Kotak Mahindra is India’s leading banking and financial services group that brings forth a wide range of services for its customers. Among its diverse portfolio of financial products, Kotak Mahindra Bank is one of the popular providers of NRI fixed deposit schemes for foreign investors.
Kotak NRE FD rates and interest rates for NRO, FCNR and RFC accounts vary on several parameters. This blog presents a detailed overview of Kotak Bank NRI fixed deposit interest rates, its features and benefits.
Kotak Mahindra Bank offers a wide range of fixed deposit schemes to suit the financial plans and requirements of its NRI customers. The schemes have varying rates for deposits below and above ₹2 crores.
What is Kotak Bank NRI Fixed Deposit?
Keep reading to learn more on Kotak Bank NRE, NRO, FCNR and RFC interest rates for non-resident individuals.
Kotak Bank NRI FD Rates
Let’s take a quick look at the varying interest rates of different NRI FD schemes offered by Kotak Mahindra Bank.
Kotak Bank NRE Fixed Deposit Rates under ₹2 Crores
An NRE FD is a type of fixed deposit scheme that allows you to invest from abroad and remit your investment in Indian currency. Take a look at the Kotak Mahindra NRE FD rates for deposits below ₹2 Crores.
| Tenure | Interest Rates |
| 365 to 389 days | 7.10% |
| 390 days (12 months 25 days) | 7.15% |
| 391 days to less than 23 months | 7.20% |
| 23 months | 7.25% |
| 23 months 1 day to less than 2 years | 7.25% |
| 2 years to less than 3 years | 7.10% |
| 3 years and above to less than 4 years | 6.50% |
| 4 years and above to less than 5 years | 6.25% |
| 5 years and above to 10 years | 6.20% |
Kotak Bank NRE Fixed Deposit Rates above ₹2 Crores
The table below highlights the Kotak Bank NRE FD rates for deposits above ₹2 Crores.
| Tenure | Interest Rates |
| 365 days to less than 15 months | 7.25% |
| 15 months to less than 18 months | 7.25% |
| 18 months to less than 2 years | 7.25% |
| 2 years and above but less than 3 years | 7.00% |
| 3 years and above but less than 4 years | 6.50% |
| 4 years and above but less than 5 years | 6.25% |
| 5 years and above up to 7 years | 6.25% |
Kotak Bank NRO Fixed Deposit Rates under ₹2 Crores
An NRO FD account enables Non-Resident Indians to manage their income receivable from India in the form of a dividend or pension. The table below highlights the Kotak NRO fixed deposit rates applicable to deposits below ₹2 Crores.
| Tenure | Interest Rates |
| 7-14 days | 2.75% |
| 15-30 days | 3.00% |
| 31-45 days | 3.25% |
| 46-90 days | 3.50% |
| 91-120 days | 4.00% |
| 121-179 days | 4.25% |
| 180 days | 7.00% |
| 181-269 days | 6.00% |
| 270 days | 6.00% |
| 271-363 days | 6.00% |
| 364 days | 6.50% |
| 365 – 389 days | 7.10% |
| 390 days (12 months 25 days) | 7.15% |
| 391 days to less than 23 months | 7.20% |
| 23 months | 7.25% |
| 23 months 1 day to less than 2 years | 7.25% |
| 2 years to less than 3 years | 7.10% |
| 3 years and above to less than 4 years | 6.50% |
| 4 years and above to less than 5 years | 6.25% |
| 5 years and above to 10 years | 6.20% |
Kotak Bank NRO Fixed Deposit Rates above ₹2 Crores
Take a look at the table below to know the Kotak NRO FD rates for deposits above ₹2 Crores.
| Tenure | Interest Rates |
| 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 to 270 days | 6.50% |
| 271 – 279 days | 5.50% |
| 280 – 364 days | 6.75% |
| 365 days to less than 15 months | 7.25% |
| 15 months to less than 18 months | 7.25% |
| 18 months to less than 2 years | 7.25% |
| 2 years and above but less than 3 years | 7.00% |
| 3 years and above but less than 4 years | 6.50% |
| 4 years and above but less than 5 years | 6.25% |
| 5 years and above up to 7 years | 6.25% |
Kotak Bank FCNR Fixed Deposit Rates
As an NRI, you may also opt for an FCNR Fixed Deposit account that allows you to save your overseas income/savings. The table below provides the Kotak FCNR rates for global currencies like US Dollar, Singapore Dollar, Euro, Great Britain Pound and Australian Dollar for given maturity periods.
| Tenure | USD | SGD | EURO | GBP | AUD |
| 1 year | 5.80% | 4.00% | 4.05% | 5.65% | 4.75% |
| Less than 1 year to less than 2 years | 5.65% | 3.85% | 3.90% | 5.50% | 4.60% |
| 2 years to less than 3 years | 4.60% | 3.05% | 2.95% | 4.60% | 3.95% |
| 3 years to less than 4 years | 3.90% | NA | 2.35% | 3.95% | 3.50% |
| 4 years to less than 5 years | 3.50% | NA | NA | NA | NA |
| 5 years | 3.50% | NA | NA | NA | NA |
Kotak Bank RFC Fixed Deposit Rates
Besides Kotak Mahindra Bank FCNR rates and accounts, NRI individuals can also opt for RFC Fixed Deposits. With this, you can earn a high return on funds that you hold in foreign currency. The following table carries the RFC rates for Kotak Bank RFC FD for currencies like US Dollar, Australian Dollar, Great Britain Pound, Singapore Dollar and Euro.
| Tenure | USD | AUD | GBP | SGD | EURO |
| 30 days to less than 6 months | 0.75% | 0.01% | 0.45% | 0.01% | NA |
| 6 months to less than a year | 1.50% | 0.01% | 1.25% | 0.01% | NA |
| 1 year | 5.80% | 4.75% | 5.65% | 4.00% | 4.05% |
| More than a year to less than 2 years | 5.65% | 4.60% | 5.50% | 3.85% | 3.90% |
| 2 years to less than 3 years | 4.60% | 3.95% | 4.60% | 3.05% | 2.95% |
| 3 years | 3.90% | 3.50% | 3.95% | NA | 2.35% |
Features and Benefits of Kotak Bank NRI Fixed Deposit
Here are the features and benefits that you can avail by choosing Kotak NRE FD rates.
- The minimum amount for NRE and NRO fixed deposit is ₹50,000.
- All Kotak Bank NRI FD investments, except RFC deposits, are fully and freely repatriable.
- The FD schemes are automatically renewed on maturity.
- Both NRIs and PIOs can jointly open the NRE fixed deposit account.
Conclusion
With the above NRI FD rates offered by Kotak Mahindra Bank, you can start your FD investment journey and earn high-yielding returns. However, it is important to note that the Kotak NRE FD rates are subject to change over time. Therefore, consider checking the interest rates before starting your investment.
FAQs
Yes, you can access the Kotak Mahindra Bank NRE fixed deposit account online with phone banking or net banking facilities.
NRIs and PIOs, Seafarers of Indian origin, Indian Government employees with Diplomat Passports and students pursuing studies in foreign nations are eligible to start an NRI account with Kotak Mahindra Bank.
Yes, Kotak Mahindra Bank allows premature withdrawal of NRI fixed deposits. However, a penal charge will be applicable for premature withdrawal of fixed deposits booked or renewed after 1st November 2012.
The Kotak Mahindra Bank calculates the returns on all FD investments having a tenure of less than 181 days based on simple interest after maturity.
