Latest Kotak Mahindra Bank FD Interest Rate April 2023
Kotak Mahindra Bank FD rates range from 2.75% to 7.20% for ordinary citizens and 3.25% to 7.70% for senior citizens for investments up to ₹2 crore. The bank also offers a range of non-callable FDs (i.e. FD with no premature withdrawal facility) amounting to more than ₹2 crore with current interest rates of 6% to 7.65%. depending on the deposit amount.
Additionally, you can also opt for Kotak Tax Saving fixed deposit to avail of tax deduction benefits of up to ₹1.5 lakh within a financial year. Furthermore, for Non-Resident Indians, this bank offers NRO FDs, NRE term deposits, FCNR schemes and RFC deposits.
Kotak FD Interest Rates 2023 Highlights
| Interest Rate | 2.75% – 7.70% (for investments up to ₹2 crore) |
| Tenure | 7 days – 10 years |
| Minimum Deposit | ₹5,000 |
| Maximum Deposit | No Upper Limit |
| Lock-in Period | 5 years for Tax Saving Fixed Deposits 91 days to 3 years for non-callable FDs as per chosen tenure |
How to Calculate Kotak Bank FD Interest Rate?
Interest rates are usually of two types – simple interest and compound interest. Based on the principal, tenure and deposit scheme type, banks may use either one.
Calculate Kotak Bank FD Interest Rate – Simple Interest
You earn simple interest on your invested principal at a fixed rate throughout the maturity period.
Here is the formula which you can use to calculate the same:
Simple Interest = (P * R * T)/100,
Where, P = Principal amount, R = Rate of interest (%) and T = Tenure.
Now, let’s take a look at an example for a clearer insight.
Let’s say you have invested ₹2 lakh for a tenure of 4 years at 6.50% p.a. interest rate. In this case, P = ₹2 lakh, R = 6.50% and T = 4 years. Therefore, applying the formula,
Simple Interest = ₹(2,00,000 * 6.50 * 4) /100 = ₹52,500
Now, to calculate the maturity value, you can use this formula,
Maturity Value = Principal Amount + Simple Interest
= ₹2,00,000 + ₹52,500
= ₹2,52,500
Thus, when your term deposit matures, you will get a maturity corpus of ₹2,52,500.
Calculate Kotak Bank FD Interest Rate – Compound Interest
Banks also use the compound interest method to calculate FD maturity value. In this case, your interest income is added to the principal and in the next period, you earn interest on the entire amount. This process continues throughout the scheme tenure and facilitates a significant interest income on maturity.
You can calculate the maturity amount by using the below-mentioned formula:
A = P (1+r/n) ^ (n * t)
Where, A = Maturity Amount, P = Principal amount invested, r = Rate of Interest (in decimals), n = number of compounding in a year and t = number of years.
Let’s take the help of another example for better understanding.
Suppose you have invested ₹6,00,000 for 9 years at an interest rate of 6.20% per annum.
Here, P = ₹600,000, r = 6.20%, n = 36 (as there are 4 quarters per year) and t = 9 years.
Thus, A = ₹{6,00,000 (1+0.05/4) ^ (4*10)}
A = ₹10,31,031
To calculate the compound interest you earned during this time period, you can use the formula:
CI amount = Maturity Amount (A) – Principal (P)
= ₹(10,31,031 – 6,00,000)
= ₹4,31,031
For faster and error-free calculations, you can use the Navi FD calculator. Just enter the investment amount, tenure, and rate of interest, and the calculator would show the total returns in a few seconds!
Calculate Your Kotak Bank Fixed Deposit Returns
Total Investment
Rate of Interest (P.a)
%
Time Period (Years)
Invested Amount
0
Est. Returns
Total Value
Factors that Can Affect Kotak Fixed Deposit Rate
Some factors that can affect Kotak Bank interest rates are as follows:
1. Invested Principal
The interest rate that you can get by investing in a term deposit depends upon the principal amount. For example, Kotak Mahindra FD rates currently range from 2.75% to 7.20% for investments less than ₹2 crore for normal FDs. But, when the investment amount is between ₹2 crore to ₹5 crore, the applicable interest rates will range from 4.00% to 7.45%.
