In a periodic interest payout option, Kotak Bank would transfer the interest earned at each interval (say, quarterly) to your bank account. The interest would remain the same across the life of the deposit. On maturity, unless the deposit is renewed, would transfer the principal amount to your bank account.
In case you opt for a Kotak Bank cumulative deposit, on maturity you would get a credit for the principal and interest earned net of TDS.
Calculate the FD maturity amount using the FD calculator.
Fixed Deposit calculator Kotak Bank – Will TDS be deducted?
In case the interest earned by you across all your fixed deposits across all branches of Kotak Bank in a year exceeds 0, the bank must deduct TDS at 10.3%. In case your IT PAN is not updated in the Kotak Bank records, it must deduct twice the TDS at 20.6%. So, do remember to update your PAN on your FD.
Sorry, but we aren’t done with tax yet. This was only the TDS. Now, you would need to add the interest income on all your Kotak Bank FD’s and other FD’s to your taxable income for the year. Based upon your tax bracket, income tax is payable on this income. Remember that you must estimate the interest income and all your other incomes and, based on this, pay advance tax on advance tax payment dates (15th Sep, 15th Dec, 15th March and 31st March).
Kotak Bank will also issue you a Form 16A giving details of tax deducted on FD interest and tax deposited by it with government treasury. The TDS amount deposited by the bank with Income Tax Department can be verified in your 26AS statement available online on IT department website or through your net banking account. You can claim credit for the TDS amount in your annual Income Tax Return.
Kotak Bank FD interest rate calculator – Check your city
Keep your KYC documents - PAN card, address proof and photo ready.
08th Feb 17 Kotak Mahindra Bank registers a high growth in its mobile channel transactions in December, 2016
Kotak Mahindra Bank has reported a growth of 108 percent in the volume of transactions on its mobile banking application. As per the president of consumer bank, the volume of transactions on its mobile banking platform during the month of December has been Rs. 4,800 crores . The bank also saw a significant growth in its credit card and debit card transactions at 49 and 188 percent respectively.
04th Feb 17 Kotak Mahindra Bank cuts its MCLR by up to 15 basis points
Kotak Mahindra Bank has reduced its overnight and one month marginal cost of lending rates to 8.05 and 8.10 percent respectively as compared to 8.20 and 8.25 percent earlier. The revised six months and one year MCLR now stands at 8.50 and 8.85 percent. The new rates are effective from 1st February, 2017.
01st Feb 17 Kotak Mahindra Bank reduces home loan rate by 35 basis points
Kotak Mahindra Bank has reduced its home loan interest rates for new home loan borrowers. The revised home loan interest rates for salaried employees now stands at 8.75 percent as compared to 9.10 percent earlier. The bank has also reduced home loan interest rates for self employed borrowers by 35 basis points to 8.80 percent. The new rates are effective from 1st February, 2017.
27th Jan 17 Kotak Mahindra Bank registers a growth of 39 percent in its net profit for third quarter of FY17
Kotak Mahindra Bank has reported a growth of 39 percent in its net profit to Rs. 880 crore in third quarter of FY17 as compared to Rs. 635 crore for the corresponding period a year ago. The growth in profit is contributed by a healthy growth in net interest income of the bank and reached to Rs. 1,267 crore during the quarter as compared to Rs. 1,766 crore a year ago.
24th Jan 17 Kotak Mahindra Bank is likely to register a strong growth in net profit during third quarter of FY 17
Analysts at CNBC have forecasted a strong growth in net profit of Kotak Mahindra Bank during the third quarter of FY 17. As per the polls, the bank is likely to see an increase of 27 percent in its net profit to Rs. 808 crore on a year on year basis. Kotak Mahindra Bank is scheduled to announce its Q3 results on 25th January, 2017.
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