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Kotak Fixed Deposit Interest Rates

FD Interest Rate in Kotak Bank 2022

Last Updated 19th Jan 2022

When it comes to the FD interest rate, the highest rate offered on Kotak Bank FD is 5.30%. Latest Kotak Bank FD interest rate for senior citizens, on the other hand, ranges between 3.00% to 5.80%.You can earn up to ₹ 26,500 per lakh by investing some money in a fixed deposit account.

Time Duration FD Interest Rates Today Current FD Interest Rates for Senior Citizen
7 days to 14 days 2.50% 3.00%
15 days to 30 days 2.50% 3.00%
31 days to 45 days 2.75% 3.25%
46 days to 90 days 2.75% 3.25%
91 days to 120 days 3.00% 3.50%
Earn upto 7.05% on FD APPLY NOW

Kotak Fixed Deposit Features

Kotak Bank FDs are one the best investment options available for depositors who are looking to invest in a fixed income instrument and earn higher returns than the savings account. Key Features of Kotak Bank Fixed Deposit are:

  • Deposit Amount : Kotak Bank FD can be opened with an amount as a low ₹ 10,000 to up to No Limit.
  • FD Tenure : Ranges between 7 days to 10 years.
  • Interest Rate Range : 2.50% p.a. to 5.30% p.a.
  • Senior Citizens FD Rate : 3.00% p.a to 5.80% p.a.
  • Highest Interest Rate : As per today’s rate, Kotak Bank’s highest interest rate on FD is 5.30% offered for a tenure of 10 years.
  • Safety of Kotak Bank Deposits : Kotak Bank deposits are covered under the Deposit Insurance Scheme of RBI in which up to ₹ 5 lakh of all deposits of a depositor are insured by DICGC.
  • Loan against FD : Kotak Bank provides loan against FD to help its depositor meet their liquidity requirements without breaking the FD.
  • Auto- Renewal Facility : Available
  • Nomination Facility : Available
  • Popular FD Schemes : Kotak Bank Tax Saving Fixed Deposit, Regular Fixed Deposit, Senior Citizen Fixed Deposit, Ace Fixed Deposit

Kotak Bank FD Interest Rates Today

Interest rates on Kotak Bank deposits are updated regularly by the Government of India. The following are updated Kotak Bank FD interest rates 2022:

Tenure Interest Rate
7 days to 14 days 2.50%
15 days to 30 days 2.50%
31 days to 45 days 2.75%
46 days to 90 days 2.75%
91 days to 120 days 3.00%
121 days to 179 days 3.25%
180 days 4.25%
181 days to 269 days 4.40%
270 days 4.40%
271 days to 363 days 4.40%
364 days 4.50%
365 days to 389 days 4.90%
390 days 5.00%
391 days to 22 months 29 days 4.90%
23 months 5.10%
23 months 1 day to 1 year 11 months 29 days 5.10%
2 years to 2 years 364 days 5.15%
3 years to 3 years 364 days 5.30%
4 years to 4 years 364 days 5.30%
5 years to 10 years 5.30%

Kotak Bank FD Rates for Senior Citizens

With an aim to attract senior citizens above the age of 60 years to invest in the fixed deposits, Kotak Bank offers a higher interest rate to senior citizens than the general public. Fixed deposit interest rates for senior citizens in Kotak Bank 2022 are as follows:

Tenure Interest Rate for senior citizens
7 days to 14 days 3.00%
15 days to 30 days 3.00%
31 days to 45 days 3.25%
46 days to 90 days 3.25%
91 days to 120 days 3.50%
121 days to 179 days 3.75%
180 days 4.75%
181 days to 269 days 4.90%
270 days 4.90%
271 days to 363 days 4.90%
364 days 5.00%
365 days to 389 days 5.40%
390 days 5.50%
391 days to 22 months 29 days 5.40%
23 months 5.60%
23 months 1 day to 1 year 11 months 29 days 5.60%
2 years to 2 years 364 days 5.65%
3 years to 3 years 364 days 5.80%
4 years to 4 years 364 days 5.80%
5 years to 10 years 5.80%

Kotak Bank Fixed Deposit Rates – Premature Withdrawal

You can close your Kotak Bank FD account prematurely, however Kotak Bank charges a penalty of 0.50% for deposits held for more than 181 days for premature withdrawal. Also, The penal provisions for premature closure on Kotak Bank FD are subject to change from time to time and may also vary with deposit schemes.

Nomination Facility on Kotak Bank FD

Kotak Bank also offers a nomination facility on Fixed Deposit to claim the amount in case of the depositor's death. You can file the details of only 1 nominee when opening an Kotak Bank FD account. The nominee has to submit his/her identification proof at the time of claim.

