Kotak Mahindra Bank Fixed Deposit Interest Rates (as on 2024)

Kotak Mahindra Bank FD Interest Rates (below Rs.2 Crores) w.e.f. 25/10/2023

TenorsInterest Rate p.a.(%)
(General)
Interest Rate p.a.(%)
(Senior Citizen)
7 - 14 Days2.753.25
15 - 30 Days3.003.50
31 - 45 Days3.253.75
46 - 90 Days3.504.00
91 - 120 Days4.004.50
121 - 179 days4.254.75
180 Days7.007.50
181 Days to 269 Days6.006.50
270 Days6.006.50
271 Days to 363 Days6.006.50
364 Days6.507.00
365 Days to 389 Days7.107.60
390 Days (12 months 25 days)7.157.65
391 Days - Less than 23 Months7.207.70
23 Months7.257.75
23 months 1 Day- less than 2 years7.257.75
2 years- less than 3 years7.107.60
3 years and above but less than 4 years6.507.00
4 years and above but less than 5 years6.256.75
5 years and above upto and inclusive of 10 years6.206.70

Above interest rates are also available for NRO/ NRE Term Deposits.

Senior Citizens' rate is not applicable on NRO/ NRE deposits.

No interest will be payable for NRE Term Deposits staying less than 1 year.

For Fixed Deposits with tenure below 181 days, interest will be calculated at maturity as Simple Interest.

Interest on Fixed Deposit can be paid for a period of less than a quarter (monthly interest payout) at the discounted interest rates as per RBI directives.

Kotak Mahindra Bank FD Interest Rates (Rs.2 Crores to below Rs.5 Crores) w.e.f. 29/11/2023

TenorsInterest Rate p.a.(%)
7 - 14 Days4.00
15 - 30 Days4.00
31 - 45 Days4.50
46 - 60 Days4.75
61 - 90 Days5.25
91 - 120 Days5.50
121 - 179 Days6.00
180 Days7.00
181 Days to 270 Days6.50
271 Days to 279 Days5.50
280 Days to Less than 12 Months6.75
12 months - less than 15 months7.25
15 months - less than 18 months7.25
18 months - less than 2 Years7.25
2 years and above but less than 3 years7.00
3 years and above but less than 4 years6.50
4 years and above but less than 5 years6.25
5 years and above upto & inclusive of 7 years6.25

Above interest rates are also available for NRO/ NRE Term Deposits.

Senior Citizens' rate is not applicable on NRO/ NRE deposits.

No interest will be payable for NRE Term Deposits staying less than 1 year.

For Fixed Deposits with tenure below 181 days, interest will be calculated at maturity as Simple Interest.

Interest on Fixed Deposit can be paid for a period of less than a quarter (monthly interest payout) at the discounted interest rates as per RBI directives.

Kotak Mahindra Bank FD Interest Rates (Rs.5 Crore to below Rs.10 Crore) w.e.f. 29/11/2023

TenorsInterest Rate p.a.(%)
7 - 14 Days4.50
15 - 30 Days4.75
31 - 45 Days5.50
46 - 60 Days5.75
61 - 90 Days6.25
91 - 120 Days6.75
121 - 179 Days7.00
180 Days7.00
181 Days to 270 Days7.05
271 Days to 279 Days5.75
280 Days to Less than 12 Months7.10
12 months - less than 15 months7.35
15 months - less than 18 months7.30
18 months - less than 2 Years7.10
2 years and above but less than 3 years7.10
3 years and above but less than 4 years6.50
4 years and above but less than 5 years6.40
5 years and above upto & inclusive of 7 years6.25

Above interest rates are also available for NRO/ NRE Term Deposits.

Senior Citizens' rate is not applicable on NRO/ NRE deposits.

No interest will be payable for NRE Term Deposits staying less than 1 year.

For Fixed Deposits with tenure below 181 days, interest will be calculated at maturity as Simple Interest.

Interest on Fixed Deposit can be paid for a period of less than a quarter (monthly interest payout) at the discounted interest rates as per RBI directives.

Acceptance of deposits of Rs. 5 Crores and above is at the discretion of the Bank.