2. FD Tenure
Banks usually provide higher interest rates for term deposits having longer tenures. For instance, if you are investing ₹10,000 in a regular Kotak FD for 10 days, you’ll get an interest of 2.75%. If you book your FD, however, for 23 months, your interest rate will increase to 7.20%, as per the current trends.
3. Age of the Applicant
Senior citizens, i.e. people aged above 60 years, usually get a higher rate of interest on fixed deposit schemes. For example, Kotak FDs with a maturity period of 2 to 3 years will offer interest at the rate of 7.00% for ordinary citizens, while for senior citizens the applicable rate is 7.50%.
4. Fiscal Policy Changes
Based on the ongoing economic condition, the Reserve Bank of India can change its fiscal policies. For instance, with a rise in repo rate, term deposit rates also tend to increase. But, when the former drops, the FD interest rates also follow suit.
Kotak FD Interest Rate for General Public
Kotak Mahindra Bank offers FDs depending on the tenure and principal amount. If you belong to the below 60 age group, the applicable interest rates will differ based on – investments below ₹2 crore and ₹2 crore and above.
1. Kotak FD Interest Rate for Less Than ₹2 Crore (General)
| Maturity Period | Interest on Deposits Below ₹2 Crore |
| 7 days to 14 days | 2.75% |
| 15 days to 30 days | 3.00% |
| 31 days to 45 days | 3.25% |
| 46 days to 90 days | 3.50% |
| 91 days to 120 days | 4.00% |
| 121 days to 179 days | 4.25% |
| 180 days | 6.50% |
| 181 days and 269 days | 6.00% |
| 270 days | 6.00% |
| 271 days to 363 days | 6.00% |
| 364 days | 6.25% |
| 365 days to 389 days | 7.00% |
| 390 days | 7.20% |
| 391 days to less than 23 months | 7.20% |
| 23 months | 7.20% |
| 23 months 1 day to less than 2 years | 7.20% |
| 2 years to less than 3 years | 7.00% |
| 3 years and above to less than 4 years | 6.50% |
| 4 years and above to less than 5 years | 6.25% |
| 5 years to 10 years | 6.20% |
2. Kotak FD Interest Rate for Above ₹2 Crore (General)
| Maturity Period | Interest on Deposits Above ₹2 Crore |
| 7 to 14 days | 4.00% to 4.50% |
| 15 to 30 days | 4.00% to 4.75% |
| 31 to 45 days | 4.50% to 5.50% |
| 46 to 60 days | 4.75% to 5.75% |
| 61 to 90 days | 5.25% to 6.25% |
| 91 to 120 days | 5.50% to 6.80% |
| 121 to 179 days | 6.00% to 6.95% |
| 180 days | 6.65% to 7.00% |
| 181 days to 270 days | 6.50% to 7.00% |
| 271 days to 279 days | 5.50% |
| 280 days to 364 days | 6.75% to 7.00% |
| 365 days to less than 15 months | 7.25% to 7.45% |
| 15 months to less than 18 months | 7.25% to 7.40% |
| 18 months to less than 2 years | 7.25% to 7.35% |
| 2 years and above to less than 3 years | 6.80% to 7.00% |
| 3 years and above to less than 4 years | 6.50% |
| 4 years and above to less than 5 years | 6.25% to 6.40% |
| 5 years to 7 years | 6.25% |
Also Read
Kotak FD Interest Rate for Senior Citizens
At Kotak Mahindra Bank, senior citizens (individuals aged above 60 years) can avail higher interest rates on term deposit schemes. However, there is an investment limit of ₹2 crore.
