Kuchh Baat Aapke Interest Ki Login

Kotak Bank Interest Rates on FD, Sep 2017

Last Updated 07th Sep 2017

Fixed Deposit Interest Rate of Kotak

Tenure General Rates Senior Citizen Rates
7 days to 14 days 3.50% 4.00%
15 days to 30 days 4.00% 4.50%
31 days to 45 days 5.00% 5.50%
46 days to 90 days 5.40% 5.90%
91 days to 120 days 5.60% 6.10%
121 days to 179 days 6.00% 6.50%
180 days to 363 days 6.40% 6.90%
364 days to 390 days 6.60% 7.10%
391 days to 22 months 29 days 6.50% 7.00%
23 months to 2 years 364 days 6.40% 6.90%
3 years to 4 years 364 days 6.25% 6.75%
5 years to 10 years 6.00% 6.50%

The above rates are applicable for deposits of below Rs. 1 crore.

Kotak Bank FD Maturity Calculator
Rs.
%

Kotak Bank FD Interest Rates

Kotak Bank offers multiple fixed deposit options to their customers to park their surplus savings for a fixed tenure. A customer is required to make a deposit once into their FD account at the time of opening the account with the bank. The customer is not allowed to deposit more money and withdraw any money in the account during the tenure of the deposit. Fixed Deposits of Kotak Bank have a higher interest rate compared to their saving deposits. Benefits of opening a FD account in Kotak Bank are:

  • 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

Kotak Bank Fixed Deposit Rates

The factors affecting Fixed Deposit interest rates are as follows:

Policies Framed by RBI – As per RBI guidelines, the change in Cash Reserve Ratio (CRR) and repo rate affects the interest rate of all banking instruments including the fixed deposit.

Recession – Recession results in a decrease in the interest rate offered on fixed deposit. At the time of recession, RBI is forced to release the funds in the market which it achieves by lowering the rates on cash reserve of the banks and hence, providing them with additional liquidity. As a result of high liquidity and low credit demand, banks reduce the rates on FD.

Inflation – Inflation has a positive effect on a fixed deposit interest rate. Banks typically fix interest rates of FD in a manner that it is higher than the existing inflation rates. Hence, FD rates tend to be higher in a period of rising inflation.

Current State of Economy – Economic condition of the country is the major factor that affects the fixed deposit interest rate. In a booming economy, people need and are willing to take larger credit to meet their personal and business requirements. In periods of high credit demand, banks offer higher interest rate to garner more funds through fixed deposits.

Fixed Deposit Schemes 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

Kotak Bank FD Interest Calculator

Kotak Bank fixed deposit rates calculator helps you to calculate maturity value of your deposited amount at the interest rate offered compounded at quarterly. FD maturity amount that you will get depends on the following four parameters

  • Deposit amount – This is the initial amount deposited by a customer in Kotak Bank. Bank may offer higher interest rate on larger deposits. Kotak Bank offers deposit amount in the range of Rs. 10,000 for existing bank customers and Rs. 25,000 for new customers to No Limit.
  • Rate of Interest - Interest rate is the rate charged by the bank on your fixed deposit. Kotak Bank offers a higher rate of interest on fixed deposits of longer tenure and lower interest rate on deposits held for a shorter period. Highest interest rate offered by Kotak Bank is 6.60% for deposit amount below Rs. 1 crore and the lowest interest rate offered by Kotak Bank is 3.50%
  • Period of deposit - Bank offers low interest rate for short tenure FDs and higher interest rate for long tenure FDs. Bank offers a rate of 3.50% for a 7 Days FD and a rate of 3.50% for a 10 Years Years FD.
  • Interest Compounding Frequency - This calculates maturity amount based on monthly, quarterly, half yearly or annual frequency.

Illustration: Mr. A opens a FD account of Rs. 1 lakh with a tenure of 7 Days at an interest rate of 3.50%. In this case, the maturity amount at the end of 7 Days will be Rs. 100,067 and includes the principal and total interest earned on the principal amount during the period at Rs. 67. Similarly, you can calculate the interest and maturity amount for higher tenures by using FD calculators.

Kotak Bank calculates interest earned on its fixed deposits on quarterly basis.

FD in Kotak Bank – Premature Withdrawal

Premature closure of Term Deposit with Kotak Bank is along with the lower interest rate of 0.50% for deposits held for more than 181 days than the contracted rate. 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.

Loan against Fixed Deposit Kotak Bank

Kotak Bank offers loan up to 85% against its own deposit. Note that Kotak Bank will not give you loan against FD of any other bank.

Maximum loan tenure is restricted up to the maximum tenure of the FD.

Illustration - Mr. Rahul has opened a fixed deposit of Rs. 100,000 for 2 years in Kotak Bank. The borrower later decided to take 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 Rs. 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 Rs. 85,000 availed for 1 month only. The amount he repays after 1 month is Rs. 85,703. So, the interest charged on the loan taken is Rs. 703.

Documents required to open Fixed Deposit Account in Kotak Bank

    Identity Proof: PAN Card, Voter ID Card, Passport, Driving License2 Photographs

FAQs on Kotak Bank Fixed Deposit

What is the highest interest earned on Kotak Bank fixed deposit?

You can earn a maximum interest of 6.60% on Kotak Bank fixed deposit.

Are there any extra benefits for senior citizens on fixed deposit 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 3.50% to 6.60%. Compared to this, the rate of senior citizens FD are in the range of 4.00% to 7.10%.

What is the tenure range for Kotak Bank Fixed Deposit?

The tenure ranges from 7 days to 10 years.

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 Rs. 10,000 for existing bank customers and Rs. 25,000 for new customers.

Can I deposit additional amount in my FD account?

No, you cannot deposit any additional amount in your existing FD account as you are allowed to deposit only once at the time of opening the account. If you want to invest any additional amount in FD, you are required to open a new FD account.

Who is eligible for opening an FD account in Kotak Bank?

All resident individuals, HUFs, NRIs, Firms including minors are eligible to open a fixed deposit account.

What documents are required to open an FD account in Kotak Bank?

The documents required to open an FD account in Kotak Bank includes Identity Proof: PAN Card, Voter ID Card, Passport, Driving License2 Photographs.

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

  • 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
Kotak Bank Fixed Deposit

Calculate
FD maturity amount!
Compare
Other Bank FD Rates!
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. MyLoanCare is an independent professional service provider and is not related to the government or government bodies or any regulator or any credit information bureau in any way. Information carried at this website is not and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not undertake any liability with respect to the correctness of the content, information and calculations. Information is subject to change without notice. By submitting your query or using any tools or calculators, you authorize MyLoanCare to share your information with lender(s), consent for such lender(s) to access your credit information report and contact you regarding your query overriding your number being in National Do Not Call Registry. This is a free service and no charges are payable by the borrower to MyLoanCare. The Company may receive remuneration from lenders for services provided to them.