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Kotak FD - Scheme, Eligibility, Documents

Kotak Bank Fixed Deposit Highlights

Last Updated 09th Jul 2021

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 5.30%
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 deposits ranging between 2.50% to 5.30%. For senior citizens, the interest rates on fixed deposits range between 3.00% to 5.80%. 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 mentioned below:

    • Guaranteed returns: The best thing about Kotak Bank FD is that it offers guaranteed and assured returns to the investors. The return offered on a fixed deposits 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 5.30%. 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 fixed deposits 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 an 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. Benefits of Loan Against FD of Kotak Bank are as follow:
      • Loan against FD of Kotak Bank offers the loan amount upto 90%-95% of the FD amount.
      • The interest charged on the loan against FDs are generally low and are 2% to 3% higher than the FD interest rate.
      • Loan against FD of the Kotak Banks flexible repayment options.
      • The processing fee of Loan Against FD in the Kotak Bank is nil.
      • It is a hassle-free loan and does not require the depositor to break the FD.
    • 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 7 days 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.

    Credit Card Against Kotak Bank FD

    Credit Cards againstKotak Bank FD are secured credit cards. They are availed against the amount deposited in the term deposits. They are an ideal option for individuals with low CIBIL score and salary. Below mentioned are the important features of Credit Cards against Kotak Bank FD:

    • The limit offered on the credit card depends upon the amount deposited in the fixed deposits. Generally, banks offer around 80% of the deposit amount as the total credit limit on the card.
    • Credit Cards against the fixed deposits require minimum documentation.
    • The minimum tenure of the term deposits should be 6 months to avail credit card against it.
    • Secured Credit cards also offer discounts, cashback and rewards.
    • The cardholder continues to earn the same applicable interest rate on FD.

    FAQs

    What is the loan against FD repayment tenure in Kotak Bank?

    Loan against FD is the  facility which allows the investor to avail the loan against the amount deposited in the term deposit. 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 Fixed Deposit is one of the safest investment avenues and it 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 5.30% on its fixed deposits.

    What is the penalty for early withdrawal in Kotak Bank?

    Bank charges penalty on premature withdrawal of fixed deposits. 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. The tenure of the Kotak Bank fixed deposits ranges from 7 days to 10 years.

    Can I deposit additional amount in my Kotak Bank 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 KYC documents and Passport size photos.

    In how many years FD doubled in the Kotak Bank?

    The time Kotak Bank fixed deposits will take to double the initial amount will depend upon the rate of interest offered on the FD. You can calculate the maturity amount of the Kotak Bank FD at MyLoanCare by entering the amount you want to deposit and the interest offered on FD.

    Can an NRI open a Kotak Bank fixed deposit account?

    No, Non-Resident Individuals are not allowed to invest in Kotak Bank schemes. It means that they are not eligible to invest in fixed deposits.

    Is the Kotak Bank safe for FD?

    Yes, the Kotak Bank is one of the safest avenues for any investments. Kotak Bank is backed by the Government of India and the returns on any investment including fixed deposits are guaranteed.

    Is it wise to take a loan against FD from the Kotak Bank?

    Yes, opting for a Loan Against FD is an excellent decision. The reasons to take loan from Kotak Bank are:

    • It offers the loan upto 90%-95% of the FD amount.
    • The interest levied on the loan against FDs are generally low and are 2% to 3% higher than the FD interest rate.
    • Loan against FD offers flexible repayment options.
    • The processing fee of Loan Against FD is Nil.
    • It is a hassle-free loan and requires minimum documentation.
    • Loan against FD helps the depositors to avoid the option of premature withdrawal.

    However, there might be a chance that the alternative credit option is offering lower rates with better facilities. In that case, individuals must compare and decide on the credit option.


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    Kotak News - Jul 2021
    • 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.
    • 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.
    *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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