Kotak Mahindra Bank FD Interest Rates (Rs.10 Crore to below Rs.25 Crore) w.e.f. 29/11/2023

TenorsInterest Rate p.a.(%)
7 - 14 Days4.50
15 - 30 Days4.75
31 - 45 Days5.50
46 - 60 Days5.75
61 - 90 Days6.25
91 - 120 Days6.75
121 - 179 Days7.00
180 Days7.00
181 Days to 270 Days7.10
271 Days to 279 Days5.75
280 Days to Less than 12 Months7.10
12 months - less than 15 months7.40
15 months - less than 18 months7.30
18 months - less than 2 Years7.10
2 years and above but less than 3 years7.10
3 years and above but less than 4 years6.50
4 years and above but less than 5 years6.40
5 years and above upto & inclusive of 7 years6.25

Above interest rates are also available for NRO/ NRE Term Deposits.

Senior Citizens' rate is not applicable on NRO/ NRE deposits.

No interest will be payable for NRE Term Deposits staying less than 1 year.

For Fixed Deposits with tenure below 181 days, interest will be calculated at maturity as Simple Interest.

Interest on Fixed Deposit can be paid for a period of less than a quarter (monthly interest payout) at the discounted interest rates as per RBI directives.

Acceptance of deposits of Rs. 5 Crores and above is at the discretion of the Bank.

Kotak Mahindra Bank FD Interest Rates (Rs.25 Crore & above) w.e.f. 29/11/2023

TenorsInterest Rate p.a.(%)
7 - 14 Days4.50
15 - 30 Days4.75
31 - 45 Days5.50
46 - 60 Days5.75
61 - 90 Days6.25
91 - 120 Days6.95
121 - 179 Days7.00
180 Days7.00
181 Days to 270 Days7.10
271 Days to 279 Days5.75
280 Days to Less than 12 Months7.20
12 months - less than 15 months7.50
15 months - less than 18 months7.30
18 months - less than 2 Years7.10
2 years and above but less than 3 years7.10
3 years and above but less than 4 years6.50
4 years and above but less than 5 years6.40
5 years and above upto & inclusive of 7 years6.25

Above interest rates are also available for NRO/ NRE Term Deposits.

Senior Citizens' rate is not applicable on NRO/ NRE deposits.

No interest will be payable for NRE Term Deposits staying less than 1 year.

For Fixed Deposits with tenure below 181 days, interest will be calculated at maturity as Simple Interest.

Interest on Fixed Deposit can be paid for a period of less than a quarter (monthly interest payout) at the discounted interest rates as per RBI directives.

Acceptance of deposits of Rs. 5 Crores and above is at the discretion of the Bank.

Kotak Mahindra Bank Fixed Deposit

Kotak Mahindra Bank has a range of Fixed Deposits (FDs) products at competitive interest rates with various tenures and lots of other benefits. Kotak Mahindra Bank offers Fixed Deposit schemes for a short term period and long term period.

It is very easy to open a Kotak Mahindra Bank FD either online through its website or by visiting its nearby branch.

Snapshot: Kotak Mahindra Bank Fixed Deposit

ELIGIBILITYIndividual, Joint (not more than 4), a Guardian on behalf of a minor, HUF, Partnership, a Company, Association or any other InstitutionINVESTMENTMinimum: Rs.10,000 & Maximum: No ceilingPERIOD OF DEPOSITMinimum: 7 days & Maximum: 120 monthsPERIODICITY OF INTEREST PAYMENTMonthly (at discounted rates), Quarterly, Half-yearly or Annual intervalsLOAN FACILITYAvailable upto 90% of the deposit amountSPECIAL RATE FOR SENIOR CITIZENAdditional interest rate of 0.50% uniformly across all maturities

Features & Benefits: Kotak Mahindra Bank Fixed Deposit

  • Competitive interest rates are offered with flexible FD tenures to suit your investment plan.
  • FD account can be opened online or by visiting your nearest Kotak Mahindra Bank branch.
  • Minimum Amount of FD: Rs 10,000
  • Maximum Amount of FD: No limit
  • FD Tenures: 7 days to 10 years
  • Different interest payout options such as monthly, quarterly, etc.
  • Loan/ Overdraft against FD facility is available upto 90% of the FD amount.
  • Easy and fast liquidity options are available.
  • Nomination facility is available.
  • Part withdrawal facility and auto-renewal facilities
  • Senior citizens can enjoy higher interest rate as compared to regular citizens.
  • NRE, NRO and FCNR deposit facility is available.

