Kotak Mahindra Bank fixed deposits offer a secure investment option that allows customers to nurture and grow their savings. The current Kotak FD rates for general customers range from 2.75% to 7.25%, while senior citizens can avail rates between 3.25% and 7.80%. They offer a flexible tenure ranging from 7 days to 10 years. Individuals, private companies, NGOs, and other associations can participate in these FDs.
Keep reading to learn all about Kotak Mahindra Bank FD interest rates, different Kotak FD schemes, eligibility criteria, and documents required.
Kotak Mahindra Bank FD Rates (Below 2 Crores)
The table below outlines the Kotak FD interest rates for various tenures, applicable to both general and senior citizens, for deposits under ₹ 2 crores in domestic/NRO/NRE accounts.
| Maturity Periods | Interest Rates (p.a) for Regular Citizens |
Interest Rates (p.a) for Senior Citizens |
|---|---|---|
| 7 - 14 Days | 2.75% | 3.25% |
| 15 - 30 Days | 3.00% | 3.50% |
| 31 - 45 Days | 3.25% | 3.75% |
| 46 - 90 Days | 3.50% | 4.00% |
| 91 - 120 Days | 4.00% | 4.50% |
| 121 - 179 days | 4.25% | 4.75% |
| 180 Days | 7.00% | 7.50% |
| 181 Days to 269 Days | 6.00% | 6.50% |
| 270 Days | 6.00% | 6.50% |
| 271 Days to 363 Days | 6.00% | 6.50% |
| 364 Days | 6.50% | 7.00% |
| 365 Days to 389 Days | 7.10% | 7.60% |
| 390 Days (12 months 24 days) | 7.15% | 7.65% |
| 391 Days - Less than 23 Months | 7.20% | 7.70% |
| 23 Months | 7.25% | 7.80% |
| 23 months 1 Day- less than 2 years | 7.25% | 7.80% |
| 2 years- less than 3 years | 7.15% | 7.65% |
| 3 years and above but less than 4 years | 7.00% | 7.60% |
| 4 years and above but less than 5 years | 7.15% | 7.60% |
| 5 years and above up to and inclusive of 10 years | 6.20% | 6.70% |
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*Note: Interest rates are subject to change. Please visit the official Kotak Mahindra Bank website for the most recent updates.Kotak Mahindra Bank Fixed Deposit Rates (Above 2 Crores)
The table shows Kotak Mahindra Bank fixed deposit interest rates and FD durations for domestic/ NRO/ NRE deposits over ₹2 crores and less than 5 crores for general and senior citizens.
Kotak Fixed Deposits Interest Rates for Domestic/ NRO / NRE ₹2 Cr to < 5 Cr (Premature Withdrawal Allowed)
| Maturity Period | (% p.a.) Rates for Regular Citizens | (% p.a.) Rates for Senior Citizens |
|---|---|---|
| 7 - 14 Days | 4.00% | 4.00% |
| 15 - 30 Days | 4.00% | 4.00% |
| 31 - 45 Days | 4.50% | 4.50% |
| 46 - 60 Days | 4.75% | 4.75% |
| 61 - 90 Days | 5.25% | 5.25% |
| 91 - 120 Days | 5.50% | 5.50% |
| 121 - 179 Days | 6.00% | 6.00% |
| 180 Days | 7.00% | 7.00% |
| 181 Days to 270 Days | 6.50% | 6.50% |
| 271 Days to 279 Days | 5.50% | 5.50% |
| 280 Days ‐ 364 Days | 6.75% | 6.75% |
| 365 Days to < 15 Months | 7.25% | 7.25% |
| 15 to < 18 Months | 7.25% | 7.60% |
| 18 Months to < 2 Years | 7.25% | 7.60% |
| > 2 Years and < 3 Years | 7.00% | 7.00% |
| > 3 Years and < 4 Years | 6.50% | 6.50% |
| > 4 Years and < 5 Years | 6.25% | 6.25% |
| > 5 Years & inclusive of 7 Years | 6.25% | 6.25% |
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*Note: Interest rates may change. Please visit the official Kotak Mahindra Bank website for the most recent updates.Kotak Fixed Deposits Interest Rates for Domestic/ NRO / NRE ₹5 Cr & above (Premature Withdrawal Allowed)
| Tenure | ₹5 to < 10 Cr | ₹10 to < 25 Cr | ₹25 to < 100 Cr | ₹100 Cr & Above |
|---|---|---|---|---|
| 7 - 14 Days | 4.50% | 4.50% | 4.50% | 4.50% |
| 15 - 30 Days | 4.75% | 5.00% | 5.00% | 5.00% |
| 31 - 45 Days | 5.50% | 5.50% | 5.50% | 5.50% |
| 46 - 60 Days | 5.75% | 5.75% | 5.75% | 5.75% |
| 61 - 90 Days | 6.25% | 6.25% | 6.25% | 6.25% |
| 91 - 120 Days | 6.75% | 7.15% | 7.20% | 7.20% |
| 121 - 179 Days | 7.00% | 7.25% | 7.25% | 7.25% |
| 180 Days | 7.00% | 7.25% | 7.25% | 7.25% |
| 181 Days to 270 Days | 7.05% | 7.30% | 7.30% | 7.30% |
| 271 Days to 279 Days | 5.75% | 5.80% | 5.80% | 5.80% |
| 280 Days to 364 Days | 7.10% | 7.30% | 7.30% | 7.30% |
