Kotak Mahindra Bank NRE FD Rates

Kotak Mahindra Bank was established in 2003 with its headquarters in Mumbai. Since then, it has emerged as the third-largest Indian private sector bank and one of the most trusted financial institutions. The bank has a pan-India presence operating through 1600 branches and over 2500 ATMs. Kotak Mahindra Bank offers innovative products to its domestic and NRI clientele to operate under a comfortable digital environment in the retail banking sector.

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Kotak Mahindra Fixed Deposits

Fixed Deposits or FD parks capital for a fixed tenure to earn interest. The FD helps the money grow gradually in alignment with the investor’s financial goals and objectives. These FDs are convenient to hold in both foreign currency and INR, attracting competitive interest rates for a safe and guaranteed capital appreciation. 

The bank provides a dedicated NRI channel to facilitate savings, investments, and transfer seamlessly. Let us check out what Kotak Mahindra Bank offers the NRI on the platter. 

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Kotak Mahindra Bank NRI FD Rates

The RBI has deregulated the interest payment regime providing the banks the freedom to chart their course within the overall policies articulated by the Central bank from time to time. Accordingly, the Kotak Mahindra Bank NRI FD Rates for the NRE and NRO Rupee Term Deposits are at par with the rates offered to Resident Domestic Deposits. 

In FCNR (B) FD, the interest rate is designed on the LIBOR, as described earlier. The interest rate for the NRE and NRO FD is further based on whether the booked Term Deposit permits the Premature Withdrawal facility. 

Accordingly, the applicable are detailed in the following grids:

Domestic / NRE Term Deposit Rates (Below Rs. 2 Crores)

Rates with effect from 12th April 2022:

Tenure Regular Citizens Senior Citizens
7 to 14 Days 2.50% 3.00%
15 to 30 Days 2.50% 3.00%
31 to 45 Days 2.75% 3.25%
46 to 90 Days 2.75% 3.25%
91 to 120 Days 3.00% 3.50%
121 to 179 days 3.50% 4.00%
180 Days 4.50% 5.00%
181 Days to 269 Days 4.50% 5.00%
270 Days 4.50% 5.00%
271 Days to 363 Days 4.50% 5.00%
364 Days 4.75% 5.25%
365 Days to 389 Days 5.10% 5.60%
390 Days (12 months 25 days) 5.20% 5.70%
391 Days to Less than 23 Months 5.20% 5.70%
23 Months 5.25% 5.75%
23 months 1 Day to less than 2 years 5.25% 5.75%
2 years and above but less than 3 years 5.30% 5.80%
3 years and above but less than 4 years 5.45% 5.95%
4 years and above but less than 5 years 5.50% 6.00%
5 years and above but less than 10 years 5.60% 6.10%
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It is important to know premature withdrawals are allowed in the above-mentioned interest rates.

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Domestic / NRE Term Deposit Rates (Above Rs. 2 Crores but less than Rs. 5 Crores)

Rates with effect from 12th April 2022:

Tenure Interest Rates (Per Annum)
7 to 14 Days 2.50%
15 to 30 Days 2.50%
31 to 45 Days 2.75%
46 to 60 Days 2.75%
61 to 90 Days 3.00%
91 to 120 Days 3.35%
121 to 179 Days 3.50%
180 Days 4.25%
181 Days to 270 Days 4.25%
271 Days to 279 Days 2.90%
280 Days to Less than 12 Months 4.30%
12 months to less than 15 months 4.75%
15 months to less than 18 months 4.75%
18 months to less than 2 Years 4.75%
2 years and above but less than 3 years 4.90%
3 years and above but less than 4 years 5.00%
4 years and above but less than 5 years 5.00%
5 years and above but less than 7 years 5.00%
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It is important to know premature withdrawals are allowed in the above-mentioned interest rates.

Domestic / NRE Term Deposit Rates (Above Rs. 5 Crores but less than Rs. 10 Crores)

Rates with effect from 12th April 2022:

Tenure Interest Rates (Per Annum)
7 to 14 Days 2.65%
15 to 30 Days 2.90%
31 to 45 Days 3.25%
46 to 60 Days 3.25%
61 to 90 Days 3.50%
91 to 120 Days 3.75%
121 to 179 Days 4.00%
180 Days 4.25%
181 Days to 270 Days 4.25%
271 Days to 279 Days 2.90%
280 Days to Less than 12 Months 4.30%
12 months to less than 15 months 4.65%
15 months to less than 18 months 4.75%
18 months to less than 2 Years 4.75%
2 years and above but less than 3 years 4.75%
3 years and above but less than 4 years 4.75%
4 years and above but less than 5 years 4.75%
5 years and above but less than 7 years 4.75%
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It is important to know premature withdrawals are allowed in the above-mentioned interest rates.

