Kotak Mahindra Bank Limited is one of India’s most trusted financial institutions, operating since 1985. Established as Kotak Capital Management Finance Ltd, it was just an investment platform focusing on bill discounting services. It soon became India’s first non-banking finance company to convert into a commercial bank, offering a wide range of banking services.
Headquartered in Mumbai, Kotak Bank is also the third largest private sector bank in India by market capitalisation.
Fixed deposit schemes are one of the various banking services they offer, catering to the different investment appetites of their customers. Here is a comprehensive guide to Kotak Bank FD rates:
| Minimum Deposit | ₹5,000 |
| Maximum Deposit | No limit |
| Minimum Tenure | 7 days |
| Maximum Tenure | 10 years |
| Interest Rates | 2.75% – 7.70% (including rates for senior citizens) |
| Lock-in Period | 7 days to 10 years (5 years to 10 years for Tax Saving Fixed Deposits) |
| Senior Citizen | 3.25% to 7.70% (for deposits below ₹2 crores) |
| General Citizen | 2.75% to 7.20% (for deposits below ₹2 crores)4.00% to 7.25% (for deposits above ₹2 crores) |
Kotak Mahindra Bank FD Rates – February 2024
| Tenure | General Citizen | Senior Citizen |
|---|
Features and Benefits of Kotak Bank FD
Let us take a look at what features and advantages you can avail by investing in fixed deposits of different Kotak FD rates.
- Eligible entities can avail the benefits of a fixed deposit at a minimum deposit amount, starting from ₹5,000.
- Easy withdrawals and interest-paying out options are available.
- Overdraft/Loan facility against fixed deposit.
- No provision of penalty for any premature withdrawals of deposits within 181 days of tenure.
- Provides the option to nominate beneficiaries for the fixed deposit account.
- Sweep-in facility that ensures instant liquidity by linking savings/current accounts with the fixed deposit account.
How to Book Kotak Bank FD?
To avail of the attractive Kotak FD interest rates, you must book a Kotak Bank FD account first. There are several ways to open this bank’s fixed deposit. You can either book it online or offline, as per your preference and convenience.
Online
The following are the two ways you can open a Kotak Bank fixed deposit paperless and hassle-free manner.
1. Via Kotak Bank Mobile App
Follow the given step-by-step guide for booking a Kotak Bank fixed deposit through its mobile app.
- Step 1: Install the Kotak Bank Mobile App and sign in with your credentials.
- Step 2: Find the ‘Fixed/Recurring Deposits’ tab under the banking section. Click on it.
- Step 3: Click on the ‘Open Fixed Deposit’ option.
- Step 4: Fill in all the required details related to your investment, like the amount, deposit duration, nominee information and interest payout option.
- Step 5: Accept all ‘Terms and Conditions’ after going through them carefully.
- Step 6: Click on the ‘Proceed’ tab to book your FD with Kotak Bank.
2. Via Kotak Bank Internet Banking Portal
You can also open a fixed deposit account through the Kotak Bank Internet Banking Portal by following a few easy steps.
- Step 1: Visit the official net banking portal of Kotak Bank.
- Step 2: Log in using your CRN or registered username and card number. In case you do not have a registered account, sign in to open a FD.
- Step 3: Under the ‘Investment’ section, click on the ‘Deposit’ tab.
- Step 4: Choose the ‘Open a Fixed/ Recurring Deposit’ option.
- Step 5: Fill out the required details as per the FD account opening form.
- Step 6: Click on the ‘Submit’ tab after carefully verifying all the details.
The bank will send you a notification upon successful account opening.
Offline
If you are wondering how to book Kotak Bank FD offline, here is a guide you should follow with due diligence.
- Step 1: Visit your nearest Kotak Bank branch.
- Step 2: Ask for an FD application form and carefully fill out all the required details.
- Step 3: Submit all the required documents along with the application form.
After successfully processing and verifying your form, the bank will issue an FD receipt.
Documents Required to Book Kotak Bank FD
The following are the set of documents required for opening an FD and availing your preferred Kotak Mahindra Bank FD Rates with a higher yield, categorised as per the requirements of each eligible entity.
- Duly filled FD application form
- PAN Card or Form 60/61
- Passport-size photograph of the applicant
- Identity proof – Aadhaar Card, Voter ID Card
- Address proof – Telephone bill, Electricity bill, Bank statement with a cheque and Certificate/ID card issued by post office
- Age Proof – Birth certificate, Voter ID card, School passing certificate
- Bank account details – account number, IFSC code, and branch name.
Eligibility to Open Kotak FD
Before we dive into different Kotak Bank FD rates and schemes, let’s go through the eligible entities that can apply for a fixed deposit account.
- Applicant type: Indian nationals, NRIs (Non-resident Indians), Joint Account for 2 or more individuals, Senior citizens, Members of a Hindu Undivided Family (HUF), Minor under guardianship, People with disabilities, Partnership firm and limited company, Trusts, Charitable/ educational institutions, Municipalities and panchayats.
- Age (in case of individual applicants): 18 years or more.
Types of Kotak Bank FD Schemes
Here is a list of schemes with different Kotak fixed deposit rates that you can avail of in 2024.
1. Kotak Bank Regular Fixed Deposit Scheme
This is the standard fixed deposit scheme of Kotak Mahindra Bank which you can avail of with a minimum amount of ₹5,000. Its high-yielding interest rates assure attractive returns throughout the tenure of the scheme, ranging between a week to almost a decade. Through this scheme, you can receive monthly interest payout options with a premature withdrawal facility.