The table below contains FD interest rate Kotak Bank for senior citizens:
| Maturity Period | Interest on Deposits Below ₹2 Crore |
| 7 days to 14 days | 3.25% |
| 15 days to 30 days | 3.50% |
| 31 days to 45 days | 3.75% |
| 46 days to 90 days | 4.00% |
| 91 days to 120 days | 4.50% |
| 121 days to 179 days | 4.75% |
| 180 days | 7.00% |
| 181 days and 269 days | 6.50% |
| 270 days | 6.50% |
| 271 days to 363 days | 6.50% |
| 364 days | 6.75% |
| 365 days to 389 days | 7.50% |
| 390 days | 7.70% |
| 391 days to less than 23 months | 7.70% |
| 23 months | 7.70% |
| 23 months 1 day to less than 2 years | 7.70% |
| 2 years to less than 3 years | 7.50% |
| 3 years and above to less than 4 years | 7.00% |
| 4 years and above to less than 5 years | 6.75% |
| 5 years to 10 years | 6.70% |
Kotak FD Interest Rate for NRI
Kotak offers a variety of term deposit options to Non-Resident Indians (NRIs). They are as follows:
- NRO Fixed Term Deposit Scheme
- NRE Fixed Term Deposit Scheme
- FCNR Deposit Scheme
- RFC Deposit Scheme
1. Kotak NRO FD Interest Rate
Non-Resident Ordinary (NRO) FDs can be a viable option for NRIs, OCIs (Overseas Citizens of India) and PIOs (Persons of Indian Origin) who want to deposit their Indian earnings that they receive while residing outside India; this may include income earned as pension, dividend, rent, etc.
The applicable Kotak Bank FD rates for this scheme differ based on the amount of principal invested – less than ₹2 crore and above ₹2 crore.
1. Kotak NRO FD Interest Rate for Less Than ₹2 Crore
| Maturity Period | Interest on Deposits Below ₹2 Crore |
| 7 days to 14 days | 2.75% |
| 15 days to 30 days | 3.00% |
| 31 days to 45 days | 3.25% |
| 46 days to 90 days | 3.50% |
| 91 days to 120 days | 4.00% |
| 121 days to 179 days | 4.25% |
| 180 days | 6.50% |
| 181 days and 269 days | 6.00% |
| 270 days | 6.00% |
| 271 days to 363 days | 6.00% |
| 364 days | 6.25% |
| 365 days to 389 days | 7.00% |
| 390 days | 7.20% |
| 391 days to less than 23 months | 7.20% |
| 23 months | 7.20% |
| 23 months 1 day to less than 2 years | 7.20% |
| 2 years to less than 3 years | 7.00% |
| 3 years and above to less than 4 years | 6.50% |
| 4 years and above to less than 5 years | 6.25% |
| 5 years to 10 years | 6.20% |
2. Kotak NRO FD Interest Rate Above ₹2 Crore
| Maturity Period | Interest on Deposits Above ₹2 Crore |
| 7 to 14 days | 4.00% to 4.50% |
| 15 to 30 days | 4.00% to 4.75% |
| 31 to 45 days | 4.50% to 5.50% |
| 46 to 60 days | 4.75% to 5.75% |
| 61 to 90 days | 5.25% to 6.25% |
| 91 to 120 days | 5.50% to 6.80% |
| 121 to 179 days | 6.00% to 6.95% |
| 180 days | 6.65% to 7.00% |
| 181 days to 270 days | 6.50% to 7.00% |
| 271 days to 279 days | 5.50% |
| 280 days to 364 days | 6.75% to 7.00% |
| 365 days to less than 15 months | 7.25% to 7.45% |
| 15 months to less than 18 months | 7.25% to 7.40% |
| 18 months to less than 2 years | 7.25% to 7.35% |
| 2 years and above to less than 3 years | 6.80% to 7.00% |
| 3 years and above to less than 4 years | 6.50% |
| 4 years and above to less than 5 years | 6.25% to 6.40% |
| 5 years to 7 years | 6.25% |
2. Kotak NRE FD Interest Rate
NRIs wishing to deposit their overseas earnings in India can open a Non Resident External (NRE) account. The deposited amount will get converted into Indian Rupees. The Kotak bank FD rates in this regard will depend upon the invested principal – less than ₹2 crore and above ₹2 crore.
