Kotak FD - Scheme, Eligibility, Documents
Kotak Bank Fixed Deposit Highlights
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 |
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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:
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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:
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:
Documents for Kotak Bank FD
Kotak Bank fixed deposit requires one to submit the following documents:
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:
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:
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.
- 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.
