Kotak Mahindra Bank FD Rates
About Kotak Mahindra Bank
Kotak Mahindra Bank FD Rates senior citizen acts as the perfect tool for senior citizens to achieve their capital growth. If you are not a senior citizen, then you have the option to get Kotak FD rates to grow your income steadily.
Kotak Mahindra Bank provides customers with the feasibility to make a fixed deposit as low as INR 5,000. The tenure for fixed deposits can range from a mere 7 days to a longer-term of 10 years.
Individuals can also get the interest amount monthly, quarterly, or directly on maturity. Existing Kotak Mahindra Bank customers can open a fixed deposit account online after browsing through the current Kotak FD rates.
Features of Kotak Mahindra FD Interest Rates
If you are a Kotak Mahindra customer and you are debating whether you should open an FD account or not, then we know about a couple of features that can help make up your mind. Go through those features below.
- The best and most competitive Kotak FD rates
- Flexible fixed deposit tenure ranging from 7 days to 10 years
- Minimum deposit amount of INR 10,000 for existing customers and INR 25,000 for new customers
- Get interest on a monthly, quarterly, or after maturity
- Book your fixed deposit with the most competitive Kotak FD rates online
- Get higher than usual Kotak Mahindra Bank FD rates senior citizen
- Access to premature withdrawal when required
- NRO and NRE term deposits for NRIs
- Nomination facility
- Excellent sweep-in facility
- Access to overdraft facility against term deposits
Kotak Mahindra FD Interest Rates
Before making your mind about purchasing a Kotak Mahindra FD, you should also be familiar with the existing Kotak FD rates. We’ll help you with just that in this section.
|Tenure||Less than INR 2 Crore||Annualized Yield|
|7 days to 14 days||3.50%||3.50%|
|15 days to 30 days||4.00%||4.00%|
|31 days to 45 days||5.00%||5.00%|
|46 days to 90 days||5.00%||5.00%|
|91 days to 120 days||6.25%||6.25%|
|121 days to 179 days||6.25%||6.25%|
|181 days to 269 days||6.60%||6.71%|
|271 days to 363 days||7.00%||7.12%|
|365 days to 389 days||7.00%||7.19%|
|390 days (12 months and 25 days)||7.20%||7.40%|
|391 days to less than 23 months||7.20%||7.40%|
|23 months 1 day to less than 2 years||7.20%||7.40%|
|2 years to less than 3 years||7.10%||7.29%|
|3 years and above to less than four years||7.00%||7.19%|
|4 years and above to less than 5 years||7.00%||7.19%|
|5 years and above to less to 10 years||6.50%||6.66%|
Benefits of Kotak Mahindra FD Interest Rates
If you open a Kotak FD account, then there are many benefits that you can experience beyond the Kotak FD rates. These benefits are:
- Great Kotak Mahindra Bank FD rates senior citizen
- For existing customers, the minimum deposit amount is INR 10,000
- Option for simple and compound interest
- Fixed deposit tenure ranging from 7 days to a maximum period of 10 years
- One can get interest payouts on a monthly basis, quarterly basis, or on maturity
Types of Kotak FD Rates
There are different types of Kotak FD accounts provided by the bank. All of these FD accounts have different Kotak FD rates. You can also find different Kotak Mahindra Bank FD rates for senior citizens. These different FD accounts are:
- Kotak Mahindra Bank short-term term deposit
- Kotak Mahindra Bank medium-term deposit
- Kotak Mahindra Bank long-term deposit
Eligibility of Kotak Mahindra Bank FD Rates Senior Citizen and Regular Public
Individuals who fall into the categories of resident Indians, senior citizens, members of HUF, and NRIs can open fixed deposit accounts with Kotak Mahindra Bank. If you are a senior citizen, then you should go over the Kotak Mahindra Bank FD rates senior citizen.
How to Calculate Kotak Mahindra FD Interest Rates
We know that it can be difficult and very cumbersome to calculate the Kotak Mahindra Bank FD rates for senior citizens and regular FD interest rates. But this is an important task that you should do before investing in an FD policy. This will ensure that you get the most out of your investment.
Individuals should also know that there are two methods of calculating interest on a fixed deposit, including simple interest and compound interest. Simple interest is earned only on the principal amount and the compound interest is earned on the principal amount along with the interest value.
Factors Affecting Kotak Mahindra FD Interest Rates
It should be noted that Kotak Mahindra FD interest rates can fluctuate without any previous warning. This is because the interest rates are influenced by a number of important factors, including:
- Prevailing liquidity scenario in India
- Deposit rates
- Rate of inflation
- Demand and supply conditions
- Anticipated lending rates
- Amount of liquidity available in the market
- Falling or rising call rates
- Fund costs of the bank
- Times of muted credit demand
Does Kotak Mahindra Bank allow customers to prematurely renew their FD?
The Kotak Mahindra Bank allows premature renewal of its fixed deposits. This is done on the request from the depositor.
I have a Kotak Mahindra Bank FD. I want to prematurely withdraw my amount. Does the bank charge premature withdrawal charges on FDs?
No, Kotak Mahindra Bank does not charge any premature withdrawal charges for less than 181 days. Depositors can request premature withdrawal of their fixed deposits. It should also be noted that if the FD tenure is over 181 days or above, then Kotak Mahindra Bank charges 0.50% as a penalty fee for premature withdrawal.
Can I get a loan against my fixed deposit at Kotak Mahindra Bank?
Yes, depositors can get loans against their Kotak Mahindra Bank fixed deposit accounts. The bank also provides loans against FDs standing in the name of minors. However, in the latter case, it is important for the individual to provide the necessary documents to the bank to support the application.
Can I get a tax saver fixed deposit from Kotak Mahindra Bank?
Yes, Kotak Mahindra Bank provides customers with tax saver fixed deposits. To learn more about these types of fixed deposits, customers can visit the nearest Kotak Mahindra Bank branch or the official website.