Domestic / NRE Term Deposit Rates (Above Rs. 2 Crores but less than Rs. 5 Crores)

Rates with effect from 12th April 2022:

Tenure Interest Rates (Per Annum)
91 to 120 Days NA
121 to 179 Days NA
180 Days NA
181 Days to 270 Days 4.45%
271 Days to 279 Days 3.10%
280 Days to Less than 12 Months 4.50%
12 months to less than 15 months 4.95%
15 months to less than 18 months 4.95%
18 months to less than 2 Years 4.95%
2 years and above but less than 3 years 5.10%

It is important to know premature withdrawals are NOT allowed in the above-mentioned interest rates.

Domestic / NRE Term Deposit Rates (Above Rs. 5 Crores but less than Rs. 10 Crores)

Rates with effect from 12th April 2022:

Tenure Interest Rates (Per Annum)
91 to 120 Days 3.90%
121 to 179 Days 4.15%
180 Days 4.45%
181 Days to 270 Days 4.45%
271 Days to 279 Days 3.10%
280 Days to Less than 12 Months 4.50%
12 months to less than 15 months 4.85%
15 months to less than 18 months 4.95%
18 months to less than 2 Years 4.95%
2 years and above but less than 3 years 4.95%

It is important to know premature withdrawals are NOT allowed in the above-mentioned interest rates.

Points to Note:

  • No interest is applied to NRE FD with tenor less than one year.

  • Interest calculation is based on 366 days in a leap year, and else it is 365. 

  • Only simple interest is applied in tenor below 181 days. 

FCNR(B) Foreign Currency Non-Resident Deposits

Rates with effect from 1st April 2022:

Tenure USD (below 0.5 mio) USD (above 0.5 mio) GBP EURO YEN AUD SGD
1 year and above but less than 2 years 0.90% 0.90% 0.65% 0.00% 0.00% 0.35% 0.40%
2 years and above but less than 3 years 0.90% 0.90% 0.50% NIL 0.00% 0.80% 0.40%
3 years and above but less than 4 years 0.90% 0.80% 0.30% NIL NIL NIL NIL
4 years and above but less than 5 years 0.85% 0.70% NIL NIL NIL NIL NIL
5 years only 0.80% 0.70% NIL NIL NIL NIL NIL

Residence Foreign Currency (RFC) Deposits

Rates with effect from 1st April 2022:

Tenure USD (below 0.5 mio) USD (above 0.5 mio) GBP EURO YEN AUD SGD
30 days to Less than 6 months 0.25% 0.25% 0.30% 0.00% 0.00% 0.30% NIL
6 months to Less than 1 Year 0.45% 0.45% 0.40% 0.00% 0.00% 0.35% NIL
1 Year to Less than 2 years 0.90% 0.90% 0.65% 0.00% 0.00% 0.35% 0.40%
2 Years to Less than 3 Year 0.90% 0.90% 0.50% NIL 0.00% 0.80% 0.40%
3 Years Only 0.90% 0.80% 0.30% NIL NIL NIL NIL

Points to Note:

  • No interest is paid if FCNR (B) is closed before one year.

  • If closed after one year, a penalty is imposed.

Investment Plans for NRIsInvestment Plans for NRIs

About Kotak Mahindra Bank Fixed Deposit Interest Rate Calculator

Kotak Mahindra Bank Fixed Deposit calculator is an easy-to-use, hassle-free tool that helps in quick calculation of 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

Investment Plans for NRIsInvestment Plans for NRIs

Types of Kotak Mahindra Fixed Deposits

Kotak Mahindra Bank offers five products with innovative features. The savings accounts are classified under two categories – NRE and NRO. The fundamental difference between the two is that the former parks overseas earnings while the latter parks earnings from assets in India. 

Both are INR accounts with varying inbuilt features. The bank innovates by opening an NRE account even before the individual leaves the country using the visa and the work permit.

  1. Kotak Mahindra NRE FD

    The Non-Resident External FD is an Indian rupee account, where overseas earnings in foreign currency are converted to INR at competitive exchange rates. The account’s salient features are:

    • Eligibility

      • NRI:  People who reside abroad for employment, business, education, and assignments indefinitely.

      • PIO: A foreign citizen but once held an Indian passport, parents or grandparents are Indian citizens or spouse of a PIO/ Indian citizen.

