MyLoanCare is a FREE of cost service for borrowers

MyLoanCare - Baat Aapke Interest Ki

MyLoanCare Customer Ratings - 4.5/5.0

Kotak FD Interest Rates

Kotak FD Rates 2020

Last Updated 25th Sep 2020

Kotak Bank is one of most reliable FD providers amongst a number of FD providers in the market. Kotak Bank FD offers a number of benefits to investors such as higher returns, flexible tenure, lower minimum deposit limit, and loan against FD facility, among others. When it comes to the FD interest rate, the highest rate offered on Kotak Bank FD is 5.25%. Latest Kotak Bank FD interest rate for senior citizens, on the other hand ranges between 3.25% to 5.75%.

Tenure FD interest rates Senior Citizen FD interest rates
7 days to 14 days 2.75% 3.25%
15 days to 30 days 3.00% 3.50%
31 days to 45 days 3.00% 3.50%
46 days to 90 days 3.50% 4.00%
91 days to 120 days 4.10% 4.50%

Kotak Fixed Deposit (FD)

Kotak Bank FDs are one the best investment option available for depositors who are looking to invest in a fixed income instrument and earn higher returns than 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 23 months.
  • Interest Rate Range: 2.75% p.a. to 5.25% p.a.
  • Senior Citizens FD Rate: 3.25% to 5.75% p.a.
  • Highest Interest Rate: As per today’s rate, Kotak Bank’s highest interest rate on FD is 5.25% offered for a tenure of 23 months.
  • 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 Best FD Plan

We need to compare tenure wise latest FD rate of Kotak Bank to choose the tenure at which it provides the highest interest rate. Kotak Bank FD rates are best for the deposits with a tenure of 1 year 25 days to 1 year 10 months 25 days, wherein the current FD rate of interest is 5.25% p.a

If one is looking to invest in short term deposits with Kotak Bank, FD interest rates range from 2.75% p.a. to 4.75% p.a for deposits with a tenure of 7 days to less than 365 days. These deposits are known as short term deposits as they have a tenure of less than 1 year. Short term Kotak Bank FD rates for senior citizens range from 3.25% to 5.25% p.a.

If one is looking to invest in long term deposits, Kotak Bank FD interest rates with tenure of 5 years to 10 years are a good choice with interest rates on deposits with a tenure of 10 years at 4.50%. Senior citizens are offered special rates from bank with highest deposit rates of 5.00% p.a. on long term FDs.

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:

  • Interest on deposit is paid only at the time of the maturity
  • Nomination facility available
  • Extra interest of 0.25% to 0.50% payable to the senior citizens
  • Availability of auto renewal facility on the deposit
  • Earn higher returns on the money deposited

Documents required to open Fixed Deposit Account in Kotak Bank

  • Identity Proof: PAN Card, Voter ID Card, Passport, Driving License
  • 2 Photographs

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. Kotak Bank offers Loan against FD at the rate of 3.75% to 6.25%

Illustration - Mr. Rahul has opened a fixed deposit of ₹ 1,00,000 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 ₹ 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 availed for 1 month only. The amount he repays after 1 month is ₹ 85,703. So, the interest charged on the loan taken is ₹ 703.

FD Account Opening Process at Kotak Bank

To open a Fixed Deposit account in Kotak Bank, you can visit the official website and login to your account. Choose Fixed Deposit option from the menu and select the Type of FD you want to open and proceed. After this, you have to fill the deposit amount and select ‘Senior Citizen’ option if you are above 60. You have to choose the tenure of deposit and interest payout frequency. Click on Submit to open the Kotak Bank FD after reading the terms and conditions.

Nomination Facility on Kotak Bank FD

Kotak Bank offers nomination facility on Fixed Deposit to claim the amount in case of the death of the depositor. An individual, single or joint account holders can appoint a nominee. Only one person can be appointed as nominee. You can fill nominee details while opening a Kotak Bank fixed deposit. 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

FAQs

What is the highest FD rate for Kotak Bank?