| 365 Days to < 15 Months | 7.35% | 7.45% | 7.55% | 7.50% |
| 15 Months to <18 months | 7.30% | 7.35% | 7.35% | 7.35% |
| 18 Months to <2 Years | 7.10% | 7.20% | 7.20% | 7.20% |
| 2 Years to < 3 Years | 7.10% | 7.20% | 7.20% | 7.20% |
| 3 Years to < 4 years | 6.50% | 6.75% | 6.75% | 6.75% |
| 4 Years to < 5 years | 6.40% | 6.50% | 6.50% | 6.50% |
| 5 Years to < 7 Years | 6.25% | 6.25% | 6.25% | 6.25% |
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*Note: Interest rates may change. Please visit the official Kotak Mahindra Bank website for the most recent updates.Kotak Fixed Deposits Interest Rates for Domestic/ NRO / NRE Above ₹2 Cr (Premature Withdrawal Not Allowed)
| Tenure | ₹2 to < 5 Cr | ₹5 to < 10 Cr | ₹10 to < 25 Cr | ₹25 to < 100 Cr | ₹100 Cr & Above |
|---|---|---|---|---|---|
| 91 - 120 Days | NA | 7.00% | 7.25% | 7.30% | 7.30% |
| 121 - 179 Days | NA | 7.25% | 7.40% | 7.40% | 7.40% |
| 180 Days | NA | 7.25% | 7.40% | 7.40% | 7.40% |
| Kotak Mahindra Bank FD Rates - Google Docs | 6.75% | 7.30% | 7.45% | 7.45% | 7.50% |
| 271 to 279 Days | 5.75% | 6.00% | 6.25% | 6.25% | 6.25% |
| 280 to 364 days | 7.00% | 7.35% | 7.50% | 7.60% | 7.60% |
| 365 to 15 < Months | 7.50% | 7.60% | 7.70% | 7.75% | 7.80% |
| 15 to < 18 Months | 7.50% | 7.55% | 7.60% | 7.80% | 7.80% |
| 18 to < 2 Years | 7.50% | 7.35% | 7.40% | 7.40% | 7.40% |
| 2 to < 3 years | 7.25% | 7.35% | 7.35% | 7.45% | 7.45% |
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*Note: Interest rates may change. Please visit the official Kotak Mahindra Bank website for the most recent updates.Discover your potential maturity amount with Kotak Mahindra Bank FD Calculator!
Our user-friendly FD calculator breaks down your maturity value into principal and interest, giving you a quick and clear view of your gains. Try this Kotak Mahindra FD rate calculator now for a quick calculation of your return on investment!
Kotak Mahindra Bank Tax Saver FD
The table below shows the interest rate for Kotak Mahindra Bank Tax Saver FDs.
| Kotal FD Tenure | Interest Rates (% p.a.) for Regular Citizens | Interest Rates (% p.a.) for Senior Citizens |
|---|---|---|
| 5 years to 10 years | 6.20 | 6.70 |
Kotak Mahindra Bank FNCR Deposit Interest Rates
The FNCR deposit or Foreign Currency Non-Resident Account deposit enables NRIs to maintain a fixed deposit account in India. Kotak Mahindra Bank offers FNCR deposits with varying interest rates for different foreign currencies including USD, GBP, EURO, AUD, and SGD. The tenure for these deposits ranges from 1 year to 5 years. For further details on FNCR deposit interest rates, check the official website of Kotak Mahindra Bank.
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Features & Benefits of Kotak Mahindra Bank FD
Kotak Mahindra Fixed Deposits offer a range of features that significantly benefit investors. Here are some key features of Kotak Mahindra FD:
- Low Minimum Deposit: You can start a Fixed Deposit with a minimal deposit of ₹5,000.
- Senior Citizen Benefit: Senior citizens enjoy an additional interest rate, providing them with enhanced returns on their fixed deposits.
- Flexible Interest Payout: Investors have the option to receive interest payouts on a monthly or quarterly basis or allow it to accumulate until maturity.
- Online Deposits: Conveniently deposit funds into your Fixed Deposit account using Kotak Mahindra Bank's secure online platforms, including Net and mobile banking facilities.
- Nomination Facility: You can choose a nominee for your Kotak FD investment ensuring a seamless transfer of assets in case of unforeseen circumstances.
- Overdraft Facility: FD account holders can leverage an overdraft facility against their Fixed Deposit, adding a layer of financial flexibility.
- Financial Portfolio Diversification: Kotak Fixed Deposits offer the flexibility to diversify your financial portfolio effectively.
- Premature Withdrawal: Kotak Bank allows premature withdrawals of FD for urgent fund access. However, investors should be aware that applicable penalty charges may be levied.