Kotak Mahindra Bank FD Calculator

Fixed Deposit Calculator

 
 
                       
 
 
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Eligibility for Kotak Mahindra Bank Fixed Deposit

Any of the following persons can invest in fixed deposits (FD):

  • Individual
  • Minor
  • HUF
  • Proprietary Firm
  • Partnership Firm
  • Limited Liability Partnership (LLP)
  • Company
  • Association of Persons (AOP)
  • Body of Individuals (BOI)
  • Local Authority
  • Trust
  • Non-Resident Indian (NRI)
  • Registered Society

Documents Required for Kotak Mahindra Bank Fixed Deposit

Following Documents are required for opening a Fixed Deposit Account

CategoryDocuments Required
Individual, HUF, Proprietor
  • PAN and KYC documents
  • Passport size photograph
  • Deed of declaration of HUF
Partnership Firm
  • PAN and KYC documents
  • Partnership Deed
  • Letter from partners to open and operate the account
  • Passport size photographs of all partners
Trust
  • PAN and KYC documents
  • Copy of the Trust Deed
  • Copy of the Registration Certificate
  • Copy of the Resolution of the Trustees
  • Authorizing the members concerned to open and operate the account
  • Photographs of the members operating the account
Associations, Clubs
  • PAN and KYC documents
  • By-Laws of the Association
  • Board Resolution to open and operate the account
  • Passport size photographs
Company
  • PAN and KYC documents
  • Certificate of Incorporation
  • Memorandum and Articles of Association
  • Board Resolution to open and operate the account
  • ID proofs of authorised signatories
  • Passport size photographs of directors

Types of Kotak Mahindra Bank Fixed Deposits

  1. Kotak Mahindra Tax Saving Fixed Deposit: Exemption under section 80 C of Income Tax Act can be claimed by the depositor in case of single depositor or the first holder in case of joint depositors, within eligible investments. FD amount is minimum of Rs.100 and maximum limited to Rs.1,50,000 in a financial year. Deposit will be accepted for a minimum period of 5 years and maximum period of 10 years. It cannot be encashed before the expiry of 5 years from the date of its receipt.

  2. Kotak Mahindra Senior Citizen Fixed Deposit: Specifically designed for people over the age of 60, avail special Fixed Deposit Rates @ 7.40% p.a. Individuals, who have completed the age of 60 years and above, in single or joint names are eligible for this account. You can make a deposit of as low as Rs. 10,000/- ( Rs. 25,000/- for new customer). Scheme's tenure is from 7 days to 10 years.

  3. Kotak Mahindra Recurring Deposit: This scheme allows you to make saving a habit with monthly investment amounts as low as Rs. 100. This deposit gives you the freedom to choose a Tenure & Amount you wish to invest every month and earn Guaranteed Return at applicable interest rate. You can open a Recurring Deposit account for a minimum period of 12 months thereafter in multiples of 3 months up to a maximum period of 120 months. You can open a Recurring Deposit with minimum of Rs. 100 per month to Rs. 25,000 per month for tenure upto 10 years and Rs. 1,00,000 for tenure upto 36 months.

  4. Kotak Mahindra Regular Fixed Deposit: This scheme is regular scheme which offers you guaranteed fixed returns, financial safety and liquidity. You have a choice of selecting as to when you want the interest on your principal i.e. monthly or quarterly, depending upon your needs. You can make a deposit of as low as Rs. 10,000/- ( Rs. 25,000/- for new customer). Scheme's tenure is from 7 days to 10 years. You can book it online also. Premature withdrawal of FD is also allowed.

  5. Kotak Mahindra Sweep-In Facility: The Sweep-In facility helps you enjoy liquidity in your Savings account while earning high returns with the applicable interest rates of a Fixed Deposit. This scheme gives you a facility wherein you just link your existing Fixed Deposit to your Savings or Current Account. In case you are falling short of funds in your account the deficit will be withdrawn from your Fixed Deposit. You can link more than one deposit to your Current/ Savings Account.

Working of Sweep-In Facility of Kotan Mahindra Bank

Following example illustrates of working of Sweep-In facility:

  • Ajay has availed Sweep-In facility on his existing Fixed Deposit of Rs. 50,000.
  • Suppose on a particular day, the balance in his Savings Account is just Rs. 4,000, and he issues a cheque for Rs. 10,000 in his account and it has now come to the bank for clearing:
  • Kotak Bank will utilize the shortfall amount of Rs. 6,000 from the linked Fixed Deposit to the extent of Rs. 6,000 (10,000 minus 4,000) and clear the cheque.

Penal Charge on Pre-mature withdrawal of Kotak Mahindra Bank Fixed Deposits

Interest will be paid at the rate prevailing on the date of deposit for the tenure the deposit or the withdrawn amount remained with the bank or at the contracted rate, whichever is lower after deducting applicable penal charge for premature withdrawal as per Terms & Conditions of the bank.