- Minimum Deposit: ₹5,000
- Maximum Deposit: No limit
- Tenure: 7 days to 10 years
- Interest Rate: 2.75% to 7.20%
- Eligibility: Indian national, NRI, senior citizen, member of HUF, sole proprietorship firms and minor under guardianship
2. Kotak Bank Non-callable Fixed Deposit Scheme
Unlike its regular fixed deposit scheme, Kotak Bank does not allow premature withdrawal without a penalty if you choose this scheme. Moreover, this scheme also has no sweep-in, auto-renewal and monthly interest payout facility provision.
- Minimum Deposit: ₹5,000
- Maximum Deposit: No limit
- Tenure: 91 days to 3 years
- Interest Rate: 6.00% to 7.60%
- Eligibility: Indian national, NRI, senior citizen, member of HUF, sole proprietorship firms and minor under guardianship
3. Kotak Bank Tax Saving Fixed Deposit Scheme
As the name suggests, Kotak Bank Tax Saving Fixed Deposit Scheme provides their customers with tax-saving benefits under Section 80C, besides high-yielding interest. This scheme pays out interest quarterly till the maturity of the scheme or premature withdrawal.
- Minimum Deposit: ₹100
- Maximum Deposit: ₹1.5 lakh
- Tenure: 5 to 10 years
- Interest Rate: 6.20% to 6.70% (for deposits below ₹2 crores, including senior citizens rate)
- Eligibility: Indian residents, minors, senior citizens and HUFs
4. Kotak Bank Senior Citizen Fixed Deposit Scheme
For citizens above 60 years of age, Kotak Bank has brought its Senior Citizen Fixed Deposit Scheme, helping them maximise their savings monthly or quarterly. This scheme allows all eligible senior citizens to withdraw their investment partially or prematurely. It is also designed to secure their post-retirement years by providing nomination, overdraft and sweep-in facilities.
- Minimum Deposit: ₹5,000
- Maximum Deposit: ₹2 crore (deposits of ₹5 crore and above are also allowed at the discretion of the bank)
- Tenure: 7 to 10 years
- Interest Rate: 3.25% to 7.70%
- Eligibility: Indian citizens over the age of 60
5. Kotak NRO Fixed Deposit Scheme
Through this scheme, eligible entities can avail of secured returns along with interests compounded quarterly. These interests are subject to the applicable tax deduction of 30%t and an additional surcharge and cess.
- Minimum Deposit: ₹50,000
- Maximum Deposit: ₹5 crores (deposits above ₹5 crores are perhaps allowed at the discretion of the bank)
- Tenure: 7 days to 10 years (for deposits below ₹2 crore) and 7 days to 7 years (for deposits above ₹2 crore)
- Interest Rate: 2.75% to 7.20% (for deposits below ₹2 crores) and 4.00% to 7.25% (for deposits above ₹2 crores and less than ₹5 crores)
- Eligibility: NRIs and PIOs, seafarers of Indian nationality, Indian government employees with Diplomat passports and students pursuing studies abroad
6. Kotak NRE Fixed Deposit Scheme
Kotak NRE Fixed Deposit Scheme is best suitable for NRIs and PIOs who intend to earn income through foreign sources. Just like its NRO scheme, the Kotak Bank fixed deposit rates of the NRE scheme are also compounded quarterly. This scheme additionally offers tax benefits, considering the investment and the interest you earn from this account is completely tax-free.
- Minimum Deposit: ₹50,000
- Maximum Deposit: ₹5 crores (deposits above ₹5 crores are perhaps allowed at the discretion of the bank)
- Tenure: 1 to 10 years
- Interest Rate: 2.75% to 7.20% (for deposits below ₹2 crores) and 4.00% to 7.25% (for deposits above ₹2 crores and less than ₹5 crores)
- Eligibility: NRIs and PIOs, seafarers of Indian nationality, Indian government employees with Diplomat passports and students pursuing studies abroad
7. Kotak FCNR Deposit Scheme
With fully repatriable deposits along with interest earned, the Kotak FCNR Deposit Scheme presents all NRIs with an investment option to protect their savings from fluctuating exchange rate risk. The interest on Foreign Currency Non-Resident fixed deposits is compounded after every 180 days.
- Minimum Deposit: less than 0.5 million USD
- Maximum Deposit: No limit
- Tenure: 1 to 5 years
- Interest Rate: 3.50% to 5.70%
- Eligibility: NRIs and PIOs, seafarers of Indian nationality, Indian government employees with Diplomat passports and Students pursuing studies abroad
8. Kotak RFC Deposit Scheme
Kotak RFC (Resident Foreign Currency) Deposit Scheme is a term deposit account for Indian residents who once had NRI status. This scheme enables the eligible entities to maintain overseas earnings such as their pension, superannuation benefits or proceeds of assets in foreign currency value.
- Minimum Deposit: less than 0.5 million USD
- Maximum Deposit: No limit
- Tenure: 30 days to 3 years
- Interest Rate: 0.50% to 5.70%
- Eligibility: NRIs who have permanent residence in India since 18th April 1992
Final Word
Kotak Bank FD rates offer consistent returns with lesser risk involved, making it a favourable choice for investment in 2024. Hopefully, now you have a clear idea about it which will further help you in deciding on a suitable fixed deposit investment as per your requirements. Ensure you review all the terms and conditions associated with each scheme and verify all interest rates since they are subject to change.