Kotak Bank Fixed Deposit Scheme

Kotak Bank Tax Saving Fixed Deposit

Description:

  • The scheme has been designed to help the resident individuals, HUFs, minors and senior citizens to save tax along with great returns by investing into this fixed deposit.
  • Tax benefits on deposit under section 80C on an amount between Rs. 100 to 1.5 lakh
  • Nomination facility available
  • The depositor is allowed to choose to receive the interest on its due date or re invest the interest and the principal to earn further interest
  • TDS will be applicable on the earned interest if it exceeds Rs. 10, 000 as per the applicable rates

Who is eligible?

  • Resident Indians, hindu undivided family, minors and senior citizens above 60 years of age
Regular Fixed Deposit

Description:

  • This scheme lets you earn higher interest on your principal money, an individual has the option to choose interest payout frequency as per their convenience.
  • An overdraft facility up to 85 per cent is available against fixed deposit
  • Nomination facility available
  • Convenience of booking fixed deposits online through Net Banking
  • Flexibility to choose interest payout frequency on your fixed deposit as per your convenience
  • Availability of auto sweep in facility

Who is eligible?

  • Resident Indians, hindu undivided family and sole proprietorship firms
Senior Citizen Fixed Deposit

Description:

  • The scheme has been designed to facilitate senior citizens to earn maximum returns on their fixed deposits.
  • Opportunity to earn attractive interest rates
  • Nomination facility available
  • Convenience of booking fixed deposits online through net banking
  • Flexibility to choose interest payout frequency on your fixed deposit as per your convenience
  • Availability of auto sweep in facility

Who is eligible?

  • Resident Indians of 18 years of age and above
Ace Fixed Deposit

Description:

  • A type of a composite product by the bank where monthly interest earned on a fixed deposit is invested in an equity mutual funds through Systematic Investment Plan.
  • Opportunity to earn attractive interest rates
  • Nomination facility available
  • Earnings from equity fund is tax free if redeemed 1 year post investment
  • Ease and convenience of operation
  • Choice to select the equity mutual fund scheme under this deposit

Who is eligible?

  • Resident Indians, hindu undivided family, sole proprietorship firms, partnership firms, limited companies and trust

Earn upto ₹ 26,500 Per Lakh on Kotak Bank Fixed Deposit?

To earn ₹ 26,500 per lakh on an online FD for 60 months:-

  • Investment Amount - ₹ 1,00,000
  • FD Interest Rate - 5.30%
  • Tenure - 60 months
  • Calculation formula - Simple interest
  • Interest Payout - ₹ 26,500
  • FD Maturity Amount - ₹ 1,26,500

Note: Before investing in a fixed deposit account, you must compare the FD rates offered by different financial institutions. This way, you can earn the maximum returns.

Documents Required to Open Fixed Deposit Account in Kotak Bank

  • Identity Proof: PAN Card, Voter ID Card, Passport, Driving License
  • 2 Photographs
  • Age proof (Birth certificate, matriculation certificate, etc,)
  • Passport size photographs
  • Bank A/c details

FD Account Opening Process at Kotak Bank

To open an Kotak Bank Fixed Deposit, follow the steps as mentioned below:

  • Visit the official website of Kotak Bank and log in to your FD account.
  • From the menu, choose the Fixed Deposit option, the Type of FD you want to open and click on proceed.
  • Enter the deposit amount and select the ‘Senior Citizen’ option if you are above 60.
  • Now, choose the deposit tenure and interest payout frequency.
  • Finally, click on Submit to open the Kotak Bank FD after reading the terms and conditions.

Loan Against Fixed Deposit Kotak Bank

Kotak Bank offers loans up to 85% against its own deposit. Note that Kotak Bank will not give you loan against FD of any other bank. Kotak Bank offers Loan against FD at the rate of 3.5% to 6.3%

Illustration - Mr. Rahul has opened a fixed deposit of ₹ 1,00,000 for 2 years in Kotak Bank. The borrower later decided to take a loan against his FD. The bank has approved a credit limit of 85% against his FD at 10% interest rate. Now, if the borrower draws ₹ 85,000 on the first of the month and then repays the money on the 1st of next month, then he is supposed to pay the interest on ₹ 85,000 available for 1 month only. The amount he repays after 1 month is ₹ 85,703. So, the interest charged on the loan taken is ₹ 703.

FAQs

What is the highest fixed deposit interest rate for Kotak Bank?

You can earn a maximum interest of 5.30% on Kotak Bank fixed deposit deposits for a tenure of 10 months.

Are there any special rates for senior citizens FD of Kotak Bank?

Yes, senior citizens get a higher rate on their deposits compared to FD rates. The rate of regular FD are in the range of 2.50% to 5.30%. Compared to this, Kotak Bank senior citizens FD are in the range of 3.00% to 5.80%.

What are the current Kotak Bank FD interest rates 2022?

