The Kotak Bank FD rates range from 2.75% to 7.20% per annum for the general public and 3.25% to 7.70% per annum for senior citizens. The tenure also ranges from 7 days to 10 years. The Kotak Mahindra Bank tax saving FD interest rates also vary from time to time. For the general public, the interest rate is 6.20% per annum, and for senior citizens, it is 6.70% per annum for a period that ranges between 5 and 10 years.
Besides, the bank also offers various other fixed deposit facilities for non-resident Indians (NRIs) like non-resident ordinary (NRO), non-resident external (NRE), and foreign currency non-resident (FCNR) fixed deposits.
Kotak Mahindra Bank FD Interest Rates
The following table gives detailed information about all the Kotak Bank FD interest rates. Go through it to get detailed information about the various rates.
Tenure | Interest Rate |
1 year | 7.10% |
2 years | 7.00% |
3 years | 6.50% |
4 years | 6.25% |
5 years | 6.20% |
Tax saving FD | 6.20% |
Eligibility Criteria for Kotak Mahindra Bank FD Accounts
To open an FD account with Kotak Mahindra Bank, there are certain eligibility criteria that need to be followed, including:
- The applicant has to be a citizen of India residing in the country.
- He/she can be a person from outside India but must provide the necessary NRI documents.
- The applicant has to belong to Hindu undivided families or HUFs.
- Senior citizens who are above 60 years of age can also opt to open an FD account with Kotak Mahindra Bank.
- Minors can also avail this opportunity but have to have a guardian to look after the account.
Documents Required for Kotak Mahindra Bank FD Accounts
While opening an FD account with Kotak Mahindra Bank, applicants must provide these documents on time:
Identity proof:
- PAN card
- Driving licence
- Passport
- Voters ID
- Aadhaar card
Address proof:
- Passport
- Driving licence
- Voters ID
- Aadhaar card
- Utility bill
- Bank statement
- Bank account passbook
Signature proof:
- PAN card
- Driving licence
- Passport
- 4 copies of the latest passport-size photographs are required
Any of these documents is necessary to be provided under each category. Failing to do so on the part of a customer can lead to the cancellation of his/her application.
Kotak Mahindra Bank FD Interest Rates for Deposits >Rs. 2 Crore
The table, as seen below, shows Kotak Bank FD interest rates in 2023 for deposits of more than Rs 2 crore:
Tenure | Interest Rates on Deposits of More Than Rs 2 Crore |
7-14 days | 4.00% |
15-30 days | 4.00% |
31-45 days | 4.50% |
46-60 days | 4.75% |
61-90 days | 5.25% |
91-120 days | 5.50% |
121-179 days | 6.00% |
180 days | 7.00% |
181-270 days | 6.50% |
Kotak Mahindra Bank FD Interest Rates for Deposits <Rs. 2 Crore
The table, as seen below, shows Kotak FD interest rates in 2023 for deposits below Rs. 2 crore:
Tenure | Interest Rates for the General Public | Interest Rates for Senior Citizens |
7-14 days | 2.75% | 3.25% |
15-30 days | 3.00% | 3.50% |
31-45 days | 3.25% | 3.75% |
46-90 days | 3.50% | 4.00% |
91-120 days | 4.00% | 4.50% |
121-179 days | 4.25% | 4.75% |
180 days | 7.00% | 7.50% |
181-269 days | 6.00% | 6.50% |
270 days | 6.00% | 6.50% |
Kotak Bank FD Interest Rates for Domestic, NRO, or NRE Fixed Deposits
The table below shows Kotak Mahindra Bank FD rates for domestic/NRO/NRE fixed deposits.
Tenure | Interest Rates for General Public (Less Than Rs 2 Crore) | Interest Rates for Senior Citizens (Less Than Rs 2 Crore) |
7-14 days | 2.75% | 3.25% |
15-30 days | 3.00% | 3.50% |
31-45 days | 3.25% | 3.75% |
46-90 days | 3.50% | 4.00% |
91-180 days | 4.00% | 4.50% |
121-179 days | 4.25% | 4.75% |
180 days | 7.00% | 7.50% |
181-269 days | 6.00% | 6.50% |
270 days | 6.00% | 6.50% |
271-363 days | 6.00% | 6.50% |
Penalty Charges on Premature Withdrawal of Fixed Deposits
Sometimes, when there is some unseen financial emergency in the family or someone’s life, then there’s an urgent need for money. People have no other way apart from withdrawing money from their FD accounts. Most banks provide the option to withdraw money from FD accounts before the maturity date, but that comes with certain penalty charges which customers need to pay.
Kotak Mahindra Bank also has penalty charges for premature withdrawal of fixed deposits. If funds are withdrawn 7 days from the date of its opening, then no interest will be paid, and only the main amount will be returned. A penalty of 0.05% will be charged on the interest rate if the tenure is 181 days or above and is withdrawn before the maturity period.
To open a fixed deposit account in Kotak Mahindra Bank, there are various time frames according to which various Kotak Mahindra Bank FD interest rates exist. The minimum period to operate an FD account is 7 days and the maximum period is 10 years.
NRI, Indian citizens, HUFs, senior citizens, and minors are eligible to open an FD account with Kotak Mahindra Bank.
Yes, the Kotak FD calculator is available online. People can make use of it from the comfort of their homes and there is no need to rush to banks.
No, there is no premature withdrawal of funds option available with tax-saving FDs. But, there is the option of premature withdrawal of funds available on other normal FDs.
The Kotak FD rates range from the highest to the lowest, depending on the period and citizens. The highest rate of interest offered by Kotak Mahindra FD rates is 7.20% for regular citizens, and for senior citizens, it is 7.70%.