1. Kotak NRE FD Interest Rate for Less Than ₹2 Crore
| Maturity Period | Interest on Deposits Below ₹2 Crore |
| 7 days to 14 days | 2.75% |
| 15 days to 30 days | 3.00% |
| 31 days to 45 days | 3.25% |
| 46 days to 90 days | 3.50% |
| 91 days to 120 days | 4.00% |
| 121 days to 179 days | 4.25% |
| 180 days | 6.50% |
| 181 days and 269 days | 6.00% |
| 270 days | 6.00% |
| 271 days to 363 days | 6.00% |
| 364 days | 6.25% |
| 365 days to 389 days | 7.00% |
| 390 days | 7.20% |
| 391 days to less than 23 months | 7.20% |
| 23 months | 7.20% |
| 23 months 1 day to less than 2 years | 7.20% |
| 2 years to less than 3 years | 7.00% |
| 3 years and above to less than 4 years | 6.50% |
| 4 years and above to less than 5 years | 6.25% |
| 5 years to 10 years | 6.20% |
2. Kotak NRE FD Interest Rate for Above ₹2 Crore
| Maturity Period | Interest on Deposits Above ₹2 Crore |
| 7 to 14 days | 4.00% – 4.50% |
| 15 to 30 days | 4.00% – 4.75% |
| 31 to 45 days | 4.50% – 5.50% |
| 46 to 60 days | 4.75% – 5.75% |
| 61 to 90 days | 5.25% – 6.25% |
| 91 to 120 days | 5.50% – 6.80% |
| 121 to 179 days | 6.00% – 6.95% |
| 180 days | 6.65% – 7.00% |
| 181 days to 270 days | 6.50% – 7.00% |
| 271 days to 279 days | 5.50% |
| 280 days to 364 days | 6.75% – 7.00% |
| 365 days to less than 15 months | 7.25% – 7.45% |
| 15 months to less than 18 months | 7.25% – 7.40% |
| 18 months to less than 2 years | 7.25% – 7.35% |
| 2 years and above to less than 3 years | 6.80% – 7.00% |
| 3 years and above to less than 4 years | 6.50% |
| 4 years and above to less than 5 years | 6.25% – 6.40% |
| 5 years to 7 years | 6.25% |
3. Kotak FCNR Interest Rates
NRIs can invest their foreign currency earnings in Indian fixed deposit schemes by opening a Foreign Currency Non-Resident (FCNR) deposit account. The amount deposited can be later converted to Indian Rupees at the prevailing exchange rates.
The Kotak Bank fixed deposit interest rate for FCNR accounts are as follows:
| Maturity Period | USD (less than 0.5 million to 0.5 million and above) | AUD | EURO | SGD | GBP |
| 1 year – less than 2 years | 5.10% | 3.95% | 3.50% | 3.75% | 4.80% |
| 2 years | 5.30% to 5.35% | 4.15% | 3.75% | 4.00% | 5.00% |
| Above 2 years – less than 3 years | 4.25% | 3.60% | 3.05% | 3.00% | 4.20% |
| 3 years – less than 4 years | 3.50% | 3.15% | 2.50% | Not Applicable | 3.60% |
| 4 years – less than 5 years | 3.10% | Not Applicable | Not Applicable | Not Applicable | Not Applicable |
| 5 years | 3.10% | Not Applicable | Not Applicable | Not Applicable | Not Applicable |
4. Kotak RFC Interest Rate
NRIs who are planning to return to India but do not wish to convert their foreign currency earnings to INR can invest in a Resident Foreign Currency (RFC) term deposit scheme. Apart from providing high interest income, these FDs also allow hassle-free transfer of funds to NRE accounts.
