Interest for 3 years
Note: All interest rates shown below are as on 22nd Jun 2021
|Tenure||Normal Citizen FD Rate||Senior Citizen FD Rate|
|7 days - 30 days||2.5%||3%|
|1 month - 2 months 29 days||2.75%||3.25%|
|2 months 30 days - 3 months 28 days||3%||3.5%|
|3 months 29 days - 5 months 28 days||3.25%||3.75%|
|5 months 29 days - 11 months 29 days||4.4%||4.9%|
|1 year - 1 year 24 days||4.5%||5%|
|1 year 25 days - 1 year 10 months 30 days||4.8%||5.3%|
|1 year 11 months - 2 years 11 months 28 days||5%||5.5%|
|2 years 11 months 29 days - 3 years 11 months 28 days||5.1%||5.6%|
|3 years 11 months 29 days - 4 years 11 months 28 days||5.25%||5.75%|
|4 years 11 months 29 days - 9 years 11 months 28 days||5.3%||5.8%|
Kotak Mahindra Bank Limited is an Indian private sector bank headquartered in Mumbai. As of February 2021, it had 1600 branches & 2519 ATMs. The bank has a balance sheet size of Rs. 4.43 Lakh Crs as on 31st March 2020. The bank recorded a profit of Rs 8,607 Crs in FY20
2.5% - 5.3%
3% - 5.8%
FD Rate for Seniors
₹ 2 Crores
Flexible tenure & partial withdrawal facility, without the hassle of opening a savings account.
|Investment Amount||For 3 years with interest of 5.3%||For 5 years with interest of 5.3%|
|₹ 1 lakh||₹130267||₹130267|
|₹ 2 lakh||₹260534||₹260534|
|₹ 5 lakh||₹651335||₹651335|
|₹ 10 lakh||₹1302671||₹1302671|
Use FD calculator to change values and compare your returns from top banks.
|Maturity Amount||₹104594||₹ 101764|
|Total Investment Amount||₹ 100000||₹ 100000|
|Total Interest Gained||₹4594|
|Income Tax on Wealth Gained||₹ 12898||₹ 13092|
|Bank Name||FD Interest Rates|
|Dhanlaxmi Bank||5.4% - 5.9%|
|Tamilnad Mercantile Bank||5.5% - 5.5%|
|IDBI Bank||5.3% - 5.8%|
|Bank of India||5.15% - 5.65%|
|Sundaram Finance||6.25% - 6.75%|
|AU Small Finance Bank||6.25% - 6.75%|
|Canara Bank||5.5% - 6%|
|Axis Bank||5.4% - 5.9%|
|Mahindra Finance||6.3% - 6.55%|
|PNB Housing Finance Ltd||6.6% - 6.85%|
|IDFC First Bank||5.75% - 6.25%|
|State Bank of India||5.3% - 5.8%|
|HDFC Bank||5.15% - 5.65%|
|Bank of Baroda||5.1% - 5.6%|
|LIC Housing Finance||5.75% - 6%|
|Tamil Nadu Power Finance||7.75% - 8.25%|
|Jammu & Kashmir Bank||5.3% - 5.8%|
|Bajaj Finance||6.5% - 6.75%|
|Yes Bank||6.25% - 7%|
|RBL Bank||6.3% - 6.8%|
|Punjab and Sind Bank||5.3% - 5.8%|
|IndusInd Bank||6% - 6.5%|
|Central Bank of India||5% - 5%|
|DCB Bank||6.5% - 7%|
|Bandhan Bank||5.25% - 6%|
|Fincare Small Finance Bank||6.25% - 6.75%|
|DBS Bank||5.5% - 5.5%|
|Indian Overseas Bank||5.2% - 5.7%|
|Karur Vysya Bank||5.5% - 6%|
|Equitas Small Finance Bank||6.35% - 6.85%|
|City Union Bank||5.5% - 6%|
|SCB Bank||5.35% - 5.85%|
|Karnataka Bank||5.5% - 5.9%|
|South Indian Bank||5.5% - 6%|
|HDFC Ltd Fixed Deposit||6.05% - 6.3%|
|Bank of Maharashtra||4.9% - 5.4%|
|ICICI Housing Finance Company||6.05% - 6.3%|
|ESAF Small Finance Bank||5.75% - 6.25%|
|Indian Bank||5.15% - 5.65%|
|Shriram Finance||8% - 8.4%|
|Federal Bank||5.35% - 5.85%|
|ICICI Bank||5.15% - 5.65%|
|Ujjivan Small Finance Bank||6.75% - 7.25%|
|Post Office||5.5% - 5.5%|
|Punjab National Bank||5.1% - 5.6%|
|Union Bank of India||5.4% - 5.4%|
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Kotak Mahindra Bank offers multiple fixed deposits for various tenures with different interest rates to its investors. The interest rate on Kotak Mahindra Bank FDs is higher than their savings account. One can invest in Kotak Mahindra Bank FDs through both online and offline modes with a minimum investment of INR 10,000. This article covers Kotak Mahindra Bank FD, its features and interest rates in detail.
