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Kotak Bank Fixed Deposit

Kotak Bank FD Scheme

Last Updated 19th Dec 2020

Kotak Bank fixed deposit is a reliable, secure and beneficial investment option that offers various benefits such as guaranteed returns, Government insurance, loan borrowing facility and flexible fixed deposit tenure.

Interest Rate 2.50% to 4.75%
Minimum Tenure 7 days
Maximum Tenure 10 years
Deposit Amount Rs. 10,000 for existing bank customers and Rs. 25,000 for new customers
Maximum Deposit No Limit
    Earn upto 6.95% on FD APPLY NOW

    Kotak Bank FD

    Kotak Bank is one of the leading fixed deposit providers in the country. The Bank offers FD with flexible tenures ranging between 7 days to 10 years. Apart from that, Kotak Bank FD offers regular returns on fixed deposit ranging between 2.50% to 4.75%. For senior citizens, the interest rates on fixed deposits range between 3.00% to 5.25%. In addition to that, Kotak Bank fixed deposit plans offer tailor-made fixed deposit products for different kinds of fixed deposit investors.

    Types of Kotak Bank Fixed Deposit Schemes

    Different type of Kotak Bank term deposit products offered to the investors are listed as follows:

    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

    Eligibility:

    • 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

    Eligibility:

    • 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

    Eligibility:

    • 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

    Eligibility:

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

    Benefits of Kotak Bank FD

    Kotak Bank fixed deposit is a popular investment option due to a number of benefits it provides to the FD investors. Some of these are listed as follows:

    • Guaranteed returns: The best thing about Kotak Bank FD is that it offers guaranteed and assured returns to the investors. The return offered on fixed deposit is regulated by the Bank on a monthly, or quarterly basis, as per the Bank’s choice. Currently, Kotak Bank offers FD rates up to 4.75%. The interest rates offered on Kotak Bank FD is not only assured but also way higher than a savings account.
    • Insured by the Government: The Deposit Insurance and Credit Guarantee Corporation offers deposit insurance of ₹ 5 Lakh to fixed deposits across all banks. Investing in a FD with a FD provider with the highest rating of AAA, rated by ICRA and CRISIL, is a reliable investment option.Thus, Kotak Bank term deposit is safe and secure, as the funds are backed by the government no matter what the current situation of the Bank is.
    • Loan against FD: The investment made in FD scheme is not only a reliable investment option but can also act as an asset. This is because Kotak Bank fixed deposit allows one to borrow a secured loan against Kotak Bank FD. The Bank allows a loan up to 90-95% of the FD amount. The best part about Kotak Bank loan against fixed deposit is that one does not need to break his or her FD to borrow the loan.
    • Flexible tenures: Kotak Bank FD offers the investors the flexibility to choose the investment tenure as per their convenience. Kotak Bank offers fixed deposit for a minimum tenure of up to a maximum tenure of 10 years. Kotak Bank offers different interest rates across FD tenures.
    • Flexible investment: Apart from the flexibility of tenure, Kotak Bank fixed deposit offers the flexibility of funds to FD investors as funds can be invested with a minimum amount of Rs. 10,000 for existing bank customers and Rs. 25,000 for new customers. Apart from that, one can invest in the Kotak Bank FD up to a maximum of No Limit.

    Premature Withdrawal Terms and Conditions

    Though a fixed deposit with Kotak Bank means depositing funds for a fixed period of time in expectation of a regular return. However, keeping in view the instability in the markets, the Bank allows premature withdrawals of funds from a fixed deposit. This means that investors can withdraw their funds before the date of maturity to fulfil their urgent financial conditions.

    Withdrawing funds prematurely from Kotak Bank will attract an interest rate lowered by Allowed below the effective rate on the date of booking the FD. The penalty charged on fixed deposits is valid only on fixed deposits with a tenure greater than seven days. In case of premature withdrawal of Kotak Bank fixed deposits with tenure less than seven days, the bank does not pay any interest.

    Eligibility Criteria for Kotak Bank FD

    Kotak Bank FD facility can be availed by the following type of investors:

    • Indian Citizens
    • Members of HUFs or the Hindu Undivided Family
    • Business firms
    • Local governing bodies
    • Government departments
    • Employees of private limited companies
    • Trust accounts

    Documents for Kotak Bank FD

    Kotak Bank fixed deposit requires one to submit the following documents:

    • Passport size photographs
    • Identity proofs such as Aadhar card, passport, PAN card, and driving license.
    • Address proofs such as passport, ration card, utility bills such as water, gas or electricity bill.
    • Age proof such as birth certificate, matriculation passing certificate, and Voter ID card.
    • Bank account details such as passbook and account number.

    FAQs

    What is the loan against FD repayment tenure?

    Kotak Bank offers the loan against FD facility to the FD investors with a repayment tenure of up to 10 years.

    What is the minimum investment for FDs under Kotak Bank?

    Kotak Bank FD can be availed with a minimum deposit of Rs. 10,000 for existing bank customers and Rs. 25,000 for new customers.

    What is the minimum amount for a fixed deposit in Kotak Bank?

    The minimum amount required for a fixed deposit investment in Kotak Bank fixed deposit is Rs. 10,000 for existing bank customers and Rs. 25,000 for new customers.

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

    Currently, Kotak Bank offers an interest rate ranging between 2.50% to 4.75% on its fixed deposits.

    What is the penalty for early withdrawal?

    The penalty for early withdrawal ranges between 0.5% to 1% in most cases, based on the loan amount and tenure.

    What is the minimum FD tenure for which a fixed Deposit account can be opened in Kotak Bank?

    Kotak Bank fixed deposit can be opened with a minimum tenure of 7 days.


    Kotak News - Jan 2021
    • 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.
    • 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.
    *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
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