tool that helps quickly calculate the maturity amount and the interest earned receivable at the end of the policy tenure. By entering some basic details, you can calculate the correct FD amount. Here are the steps that an investor needs to follow to calculate Fixed Deposit rates on the FD Calculator:
- The amount that is invested
- The Rate of Interest offered
- The tenure of the Fixed Deposit Account
- The compounding period, that is, yearly, half-yearly, quarterly, or monthly
- The FD Amount
Once entered the following details, an investor will come to know:
- The maturity value of the FD
- The total interest earned during the complete tenure
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Eligibility Criteria for Kotak Mahindra Bank
The following individuals and groups are eligible to open a Kotak FD account-
- Partnership firms
- Individual/ Joint Account
- Minors
- Trusts
- Joint Hindu families
- Limited companies
- Municipalities
- Partnership firms
- Educational institutions
- Associations
- Societies
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Documents Required to Open a Kotak Bank FD Account
1. Address Proof
- Bank Statements (with Cheque)
- Passport
- Telephone/ Electricity Bill
- A post-office-issued ID card or certificate
2. Identity Proof
- Voter ID card
- Passport
- Driving license
- PAN card
- Photo ration card
- Government ID / Senior citizen ID card
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How to Invest in the Kotak FD Scheme
An investor can opt for either of the following methods to invest in the Kotak FD Scheme:
1. Internet Banking
The following steps need to be followed to invest via internet banking:
- Login to the Kotak bank account
- Click on the "Open Fixed Deposit" option under the "transaction" tab.
- Fill in the needful details like the policy's tenure and the amount willing to be invested.
- Provide nominee details.
- Confirm all the details before proceeding further.
- A receipt will be generated that can be downloaded instantly.
2. Kotak Bank Mobile Application
The following steps need to be followed to open an FD account via the mobile application of Kotak:
- Download the Kotak bank application on your mobile (can be either ios or android).
- After creating credentials, one can sign in to the application.
- Head to the main menu and select the deposit option after signing in.
- Under the "Deposits" option, choose the "Open Fixed Deposit" tab.
- Fill in all the required details and upload the required documents.
- A receipt will be generated after successfully providing all the details, which can be downloaded immediately.
3. A Kotak FD Account Offline
In the offline method of opening a Kotak Fixed Deposit Account, the investor needs to visit the nearest bank branch and fill out forms to open their respective FD account. All the relevant documents must be submitted to the branch manager with the deposit amount. After successfully verifying all the provided documents, the branch manager provides a receipt that is the account opening proof for the investor.
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