Kotak Mahindra Bank Fixed Deposit
Last Updated : April 7, 2017, 2:46 p.m.
About Kotak Mahindra Bank Fixed Deposit
Kotak Mahindra Bank, a leading Indian Private Sector bank, deals in fixed deposits to cater the diverse needs of the depositors. These deposit plans are for both existing and new customers. The bank offers the interest rate of up to 6.75% to the general public and 7.25% to the senior citizens. The investment can be made for the time period that suits the investor as the bank has set a wide range of tenure starting from 7 days to 10 years. Interest payment frequency is decided by the customer, i.e., you can receive your interest monthly, quarterly or at maturity. The deposits are easily liquidated. Interest is paid at special rates if the amount is not withdrawn. A customer can avail tax benefits and loan facility. Various deposit schemes are issued by the bank keeping in mind the different requirements of the customers. The investment plans you can opt for are as follows:
- Kotak Mahindra Bank Regular Fixed Deposits
- Kotak Mahindra Bank Senior Citizen Deposits
- Kotak Mahindra Bank Tax Saving Deposits
- Kotak Mahindra Bank Ace Deposits
Kotak Mahindra Bank FD Interest Rates April 2024
| Maturity Period | Less than INR 2 crore (For Regular Depositors) |
|---|---|
| 7 Days- 14 Days | 3.50% |
| 15 Days - 30 Days | 4.00% |
| 31 Days - 45 Days | 4.50% |
| 46 Days - 90 Days | 5.10% |
| 91 Days - 120 Days | 5.25% |
| 121 Days - 179 Days | 5.30% |
| 180 Days | 5.75% |
| 181 Days - 364 Days | 5.80% - 6.05% |
| 365 Days - 389 Days | 6.20% |
| 390 Days | 6.20% |
| 391 Days - less than 23 months | 6.20% |
| 23 months - less than 3 years | 6.10% |
| 3 years - less than 4 years | 6.10% |
| 4 years - less than 5 years | 6.00% |
| 5 years and above upto & inclusive of 10 years | 6.00% |
Fixed Deposit Schemes Offered by Kotak Mahindra Bank
Kotak Mahindra Bank Regular Fixed Deposits
Regular fixed deposit is the scheme that has several interest payout options. That is, the depositor can receive interest as per his requirements. The depositor can decide when he/she wants the interest on the principal amount. The minimum tenure of 181 days is necessary for monthly interest payout.
The minimum amount required to invest in Regular Fixed Deposit is INR 10,000 for the existing customers. However, the minimum investment amount for new customers is INR 25,000.
Kotak Mahindra Bank Senior Citizen Deposits
The bank offers a special rate of interest on deposits to senior citizen. Any residential Indian citizen above 60 years of age can avail advantage of this scheme. The new customers need to submit a valid age proof along with the application form. Alike regular fixed deposit, senior citizens too, have the facility of choosing from multiple interest payout options.
| Particulars | Details |
|---|---|
| Minimum Investment Amount | INR 10,000 INR 25,000 (for new customers) |
| Minimum Tenure | 7 days |
| Maximum Tenure | 10 years |
| Interest Payout Frequency | Monthly, quarterly or at maturity |
| Nomination Facility | Available |
| Sweep-in-Facility | Available |
| Partial/Premature Withdrawal | Allowed |
| Loan/Overdraft | Available |
Kotak Mahindra Bank Tax Saving Deposits
You can save tax under Section 80C of Income Tax Act and earn returns on your deposit by investing in Kotak Mahindra Bank Tax Saving Scheme. An initial deposit of INR 5,000 is required to open a term deposit.
| Particulars | Details |
|---|---|
| Initial Deposit Amount | INR 5,000 |
| Minimum Tenure | 5 years |
| Maximum Tenure | 10 years |
| Lock-in-Period | 5 years |
| Nomination Facility | Available |
| Partial/Premature Withdrawal | Not allowed |
| Interest Payout Frequency | Quarterly, at maturity |
Documentation of Tax Saving Deposits
The following can apply for Tax Saving Deposit with the requisite documentation:
| Resident Individuals, Hindu Undivided Family | 1. Proof of identity: PAN card, Voter ID Card, Passport, Driving license 2. A photograph 3. KYC Form |
Kotak Mahindra Bank Ace Deposits
It is a mixture of fixed deposit and mutual fund investment. The interest earned on deposit is invested in an equity mutual fund, by way of Systematic Investment Plan through Standing Instructions placed on savings accounts. This plan ensures the safety of principal amount and the investor is subjected to earn higher returns.
An initial deposit of INR 10,000 is required for this term deposit.
Eligibility Criteria and Documents Required
| Depositor Type | Documents |
|---|---|
| Resident Individuals, Hindu Undivided Family, Sole Proprietorship Concern | 1. Proof of identity: PAN card, Voter ID Card, Passport, Driving license 2. A photograph 3. KYC Form |
| Trusts | 1. Copy of the Trust Deed 2. Copy of the registration certificate 3. Copy of the Resolution of The Trustees 4. Authorising the members concerned to open and operate the account 5. Photographs of the members operating the account |
| Associations / Clubs | 1. By-laws of the Association 2. Copy of the Resolution by the board authorising the members concerned to open and operate the account 3. Photographs of the members operating the account |
| Partnership Firm | 1. Partnership Deed 2. Letter from partners approving the persons concerned to open and operate the account 3. Photographs of the persons operating the account |
| Public or Private Public Public or Private Limited Companies: | 1. Board Resolution / Authority Letter 2. Memorandum & Articles of Association 3. Certificate of Incorporation 4. Certificate of Commencement of Business (Public Limited Company) 5. Form 32 in case list of directors are not original subscribers to Memorandum & Articles of Association (in case of Private Limited Cos) Duly acknowledged by ROC 6. Governing Act / Rules and Regulations(PSUs) (certified true copy) |
Features/Benefits
- Wide range of tenure
- Easy liquidity
- Good interest rate
- Overdraft facility available
- Facility of net banking
Kotak Mahindra Fixed Deposit Calculator
The calculator helps you know in advance the end result of your investment. You can accordingly plan, the amount of deposit and the time period for which you want to invest.
The maturity amount payable depends upon the amount invested, the tenure of investment and the rate of interest on that tenure.
How to Apply
Both existing and new customers can apply for the fixed deposits at Kotak Mahindra Bank. You can apply in the mentioned schemes as per your eligibility. The schemes are open for investment online as well as at the branch offices.
Kotak Mahindra Bank Customer Care Number
All your queries and doubts get answered by customer care executives. You can call anytime on the helpline number as the service is available 24 X 7. Give a call on 1860 266 2666 .