You can earn a maximum interest of 5.25% on Kotak Bank fixed deposit.

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 2.75% to 5.25%. Compared to this, the rate of senior citizens FD are in the range of 3.25% to 5.75%.

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.

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 License, 2 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

What is the current interest rate on FD in Kotak Bank?

Current interest for FD in Kotak Bank ranges between 2.75% - 5.25%.

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

Yes, you can submit your application for opening a FD account on the website of Kotak Bank. After submitting the application, you will be contacted by the bank’s representative for 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 with the 5.25%. For Kotak Bank FD the number of years in which your FD will get doubled is; 72/5.25 = 14


Kotak News - Sep 2020
  • 2020-07-27 : Kotak Mahindra Bank Q1 net dips 8.5% to Rs. 1,244 cr
    Kotak Mahindra Bank reported a fall of 8.5% in its standalone net profit at Rs.1,244 crores for the quarter ending 30 June 2020. It was Rs. 1,360 crores in the year-ago period. The net interest income backed by retail loans home, personal, gold, car loans and two-wheeler loans along with business and mudra loans increased by 17.81% to Rs. 3,723.85 crore.
  • 2020-04-08 : Kotak Mahindra Bank Q4 deposits grew by 20%
    Kotak Mahindra Bank reported 20% year on year increase in its FD and RD base to Rs 2.59 trillion in the quarter ending March 2020 against Rs 2.16 trillion in the corresponding quarter of the preceding year. In addition to this, advances of the bank reported an increase of 6.7 per cent in Q4 FY20 to Rs 2.2 trillion compared to Rs 2.05 trillion a year ago.
  • 2020-03-05 : New FD rates for Kotak Bank
    Kotak Bank changed its FD rates. The FD rates for 7 to 14 days is 3.50%, for 15 to 30 days it is 4% and 31 to 45 days it is 4.50%. The fixed deposit rate for short tenor of 46 to 90 days is 5.10%, for 91 to 120 days it is 5.25% and it is 5.30% for 121 to 179 days. Further, FD rates for 180 days is 5.75%, for 181 to 270 days it is 5.80% and it is 6.05% for 271 to 364 days. Fixed deposit rate for long tenors of 12 to 23 months is 6.20%, for 23 months one day to less than four years is 6.10% and for four years one day to 10 years is 6%. The revised rates are in effect from 5 March 2020.
  • 2020-02-13 : Revised FD rates for Kotak Bank
    With effect from today, Kotak Bank has revised its FD rates. The revised rates for a tenure of 7 days to 14 days is 3.50, for 15-30 days the rate is 4.00%; the rate for 31 days to 45 days is 4.50%, for 46 days to 3 months the revised rate is 5.10%, for 91 days to 120 days the rate is 5.25% and for 121 days to 179 days the rate is 5.40%. The revised rates for 180 days is 5.75%, for a tenure of 181 days to 270 days the rate is 5.80%, for 271 days to 364 days the rate is 6.05 % and for 365 days to less than 3 years, the rate is 6.20%. For tenure of 3 years and less than 5 years, the interest rate is 6.10%, and the rate of interest is 6.00% for above 5 years to 10 years.
  • 2020-01-30 : Kotak Mahindra revised its FD rates
    With effect from 30 January, Kotak Mahindra changed its FD rates. FD rate for 7 to 14 days is 3.50%, for 15 to 30 days it is 4% and 31 to 45 days it is 4.60%. Further, Fixed Deposit rate for 46 to 90 days stands at 5.25%, for 91 to 120 days it is 5.30% and 121 to 179 days it is 5.40%. The rate for short tenors of 180 days is 5.75%, for 181 to 270 days is 5.80% and 6.05% for 271 up to and inclusive of 364 days. Fixed deposit rates for long tenors of 365 to less than 2 years is 6.30 %, for 2 years to 3 years it is 6.25% and the rate is 6.20% for 3 years to 5 years. In addition to this rate for 5 years and above up to and inclusive of 10 years stands at 6.10%.
*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. Read More