Take a look at the Kotak Bank fixed deposit rates for RFC schemes in the table below:
| Maturity Period | USD (less than 0.5 million to 0.5 million and above) | Euro | GBP | SGD | AUD |
| 30 days – less than 6 months | 0.50% | Not Applicable | 0.01% | 0.01% | 0.01% |
| 6 months – less than 1 year | 1.00% | Not Applicable | 0.45% | 0.01% | 0.01% |
| 1 year – less than 2 years | 5.10% | 3.50% | 4.80% | 3.75% | 3.95% |
| 2 years | 5.30% to 5.35% | 3.75% | 5.00% | 4.00% | 4.15% |
| Above 2 years – less than 3 years | 4.25% | 3.05% | 4.20% | 3.00% | 3.60% |
| 3 years | 3.50% | 2.50% | 3.60% | Not Applicable | 3.15% |
Kotak Vs Other Banks’ FD Interest Rates
The table below compares Kotak Mahindra Bank fixed deposit rates with that of 19 other major Indian banking institutions:
| Bank Name | FD Tenure | Rate of Interest Range |
| Kotak Mahindra Bank | 7 days to 10 years | 2.75% to 7.70% |
| IDBI Bank | 7 days to 20 years | 3% to 7.25% |
| RBL Bank | 7 days to 2 years | 3.50% to 8.30% |
| HSBC Bank | 7 days to 5 years | 2.85% to 8% |
| IDFC First Bank | 7 days to 10 years | 3.50% to 8.25% |
| IndusInd Bank | 7 days to 61 months and above | 3.50% to 8.25% |
| ICICI Bank | 7 days to 10 years | 3.00% to 7.60% |
| Yes Bank | 7 days to 10 years | 3.25% to 8.00% |
| HDFC Bank | 7 days to 10 years | 3.00% to 7.75% |
| Axis bank | 7 days to 10 years | 3.50% to 8.01% |
| Bandhan Bank | 7 days to 10 years | 3.00% to 8.50% |
| Bank of India | 7 days to 10 years | 3.00% to 7.65% |
| Federal Bank | 7 days to 2223 days and above | 3.00% to 7.75% |
| Sundaram Finance | 12 months to 36 months | 7.45%-8.25% |
| Indian Bank | 7 days to 5 years and above | 2.90% to 7.20% |
| DBS Bank | 7 days to 5 years and above | 2.5% to 8% |
| Bank of India | 7 days to 10 years | 3% to 7.80% |
| Indian Overseas Bank | 7 days to 10 years | 4.30% to 7.75% |
| Punjab National Bank | 7 days to 10 years | 3.50% to 7.75% |
| Punjab and Sind Bank | 7 days to 10 years | 2.80% – 7.60% |
| Bank of Baroda | 7 days- 10 years (more than 10 years for some schemes) | 3% – 7.05% |
| Canara Bank | 7 days to 10 years | 4.00% to 7.75% |
| Central Bank of India | 7 days to 10 years | 4.00% to 7.25% |
| State Bank of India | 7 days to 10 years | 3.00% to 7.50% |
| Union Bank of India | 7 days to 10 years | 3.00% to 7.80% |
**The maximum rates in the table are only applicable to senior citizens.
This table is for educational purposes only. Navi neither endorses any of the products mentioned above nor takes responsibility for the data mentioned. Feel free to consult a financial advisor before taking any investment decision.
Features and Benefits of Kotak Fixed Deposit
These are some of the features and benefits of Kotak fixed deposit schemes:
- At Kotak Mahindra Bank, you can open an FD via the Mobile or Net banking Facility
- You can choose to receive the interest upon maturity or opt for monthly or quarterly payments
- Based on the scheme you choose, tenures can range from 7 days to 10 years
- Kotak Mahindra Bank FD rates range from 2.75% to 7.20% for ordinary citizens. Additionally, for senior citizens, the interest rates offered range from 3.25% to 7.70%
- The minimum deposit amount is ₹5,000
- There is no maximum threshold for investing in Kotak FDs.
