Kotak Mahindra Bank Limited, a subsidiary of the Kotak Group, was established in 1985. The bank offers multiple fixed deposit options with varying tenures and competitive interest rates compared to their savings accounts. This article provides an overview of Kotak FD schemes, including their types and interest rates.
Kotak Mahindra Bank Fixed Deposit Rates for Amounts under Rs 2 Crore
|Tenure||Interest Rates for General Public (p.a.)||Interest Rates for Senior Citizens (p.a.)|
|181 days to 269 days||6.00%||6.50%|
|271 days to 363 days||6.00%||6.50%|
|365 days to 389 days||7.10%||7.60%|
|390 days (12 months and 25 days)||7.20%||7.70%|
|391 days to less than 23 months||7.20%||7.70%|
|23 months and 1 day to less than 2 years||7.20%||7.70%|
|2 years to less than 3 years||7.00%||7.50%|
|3 years and above but less than 4 years||6.50%||7.00%|
|4 years and above but less than 5 years||6.25%||6.75%|
|5 years upto 10 years||6.20%||6.70%|
Fixed Deposit Rates Offered by Kotak Mahindra Bank (For Deposits Above Rs 2 Crore)
|Tenure||Interest Rate on Rs 2 Crore and above but below Rs 5 Crore||Interest Rate on Rs 5 Crore and above but below Rs 10 Crore|
|181 days to 270 days||6.50%||7.05%|
|271 days to 279 days||5.50%||5.75%|
|280 days to 364 days||6.75%||7.10%|
|365 days to less than 15 months||7.25%||7.35%|
|15 months to less than 18 months||7.25%||7.30%|
|18 months to less than 2 years||7.25%||7.10%|
|2 years and above but less than 3 years||7.00%||7.10%|
|3 years and above but less than 4 years||6.50%||6.50%|
|4 years and above but less than 5 years||6.25%||6.40%|
|5 years upto 7 years||6.25%||6.25%|
Types of Kotak Mahindra Bank Fixed Deposit Schemes
There are different types of fixed deposit in Kotak Mahindra Bank to cater to the diverse financial needs of its customers. Let’s explore Kotak Mahindra Bank fixed deposit schemes in detail:
The Regular Fixed Deposit account is an ideal option for individuals who want to earn higher returns on their surplus funds than keeping the money idle in a savings account. Here are some key features:
- Maturity period: The tenure of maturity period for these FD schemes are as short as 7 days and as long as 10 years, allowing flexibility in investment duration.
- Sweep-in facility: Kotak Auto Sweep FD interest rate feature enables depositors to maintain liquidity by linking the fixed deposit account to a savings account and automatically transferring funds when required.
- Minimum Amount: Individuals can avail Kotak FD by simply depositing minimum amount of Rs. 5,000.
- Premature closure and partial withdrawals: Depositors can close the account before maturity or make partial withdrawals, though it may attract specific penalties or reduced interest rates.
- Overdraft facility: The regular Kotak Mahindra Bank fixed deposit scheme provides an overdraft facility, allowing account holders to avail a loan against their fixed deposit.
- Interest payment options: Depositors can choose cumulative or non-cumulative interest.
- Eligibility: Resident Indian citizens, sole proprietorship firms, and Hindu undivided families can open a regular fixed deposit account.
The Kotak Mahindra Tax Saving Fixed Deposit scheme is designed for those looking for tax saving investment options. Here are the key features:
- Tax rebate: Depositors can claim a tax deduction under Section 80C of the Income Tax Act for investments up to Rs 1.5 lakh in this scheme.
- Lock-in period: The fixed deposit has a lock-in period of 5 years, which means Kotak FD premature withdrawal is not allowed.
- Minimum deposit: The minimum deposit required to open a Tax Saving FD account is Rs. 5,000.
- No loan against deposits: Unlike regular fixed deposits, depositors cannot avail a loan against their deposits in a Tax Saving FD account.
- Interest payment options: Depositors can receive quarterly or compounded interest until maturity.
The Kotak Mahindra Bank Senior Citizen FD scheme caters to senior citizens and offers preferential Kotak Bank FD rates. Here are the key features:
- Preferential interest rates: Senior citizens enjoy higher interest rates on their fixed deposits, making it an attractive investment option for them
- Tenure options: The tenure of the fixed deposit account ranges from 7 days to 10 years, providing flexibility in choosing the investment period.
- Minimum deposit: The minimum deposit required to open a Senior Citizen FD account is Rs 5,000.
- Withdrawal options: Senior citizens can withdraw prematurely or partially if needed.
- Interest payment options: They can receive monthly, quarterly, or compounded interest until maturity.
Kotak Mahindra Bank provides an attractive interest rate of 6.2% per annum for a 5-year fixed deposit scheme.
Use the “72 rule” to estimate the time it takes for your fixed deposit in Kotak Mahindra Bank to double. The highest FD interest rate currently offered is 7.2%, meaning your FD will likely double in about 10 years. For senior citizens with the highest FD rate of 7.7%, their FD investment can be expected to double in approximately 9.35 years.
Kotak Mahindra Bank FD rates for senior citizens range from 3.25% to 7.7% per annum. These rates vary based on the minimum and maximum investment durations available.
The ROI for a 1-year FD with Kotak Mahindra Bank on a Rs 10 lakh deposit will yield an interest of Rs 73,357. At maturity, the total value of your investment will be Rs 10,73,357.
One can check his/her Kotak Mahindra Bank FD balance through both online and offline methods. Individuals may log in to the Kotak Mahindra Bank internet banking portal to do so online. Alternatively, they can visit the nearest Kotak Mahindra Bank branch and update their passbook to inquire about the FD balance.
The Kotak FD calculator only requires fundamental details about your FD account. These include the principal amount, interest rate, tenure, and compounding frequency.