Kotak Mahindra Bank, a highly reputable financial service company in India, has been providing a wide array of banking products and services since 1985. Among these products, the 811 #DreamDifferent Credit Card stands out as a unique credit card option that enables customers to leverage their fixed deposit. The Kotak fixed deposit credit card can be easily availed upon submitting income-proof documents since an FD investment acts as security, simplifying the process.
In this blog, we will walk you through a detailed overview of this type of facility offered by the bank and highlight all the relevant details that you need to know.
| Credit card types | 811 #DreamDifferent Credit Card (Lifetime Free Secured Credit Card) |
| Annual Fee | NIL |
| Joining Fees | NIL |
| Minimum FD Amount | ₹5,000 |
| Finance Charges | 3.50% (Annualized 42%) |
How to Apply for a Kotak Fixed Deposit Credit Card?
You can easily apply for a Kotak fixed deposit credit card by following the below-mentioned steps:
- Step 1: Log in to the Kotak Mobile Banking application.
- Step 2: Click on the ‘Credit Card’ option from the ‘Apply Now’ section.
- Step 3: Click on the ‘Continue’ button after checking the various features of Kotak credit card FD.
- Step 4: Specify your credit card delivery address.
- Step 5: Tick the checkbox stating ‘I am not a director of any bank’ if you are not and proceed to the next step by clicking on the ‘Confirm’ button.
- Step 6: Choose the credit limit ranging from ₹9,000 up to ₹16 Lakh and set up the fixed deposit.
- Step 7: Enter a few details like type of deposit, debit from the account and tenure and click on the ‘Confirm’ button.
- Step 8: Lastly, confirm your FD details, go through the terms and conditions page carefully and accept it.
That’s it! You will get an application reference number followed by a Kotak fixed deposit credit card within seven working days.
Fees and Charges of Kotak Mahindra Bank Credit Card Against FD
Refer to the table mentioned below to learn more about the fees applicable:
| Type of Charges | Amount |
| Joining Fees | NA |
| Annual Fees | Nil |
| Condition for waiver of Annual Fees (First-Year) | NA |
| Condition for waiver of Annual Fees (Second Year) | NA |
| Add-on-card Fees | Nil |
| Interest Charges on outstanding balances | 3.50% (Annualized 42%) |
| Minimum Amount Due (MAD) | 10% |
| ATM Cash Withdrawal/Call a draft/Fund Transfer/Cash Advance per 10,000 or part thereof | 2.5% on the advance amount or ₹500 whichever is higher |
| Late Payment Charges | NIL if the amount is less than ₹100, ₹100 if it ranges between ₹100 and ₹500, ₹500 for amounts between ₹501 and ₹5,000, ₹600 if the amount is between ₹5,001 and ₹10,000, ₹800 if the amount is between ₹10,001 and ₹25,000, ₹1,000 if the amount is between ₹25,001 and ₹50,000 and ₹1,200 for amounts more than ₹50,000 |
| Over Limit Charges | NIL |
| Cheque Bounce Charges | 2.0% on bounce amount or ₹500 whichever is higher |
| Foreign Currency Mark-Up | 3.5% |
| Railway Booking Surcharge (1.8%/2.5% on transaction amount) | Waived |
| Fuel Surcharge (1% on transaction) | Waived |
| Fee for Cash payment at Bank | ₹100 |
| Outstation Cheque Processing FeeWaived | Waived |
| Reissue/ Replacement Card (per issuance) | ₹100 |
| Charge Slip Request | Waived |
| Machine Surcharge at ATMs | Waived |
| Balance Enquiry Charges at Non-Parent Bank ATM | Waived |
| Duplicate Statement Request | Waived |
| Web Pay Service Fee | Waived |
| Credit Limit Increase Processing fee | ₹100 |
| Rent Payments | 1% of the Transaction Amount |
| Pre-closure charges- Personal Loan on Credit Card | 3% on outstanding principal |
Features of Kotak Mahindra Bank Credit Card Against FD
Kotak fixed deposit credit card comes with the following salient features and benefits:
- Kotak Bank does not charge any joining or annual fees to their cardholders.
- You will get interest-free cash withdrawals for up to 48 days.
- The bank offers various rewards on all of your purchases.
- Kotak Bank offers fuel and railway surcharge waivers.
- You will get a credit limit of up to 90% of your deposit amount.
Eligibility Criteria for Kotak Mahindra Bank Credit Card Against FD
Read below to know the eligibility criteria before applying for a Kotak Mahindra FD credit card:
- Indian Residents
- The primary cardholder must be between the ages of 18 and 75 years.
- The minimum credit limit amount for Non-811 savings account customers is ₹9,000.
- The minimum credit limit amount for an 811 savings account customer is ₹5,000.
- The bank allows only Individual TDs.
- Add-on Card holders must be 18 years or above.
- Self-employed individuals and NRI customers can also apply for credit cards against FD Kotak.
Kotak Fixed Deposit Credit Card – Documents Required
Although the bank requires no documentation for issuing credit cards against FD, it is in your best interest to have the following KYC documents ready in advance.
- Passport
- Driving License
- Voter ID Card
- Aadhaar Card
- PAN Card
Final Words
By choosing a Kotak fixed deposit credit card, you can earn various rewards and benefits along with your FD account growth. Therefore, apply for 811 #DreamDifferent Credit Card and enjoy a lifetime free card with various rewards.
FAQs
Yes, you can use this Kotak fixed deposit credit card internationally.
You will be charged a flat over-limit fee of ₹500 for each billing cycle if your transactions exceed 100% of your credit limit.
Upon failing to register a claim with the insurance company, you have to pay the total amount of the disputed transactions as reflected in the bank statement of your Kotak Mahindra FD credit card.
A minimum of ₹300 is charged for each ₹10,000 withdrawn at any Kotak or other VISA ATM using the 811 #DreamDifferent Credit Card.
By choosing a Kotak fixed deposit credit card, you may receive an annual railway surcharge remission of up to ₹500.