Current interest for FD in Kotak Bank ranges between 2.50% - 5.30%. for different tenure.The highest rate is offered on a tenure 5.80 months/years. For senior citizens the interest rates ranges bweteen 3.00% - 5.80%.

Is there any minimum amount that I have to give for opening a Fixed Deposit with Kotak Bank?

The minimum deposit amount required to book an FD with Kotak Bank is ₹ 10,000 and there is no limit for maximum amount.

Did Kotak Bank increase FD rates in 2022?

Presently, Kotak Bank offers fixed deposit at a highest interest rate of 5.30, the rates were last updated on 12 Jan, 2022.

Is it possible to change the tenure of my existing fixed deposit account with Kotak Bank?

No, it is not possible to alter the tenure selected for the fixed deposit account once the account is opened. However, you may close your existing fixed deposit account and can open a new account with a desired tenure of your choice.

What are the implications of opening an FD bank account without having PAN?

Following are the implications for the customers opening an FD account with Kotak Bank without their PAN card

  • Your TDS will be deducted at the rate of 20% as against 10% under section 206AA
  • NO TDS credit from the Income Tax department
  • NO TDS certificate will be issued
  • Form 15G/H and other exemption certificates will be invalid and penal TDS will apply

Can a customer open an FD account online in Kotak Bank?

Yes, you can submit your application for opening an FD account on the website of Kotak Bank. After submitting the application, you will be contacted by the bank’s representative for the further process, which includes filling an application process and submitting KYC documents.

In how many years FD will double in Kotak Bank?

The interest rate on FD depends upon the tenure you choose. To know the time period in which your FD amount will get doubled, you need to divide 72 the 5.30%. For Kotak Bank FD the number of years in which your FD will get doubled is; 72/5.30 = 14

What is the interest of 1 lakh in the Kotak Bank?

The interest on Kotak Bank fixed deposit depends on the tenure of the FD for which it is deposited. The highest interest rate is 5.30% for tenure and banks offer senior citizens little more, which is 5.80%.


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Kotak News - Jan 2022
  • 2022-01-12 : Kotak Mahindra Bank Increases Fixed Deposit Rates
    Kotak Mahindra Bank has increased the fixed interest rate across various tenors. As a result, the rates for FDs maturing in 7 to 30 days, 31 to 90 days and 91 to 120 days are 2.5%, 2.75% and 3%, respectively.
  • 2021-09-13 : Kotak Mahindra Bank Revises Fixed Deposit Rates
    Kotak Mahindra Bank has revised fixed deposit rates for different tenures. Now, the bank is offering interest rate of 3% on fd’s maturing in 91-121 days and 3.25% for 121-179 days tenure. Bank is offering highest rate of 5.40% on a tenure of 23 months and 2 years.
  • 2021-03-03 : Kotak Bank revised its FD rates
    With effect from 25 february 2021, Kotak Bank changed its FD rates. The FD rates for 7 to 30 days is 2.50% and 31 to 90 days it is 2.75%. The rate for short tenors for 91 to 179 days is 3.25% and it is 4.40% for 180 to 364 days. FD rate for long tenors of 12 months to 389 days is 4.50%, for 390 days to 22 months 29 days the rate is 4.75%, for 23 months to 23 months 1 day to 1 year 11 months 29 days the rate is 5% and for two years to 2 years 364 days the rate is 5% , for 3 years to 3 years 364 days it is 5.10%. Further, the rate for 4 years to 4 years 364 days is 5.20% and stands at 5.25% for 5 years to 10 years.
  • 2021-02-16 : Kotak Bank revised its FD rate
    With effect from 4 february 2021, Kotak Bank changed its FD rates. The FD rates for 7 to 30 days is 2.50% and 31 to 90 days it is 2.75%. The rate for short tenors for 91 to 179 days is 3.25% and it is 4.40% for 180 to 364 days. FD rate for long tenors of 12 months to 389 days is 4.50%, for 390 days to 23 months 1 day to 1 year 11 months 29 days is 4.75% and for two years to 2 years 364 days the rate is 5% , for 3 years to 3 years 364 days it is 5.10%. Further, the rate for 4 years to 4 years 364 days is 5.20% and stands at 5.25% for 5 years to 10 years.
  • 2020-11-06 : New FD rates for Kotak Bank
    Kotak Bank changed its FD rates. The FD rates for 7 to 30 days is 2.50% and 31 to 90 days it is 2.75%. The fixed deposit rate for short tenor for 91 to 179 days it is 3.50% and it is 4.50% for 180 to 364 days. Fixed deposit rate for long tenors of 12 months to 389 days is 4.60%, for 369 days to less than four years is 4.90% and for four years one day to less than 5 years is 4.75%. The revised rates are in effect from 4 November 2020.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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