Penal charge on premature closure of fixed deposits including partial closure has been fixed by the Kotak Mahindra Bank bank as below on fixed deposits booked/ renewed on or after 1st November, 2012.

  • Less than 181 days: Nil penalty
  • 181 days and above: 0.50%

For erstwhile ING Vysya Bank customers the above premature withdrawal penalty slabs will be applicable for Tem Deposits booked/ Renewed on or after 1st April 2015.

When does the Bank issue a TDS Certificate?

Bank issue a TDS Certificate as detailed below:

  • For TDS deducted during a calendar quarter, the same will be issued in the next month of the respective quarter.
  • The TDS Certificates that were sent till date via post can be downloaded online from the NSDL.
  • TDS Certificate in Form 16A starting from financial year 2010-11.

Calculation of Interest on Term Deposits of Kotak Mahindra Bank

  1. On a Quarterly basis for deposits >= 6 months
  2. Simple interest is paid at maturity for deposits < 6 months.
  3. Cumulative Interest/ re-investment interest is calculated every quarter, and is added to the Principal such that Interest is paid on the Interest earned in the previous quarter as well.
  4. In case of monthly deposit scheme, the interest shall be calculated for the quarter and paid monthly at discounted rate over the Standard FD Rate

NRI Fixed Deposit accounts offered by Kotak Mahindra Bank

Kotak Mahindra Bank offers many fixed deposit schemes specially designed for its NRI customers. In these schemes, NRI customers can deposit money either in Indian currency or in foreign currency depending on their status and preference. The bank also offers different interest rates for NRI fixed deposits. Following types of NRI fixed deposits are offered by Kotak Mahindra Bank:

NRI Account TypeDetails
NRE Account (Non Resident External Account) Account is maintained in Indian currency
NRO Account (Non Resident Ordinary Account)This either be funded by conventional payment or through traveller's cheques
FCNR Account (Foreign Currency Non Resident Account)It is maintained in foreign currency
RFC Account (Resident Foreign Currency Account)In this, customer to maintain the account in foreign currency even after returning to India permanently

How and when to apply for exemption on TDS?

  • If your total taxable income during the financial year is not likely to exceed the maximum amount which is not chargeable to income tax, then you can submit self declaration in Form 15G or 15H (for senior citizens only) to the bank to ensure non deduction of tax at source.
  • The declaration has to be given in prescribed format only wherein the valid 10 digit PAN is also required.
  • It may be noted that if the interest payable by the bank during the financial year on time deposits is likely to exceed the maximum amount which is not chargeable to income tax, then the Form 15G submitted will be treated as invalid.
  • In case of Senior Citizens, if the interest payable by the bank during the financial year on time deposits is likely to exceed the maximum amount which is not chargeable to tax and deduction(s) under chapter VIA, if any, for which declarant is eligible, then the Form 15H submitted will be treated as invalid.

You may refer to following table for more details:

CategoryName of FormExemption limit (Male)Exemption limit (Female)
Individuals(upto age of 60)Form 15GRs.2,50,000Rs.2,50,000
HUFs, Associations, TrustsForm 15GRs.2,50,000Rs.2,50,000
Individual (age 60 years and above but less than 80 years)Form 15HRs.3,00,000Rs.3,00,000
Individual (age 80 years and above)Form 15HRs.5,00,000Rs.5,00,000
OthersExemption certificate issued by Income Tax OfficerAs per Exemption CertificateAs per Exemption Certificate

Why providing PAN a must?

If you do not submit your PAN at the time of opening of an FD then following things happen:

  • Tax Deducted at Source (TDS) certificate will not be issued
  • Tax will be deducted (TDS) at higher percentage which is of 20 will be deducted, instead of the usual 10%

Kotak Mahindra Bank Fixed Deposit FAQ

  1. Can I open a Fixed Deposit through NetBanking if my PAN details are not updated with the bank?

    Through Net Banking, Fixed Deposit can be booked by any applicant subject to PAN is updated with the Bank for the Primary applicant in which the Fixed Deposit is getting booked.

  2. What is Recurring Deposit (RD)?

    Recurring Deposit (RD) is a monthly saving option which allows you to choose a Term & Amount you wish to invest each month and earn Guaranteed Return at applicable interest rate.

  3. How can I open Recurring Deposit with Kotak Bank?

    Recurring Deposit can be booked by the below means:

    1. Book online via Kotak Net Banking.
    2. Call 24 x 7 - 1860 266 2666.
    3. Visiting to the nearest Kotak Mahindra bank branch.