      • Seafarer: Mariners employed abroad in overseas shipping companies

    • Account Opening: The NRI can open the account either singly or jointly with NRI/PIO. 

    • Minimum Deposit: Rs 50,000 is the minimum amount required to book the FD. 

    • Interest Payment: Kotak Mahindra Bank NRE Fixed Deposit Rates are at par with domestic FD rates. Interest on NRE FD is compounded quarterly.

    • Tenor: The minimum tenor is one year to earn interest and the NRI can stay invested for a maximum of ten years. 

    • Renewal: The NRE FD is renewed automatically on maturity with the original booking terms. 

    • Repatriation: The principal and the earned interest are fully and freely repatriable.

    • Taxation: The principal and the interest earnings are tax-free in India. 

    • Others: The bank provides Mobile and Net Banking facilities. 

  2. Kotak Mahindra NRO FD

    The Non-Resident Ordinary FD is an Indian rupee account booked through earnings from Indian assets like rent, dividends on investments, etc. The account is used for all local transactions and payments. The FD accounts critical features are:

    • Eligibility

      • NRI: Persons who reside abroad for employment, business, education, and assignments for an unspecified period.

      • PIO: A foreign citizen but once held an Indian passport, parents or grandparents are Indian citizens or spouse of a PIO/ Indian citizen.

      • Seafarer: Mariners employed abroad in overseas shipping companies

    • Account Opening: The account is opened either singly or jointly with NRI/PIO and resident Indian. 

    • Minimum Deposit: The minimum amount required to book the NRO FD is Rs 50,000. 

    • Interest Payment: Kotak Mahindra Bank NRE Fixed Deposit Rates are at par with domestic residents. Interest on NRO FD is compounded quarterly.

    • Tenor: The same as resident Domestic Deposits, starting from seven to a maximum of ten years. 

    • Renewal: The NRO FD is renewed automatically on maturity with the original booking terms. 

    • Repatriation: The earned interest is repatriable after payment of tax.

    • Taxation: The principal is tax-free, but the accrued interest is taxable under existent tax laws. 

    • Others: The bank provides Mobile and Net Banking facilities. 

    SIP Investment for NRIsSIP Investment for NRIs
  3. Kotak Mahindra FCNR (B) FD

    Foreign Current Non-Resident (FCNR) FD suggests the account is held only in foreign currency earned abroad. The Term Deposit can be booked in designated currencies only.  Other currencies deposited by the NRI are converted to the designated currency of choice at a competitive exchange rate. Let us check out the critical features:

    • Eligibility

      • NRI:  Persons who reside abroad for employment, business, education, and assignments indefinitely.

      • PIO: A foreign citizen but once held an Indian passport, parents or grandparents are Indian citizens or spouse of a PIO/ Indian citizen.

      • Seafarer: Mariners employed abroad in overseas shipping companies.

    • Account Opening

      • The standard banking channel must be used to book the FCNR (B) FD  by debiting an existing NRE account. 

      • The account is opened either singly or jointly with NRI/PIO. 

    • Designated Currency: The FCNR (B) FD is opened and maintained in the following designated currencies. 

      • US Dollars ($)

      • Euro (€)

      • Great Britain Pound Sterling (£)

      • Japanese Yen (¥)

      • Singapore Dollars ($)

    • Interest Payment

      • Kotak Mahindra Bank NRE Fixed Deposit Rates payable to FCNR (B) FD accounts are linked to London Interbank Offered Rate (LIBOR) notified by the RBI from time to time.

      • The currently applicable ceiling is LIBOR plus 200 bps for one to three years tenors and LIBOR plus 300 bps for over three years to five years. 

      • The payable interest on FCNR (B) FD is compounded every 180 days.

      • However, the interest is paid only when the minimum FCNR (B) tenor is one year.

    • Tenor: The minimum tenor is one year and the NRI can stay invested for a maximum of five years. 

    • Renewal: The FCNR (B) FD is renewed automatically on maturity with the original booking terms. 

    • Repatriation: The principal and the earned interest are fully and freely repatriable in the foreign currency of the NRI’s choice. 

    • Taxation: The principal and earned interest are exempted from Income Tax in India. 

    • Others: The bank provides Phone and Net Banking facilities. 

Investment Plans for NRIsInvestment Plans for NRIs

Conclusion

The tailored NRI FD schemes by Kotak Mahindra Bank are aligned with the emergent trends permitting value-added services like Mobile and Net Banking. Moreover, Kotak Mahindra Bank NRI FD Rates are competitive, providing the NRIs ample scope to grow their money in safety from remote corners of the world. 

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