Kotak Mahindra Bank Fixed Deposit Scheme
A majority of Indians, especially the salaried, often consider fixed deposits to be a secure haven for their hard-earned money. They are not just the oldest but also the safest way to invest money. However, when you are investing your money, it is highly recommended that you do so with a bank that you trust completely. One such bank is Kotak Mahindra Bank.
One of the most reliable banks in the country, Kotak Mahindra has been offering multiple banking solutions to its customers. With its fixed deposits, the bank allows you to boost your savings that too without the risk of market fluctuations. If you are someone who prefers to make an investment with assured returns then you need to have a Kotak Mahindra fixed deposit account today.
As we learn more about the Kotak Mahindra FD, let us first discuss its main features and benefits.
- Assured savings
The best part about an FD is the assurance that it brings with it. You can park your hard-earned money in this safe place and earn interest with complete peace of mind. You can plan various goals in like as the return and tenure are fixed.
- Small savings
When you have a Kotak Mahindra fixed deposit account, you can invest an amount as small as INR 5,000.
- Flexible way to Invest
It is not only the amount, but the tenure of the FD can also range from 7 days to 10 years.
- Interest rate
There are differences in the interest rates for the different tenure that you open an FD account, for example on an amount of INR 10,000 the interest that you would receive for investing for a period of 120 days is 3.0%, while for 121 days it is 3.20%. As per your goal, you can seek the best possible rates.
- Flexible interest withdrawal
When you have a Kotak Mahindra fixed deposit account, you have the freedom to choose the interest as per your choice. You can receive it at the time of maturity or quarterly or even monthly.
Though it is recommended that you take your money only at the time of maturity, but in case of any urgency, you can withdraw your money from your Kotak Mahindra fixed deposit account. Keep in mind that you would have to pay a penalty for the premature breaking.
- Overdraft facilities
Depending on the term for which your FD is, you can avail of the benefit of the overdraft facility. Against your FD, you can seek a loan where the FD acts as collateral.
Kotak Mahindra fixed deposit interest rates
Let us take a look at the Kotak Mahindra fixed deposit interest rates with a deposit of less than INR 2 crores, on the most commonly chosen maturity period. For the complete list, you can visit the company website:
|Maturity Period||Regular Citizens||Senior Citizens|
|7 days to 14 days||2.5%||3.0%|
|15 days to 30 days||2.5%||3.0%|
|46 days to 90 days||2.75%||3.25%|
|181 days to 269 days||4.25%||4.75%|
|271 days to 363 days||4.4%||4.9%|
|2 years to 3 years||5.15%||5.65%|
|4 years to 5 years||5.3%||5.8%|
|5 years and above up to and inclusive of 10 years||5.3%||5.8%|
Please bear in mind that these interest rates are subject to change at the sole discretion of the Bank.
Calculating the Returns from your Fixed Deposit
In case you are planning to open a Kotak Mahindra fixed deposit account, you can calculate the exact amount of interest that you would receive at the end of the term. You can visit the company website and go to the FD calculator. Just enter details such as the type of payout you want, the amount of money you are going to deposit, and the time period for which you wish to park your money. Once the details are entered you will get to see the rate of interest in an instant and review your options.
Over the past few years, as more avenues of investments are becoming more accessible to the common man, there have been quite a few debates about ‘blocking’ money in an FD. Many financial experts believe that other instruments such as mutual funds, equity shares etc. can provide much higher returns. However, as an investor, it is for you to decide whether you wish to invest your money in an FD, or the capital market or both. Whatever, you decide, make sure your decision is a well-educated one.
Investment experts at Kotak Mahindra can help you in making the right judgement, after an in-depth analysis of your investment needs and risk appetite.