  4. For what period can I open a Recurring Deposit?

    You can open a Recurring Deposit account for a minimum period of 12 months thereafter in multiples of 3 months up to a maximum period of 120 months (10 years).

  5. How much can I invest each month in Recurring Deposit?

    You can open a Recurring Deposit with minimum of Rs. 100 per month to Rs. 25,000 per month for tenure upto 10 years and Rs. 1,00,000 for tenure upto 36 months.

  6. Can the first applicant for a Recurring Deposit be a minor? Yes, the first applicant can be a minor. SI will be set up on minor's account.

  7. Is there a monthly or quarterly interest pay-out option?

    No. The interest will be paid on maturity or on premature closure of the Recurring Deposit.

  8. Where can I find the option to regularize RD on Net banking?

    RD Regularize option is available under the Service Request tab on net banking.

  9. Can I close my Recurring Deposit online?

    Yes, you can close your Recurring Deposit Online.

  10. How can I regularize the RD?

    You can regularize the RD online through Kotak Net Banking or by visiting nearest Kotak Mahindra bank branch.

  11. What is the premature withdrawal penalty in Recurring Deposit?

    On premature withdrawal of Recurring Deposit, the interest will be paid at the lower of rate prevailing on the date of deposit for the tenure the deposit remained with the bank or at the contracted rate.

  12. Is there any option for customer to select SI date for the period?

    No, the SI will hit the account every month on the date of 1st installment debit.

  13. Are there any extra benefits for Senior Citizens?

    Yes, senior citizen customers get an additional 0.50% p.a. rate of interest over and above the interest payable to regular customers.

  14. If Recurring Deposit is booked today, when will the next SI hit the account?

    SI will hit the same date every month.

  15. Is PAN mandatory to book Recurring Deposit?

    Yes, PAN is mandatory to book RD, else TDS will apply as per IT Rules.

  16. Is an overdraft facility allowed?

    Currently there is no overdraft facility on Recurring Deposits.

  17. Are both principal and interest amount of the Fixed Deposit considered for the Sweep-In facility?

    No, only the principal amount of the Fixed Deposit is considered for the Sweep-In facility.

    1. Tax Implications and TDS in FD

      • An amount invested in fixed deposits in a scheduled bank is eligible for tax deduction under section 80C. Only the interest earned on the deposit is taxable.
      • Tax will be deducted at source (TDS), if the interest income on a fixed deposit per annum exceeds Rs.10,000
      • A person can exempt from TDS, if he/ she submits Form 15G/ Form 15H in the beginning of each financial year

      Factors affecting Fixed Deposit Interest Rates


      1. Change in Policies Rates by RBI: If there is a change in Cash Reserve Ratio (CRR) and/ or Repo Rate, it affects the fixed deposit interest rate.

      2. Inflation: As FD interest rate has to be kept higher than inflation by the banks, hence if inflation increases then FD interest rates also go higher. When inflation decreases, banks offer lower interest rates so that people can borrow and spend more.

      3. Demand and Supply of Credit: With the increase in demand of the credit/ loan, interest rates of fixed deposit also go higher. When the supply is more than the demand of credit, banks offer lower interest rates on fixed deposit.

      4. Growth Uncertainty: If there is any uncertainty of future economic growth, the banks need to offer higher interest rates on FD as a compensation for higher default risks.

      5. State of Economy: If a country's economic state is very good then the banks of that country offer higher interest rate on fixed deposits in order to attract more investments to extend more credits/ loans.

      6. Recession: Whenever there is a situation of recession in an economy, it always results into a decrease in the fixed deposit interest rate, as in case of situation of recession, the RBI needs to increase the liquidity in the market by releasing the funds i.e. by lowering CRR and hence, banks reduce the FD interest rates.

      7. Global Liquidity: Higher global liquidity results into higher domestic liquidity. In such cases banks will offer lower interest rates on FD.

      Kotak Mahindra Bank FD News Mar 2024

      • October 25, 2023: Kotak Bank revised interest rates on FDs w.e.f. 25/10/2023
      • May 11, 2023: Kotak Bank revised interest rates on FDs w.e.f. 11.05.2023
      • March 28, 2021: Kotak Mahindra Bank revises the interest rate on fixed deposits

      • January 20, 2020: Kotak Mahindra Bank reported a 24% year-on-year (YoY) rise in standalone net profit at Rs 1,596 crore for the December quarter

      • November 27, 2019: Kotak Bank revised interest rates on FDs of less than Rs 2 crores
      Disclaimer: The FD Interest Rates keep on changing. You are advised to check the interest rates with banks before making your savings.      Source: Bank Websites