- Provisions for premature/partial withdrawal and sweep-in facilities are available
- Availability of auto-renewal option for deposits of more than 181 days
- You can avail tax deduction of a maximum ₹1.5 lakh as per Section 80C by investing in Tax Saving Fixed Deposit
- You can easily add a nominee to your FD accounts.
- Kotak Mahindra Bank charges no prepayment penalty for premature FD withdrawals before 180 days (penalty of 0.5% and 1% for premature withdrawals of less than 364 days and more than 365 days, respectively)
- The bank also offers floating rate linked fixed deposits amounting to more than ₹5 crores with a current maximum spread of 0.85% over and the above applicable repo rate as per the investment tenure
Different Types of Kotak FD Schemes
Here are the different fixed deposit schemes that are offered by Kotak Mahindra Bank:
- Kotak Fixed Deposit Scheme
- Kotak Senior Citizen Fixed Deposit Scheme
- Kotak Tax Saving Fixed Deposit
- Kotak NRO Fixed Deposit Scheme
- Kotak NRE Fixed Deposit Scheme
- Kotak FCNR Deposit Scheme
- Kotak RFC Deposit Scheme
Please note that the interest rates mentioned below are applicable to investments up to 2 crore.
1. Kotak Fixed Deposit Scheme
- Minimum Deposit: ₹5,000
- Maximum Deposit: No upper limit
- Tenure: 7 days – 10 years
- Interest Rate: 2.75% – 7.20%
- Eligibility: Individuals, minors under their legal guardians, HUFs, partnership firms, associations, etc.
2. Kotak Senior Citizen Fixed Deposit Scheme
- Minimum Deposit: ₹5,000
- Maximum Deposit: ₹2 crore
- Tenure: 7 days – 10 years
- Interest Rate: 3.25% to 7.70%
- Eligibility: Individuals aged above 60 years
3. Kotak Tax Saving Fixed Deposit
- Minimum Deposit: ₹100
- Maximum Deposit: ₹1.5 lakh
- Tenure: 5 to 10 years
- Interest Rate: 6.20% to 6.70%
- Eligibility: Indian
4. Kotak NRO Fixed Deposit Scheme
- Minimum Deposit: ₹5,000
- Maximum Deposit: No upper limit
- Tenure: 7 days to 10 years
- Interest Rate: 2.75% to 7.20%
- Eligibility: NRI
5. Kotak NRE Fixed Deposit Scheme
- Minimum Deposit: ₹5,000
- Maximum Deposit: No upper limit
- Tenure: 7 days to 10 years
- Interest Rate: 2.75% to 7.20%
- Eligibility: Non-Resident Indian
6. Kotak FCNR Deposit Scheme
- Minimum Deposit: less than 0.5 million
- Maximum Deposit: No upper limit
- Tenure: 1 to 5 years
- Interest Rate: 3.10% to 5.35% (USD)
- Eligibility: Non-Resident Indian
7. Kotak RFC Deposit Scheme
- Minimum Deposit: less than 0.5 million
- Maximum Deposit: No upper limit
- Tenure: 30 days to 3 years
- Interest Rate: 0.50% to 5.35%
- Eligibility: Non-Resident Indian
How to Invest in Kotak Fixed Deposit?
You can invest in Kotak Mahindra Bank FDs online in the following ways:
1. Kotak Mahindra Mobile Net Banking App
Here are the steps to open an FD account using the Kotak Net Banking app:
- Step 1: Open the app and go to the “Banking” section.
- Step 2: Select the “Fixed/Recurring Deposits” option.
- Step 3: Provide the required information.
- Step 4: Complete the payment process.
The amount will be deducted from your savings account and your FD will be functional.