Kotak Mahindra Bank FD Eligibility
To open a Kotak Fixed Deposit account, you must be eligible based on the criteria set by the bank. Following are the individuals and entities that are eligible to invest in a Kotak FD.
- Indian residents
- NRIs and POIs
- Legal guardians for minors
- Hindu Undivided Family (HUF)
- Partnership firms
- Corporations and companies
- Various associations, trusts, NGOs, and institutions.
Documents Required to Open Kotak FD
To start a Kotak Mahindra Bank fixed deposit, you must provide the following documents:
| Forms and Photographs | Kotak FD account opening form, 2-4 passport-size photographs |
| KYC Documents | Aadhaar card, PAN Card, Driver’s License, Voter ID card, Utility Bills, etc. |
| Signature Proof | PAN Card, Passport, Driving License. |
| Other Documents | As applicable for senior citizens, companies, partnerships, proprietorships, NGOs, HUF, etc |
Penalty for Premature Closure of Kotak Bank FD
A penal charge for premature withdrawal, as per the bank's rules, will be deducted. The bank has set penal charges for premature closure, including partial closure, on Fixed Deposits booked or renewed on or after May 20, 2022, as per the Terms & Conditions of Fixed Deposit Accounts.
Premature Close Penalty Charge for FDs (Domestic/NRO/NRE)
| Tenure of Fixed Deposit | Penalty |
|---|---|
| Less than equal to 180 days | Nil |
| Greater than 180 days to less than or equal to 364 days | 0.50% |
| Greater than or equal to 365 days | 1.00% |
Types of Kotak Mahindra Bank Fixed Deposits
Check out the variety of Kotak Bank FD schemes with special features to meet different financial needs.
Kotak Mahindra Tax Saving Fixed Deposit
Kotak Mahindra Tax Saving Fixed Deposit offers tax exemption on investments up to Rs 1.5 lakhs under section 80C. It has a lock-in period of 5 years and extended tenure up to 10 years. Although the interest earned is taxable, depositors can enjoy features like a nomination facility and the choice to receive interest quarterly or at maturity. Partial or premature withdrawals are not allowed before the 5-year lock-in period, making it a secure and tax-efficient investment choice.
Kotak Mahindra Regular Fixed Deposit
A Kotak Regular fixed deposit is a popular choice for investors looking to earn interest on their savings over a fixed period. With tenures ranging from 7 days to 10 years, investors can start with a minimum deposit of Rs 5,000. Senior citizens enjoy an additional 0.50% interest rate on their deposits. Premature withdrawal is allowed, and for deposits below 181 days, simple interest is used for calculation. However, if the FD is opened with a monthly interest payout, the interest is paid at discounted rates.
Kotak Mahindra Senior Citizen Fixed Deposit
The Kotak Mahindra Senior Citizen Fixed Deposit is specially designed to maximize returns for individuals aged 60 and above. With a minimum deposit of Rs 5,000 and flexible tenures ranging from 7 days to 10 years, senior citizens can enjoy special interest rates. Interest payments can be received quarterly, monthly, or at maturity, based on individual preferences. For tenures below 181 days, interest is calculated as simple interest at maturity.
Kotak Mahindra Special Fixed Deposit
Kotak Mahindra Special Fixed Deposit is known for its customized durations like 290 days or 390 days. These deposits offer higher interest rates, making them a popular choice for investors. Choosing a specific tenure qualifies you for the special interest rate. Just keep in mind that both the tenure and interest rate may change over time. Explore the potential for better returns with these special fixed deposits during specific durations.
Kotak Mahindra Sweep-In Facility
The Kotak Mahindra Sweep-In Facility – a convenient option allowing depositors to link their current or savings account with their existing fixed deposit, providing enhanced liquidity. With this facility, only the principal amount is considered, and you can link multiple fixed deposits to a single savings account for added flexibility.
Kotak Mahindra Floating Fixed Deposits
The Kotak Mahindra Floating Fixed Deposits is a unique offering not commonly found in all banks in India. With a flexible interest rate that changes quarterly or yearly, investors can reap the advantages of fluctuating interest rates. These changes align with RBI guidelines, ensuring transparency and compliance with regulatory standards.
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Frequently Asked Questions
The current Kotak FD rates for general customers go up to 7.25% and up to 7.80% for senior citizens.
The highest Kotak FD rate is 7.80% p.a. This rate is available for senior citizens on deposits below ₹ 2 crore with a maturity period of 23 months to 2 years.
For regular customers, the interest rates vary depending on the deposit amount and tenure. Check out the table above for details on Kotak Domestic FD Rates below 2 Crores.
The minimum deposit amount required for a Kotak Mahindra FD is ₹5,000.
Yes, Kotak FD accounts allow premature withdrawal.
You can apply for an exemption on TDS if your annual income is below the taxable limit. You will need to submit Form 15G or 15H to the bank.
Premature withdrawal is not allowed for Tax Saving FDs during the lock-in period of 5 years.
You can open a fixed deposit using net banking even if your PAN details are not updated with the bank. However, you will need to update your PAN details later to avoid tax deductions.
Yes, you can open a joint fixed deposit account with a non-senior citizen.
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