2. Kotak Mahindra Net Banking Portal
To open an FD using the Kotak Mahindra net banking portal, follow the steps given below:
- Step 1: Log in to your Kotak Mahindra net banking account.
- Step 2: Navigate to the “Investment” tab and click on “Deposits”.
- Step 3: Click on the open Fixed/Recurring Deposit option.
- Step 4: Enter the necessary information like FD amount, tenure, etc.
- Step 5: Complete the payment procedure.
You can also visit your nearest Kotak Mahindra Bank branch to open an FD account offline. Note that Kotak Bank also offers the opportunity to open an FD even if you do not have an existing Kotak Savings account. Visit the nearest branch or check the bank website to know more details.
Documents Required to Open Kotak FD
These are the documents you need to open an FD account at Kotak Mahindra Bank:
- Signature Proof: Passport, driving license or PAN card
- Address Proof: Aadhaar card, Voter’s ID, Driving Licence, Passport or bank passbook (updated and less than 3 months old)
- Identity Proof: Voter’s ID, PAN, Aadhaar or Passport.
*You also need to provide 4 recent passport-sized photographs
Eligibility to Open Kotak FD
The eligibility criteria to open an FD at Kotak Mahindra Bank are as follows:
- Applicants must be Indian residents and at least 18 years of age.
- They must belong to the individual, HUF, trust, limited company, partnership firm, or association category.
- Non-Resident Indians are also allowed
- Minors can also open a Kotak FD account under supervision of a guardian.
Taxation on Kotak FD
Here are the tax implications on term deposits as per the Income Tax Act, 1961:
Interest income from FDs falls under “Income from Other Sources”. Hence, upon withdrawing your FD, the maturity corpus gets added to your gross annual income and is taxable according to the applicable tax slab.
Interest income up to ₹40,000 (₹50,000 for senior citizens) in a financial year is exempt from Tax Deducted at Source (TDS).
Upon crossing this threshold, 10% TDS is applicable per annum. However, if you have not linked your PAN details to your FD account, the bank will deduct TDS at the rate of 20%.
For NRIs, TDS at the rate of 30% is applicable.
Loan Against Kotak FD Scheme
When you have an urgent need for cash, liquefying your investment may seem like the only solution. But, Kotak Mahindra Bank offers you overdraft facilities against your fixed deposits. Moreover, the applicable interest rates are significantly lower than personal loans.
These are some of the features of loans against FDs:
When you apply for an FD overdraft facility, the primary requirement is that you must have an active term deposit.
The bank will generate a lien and get an automatic claim on your fixed deposit in case you default. It is removed after you complete the loan payment.
Final Word
Kotak Mahindra Bank FD interest rates will differ based on the scheme, investor’s age, invested amount and the tenure. Thus, it is crucial that you read all the applicable terms and conditions before booking for investment. Also, please remember that penalties will apply in case you withdraw prematurely from your FD after 180 days.
FAQs
You can add, change or view your current nominee for your FD via the Kotak Mobile Banking app. Simply go to the banking section, click on Fixed/Recurring Deposits and select “Nomination Update”. In addition, you can complete this process via the Kotak Mahindra Net banking portal.
Yes, updated PAN details are must if you desire to open a Kotak Bank FD via net banking. In case they are not provided, higher TDS rates will be applicable on interest earned.
No, if you are an existing customer at Kotak, a separate Customer ID will not be necessary. The only thing you need to provide is age proof which will establish the fact that you are a senior citizen.
No, you cannot link two separate savings accounts for availing sweep-in facilities on your term deposit. Kotak Mahindra Bank only allows this facility for one savings account.
The bank will send you the TDS certificate for your FD on your registered e-mail ID. If that is unavailable, it will be sent to your home address via courier. Additionally, you can also download it via your net banking account.
Disclaimer
This article is solely for educational purposes. Navi doesn't take any responsibility for the information or claims made in the blog.