Following are the types of Kotak Bank fixed deposit schemes:
The regular fixed deposit account helps the depositor to earn higher returns when compared to holding the cash idle in the savings account.
Kotak Mahindra Tax Saving Fixed Deposit scheme investments quality for a tax deduction. Under Section 80 C of the Income Tax Act, depositors can claim a tax deduction for investments up to INR 1.5 lakhs.
The Senior Citizen FD is specially designed for senior citizens of society.
With Kotak ACE, investors can earn significant returns. The scheme invests interest from the fixed deposit in equity mutual funds through SIPs.
One can open a Kotak Bank FD account through various modes such as Internet Banking, Mobile App and offline.
The following steps will help an individual to open a Kotak Bank FD account through internet banking:
The following steps will guide in opening an FD account through Kotak Bank Mobile App:
To open a Kotak Bank FD account offline, one has to visit the nearest Kotak Bank branch. Fill the Kotak Bank FD application form and submit all the necessary documents along with the deposit amount. On successfully processing the application, Kotak Bank will provide an FD receipt.
The documents required to open an FD in Kotak Bank are:
Only eligible investors can invest in Kotak Bank FD. The eligibility criteria to invest in Kotak Bank FD is:
Kotak Mahindra Bank offers recurring deposits to its depositors. Kotak Mahindra Bank recurring deposits have a minimum tenure of six months and a maximum tenure of 10 years. Depositors can open an RD account either by going to the Kotak Mahindra Bank branch or online using internet banking. The minimum investment in Kotak Mahindra Bank RD is INR 100, and the maximum investment is INR 25,000. The interest rate for regular citizens on Kotak Mahindra Bank RDs is in the range of 4.4% to 5.3%, and for senior citizens, it is in the range of 4.9% to 5.8%.
Only investment in Kotak Mahindra Bank Tax Saving FD qualifies for tax saving up to INR 1,50,000 per annum. Investment in no other Kotak Mahindra Bank FDs qualifies for tax saving under Section 80C of the Income Tax Act. The interest income from Kotak Mahindra Bank FD is taxable as per the investor’s income tax slab rates. Moreover, the interest income is subject to a TDS of 10% if the income from Kotak Mahindra Bank FD exceeds INR 40,000 per annum. For senior citizens, the limit is INR 50,000 per annum. Also, if the investor doesn’t disclose PAN Card details to the Kotak Mahindra Bank, then the TDS rate will be 20%.
To know in how many years Kotak Bank FD will double, we can follow the 72 rule. We have to divide 72 by the interest rate, and the result will be the number of years Kotak Bank FD will double. For example, for a 5 to 10 years tenure, the Kotak Mahindra Bank FD interest rate for senior citizens is 5.8%. An investor can double the investment amount by investing for this tenure in Kotak Bank FD in 12.41 years (72/5.8).
Kotak Bank FD rates range between 2.5% and 5.3% for regular citizens and between 3% and 5.8% for senior citizens. Moreover, Kotak Mahindra Bank offers an additional 0.5% interest to senior citizens on their FDs. Kotak Mahindra Bank pays interest monthly, quarterly or annually or at maturity as per the choice of the investor.
Kotak Mahindra Bank guarantees returns in the form of interest on their FDs. Moreover, the Deposit Insurance Scheme of RBI covers all Kotak Bank deposits. Also, the scheme covers all Kotak Bank deposits up to INR 5,00,000. Hence Kotak Mahindra Bank FDs are safe for investment.
The minimum investment in Kotak Mahindra Bank FD is INR 10,000. However, there is no limit on the maximum amount of investment in Kotak Mahindra Bank FD.
Yes, investors can open a Kotak Mahindra Bank FD account online through their internet banking facility.
The highest FD rate for Kotak Mahindra Bank is 5.3% for a tenure of 5 to 10 years. The highest Kotak Mahindra Bank FD rate for senior citizens is 5.8% for a tenure of 5 to 10 years.
Individuals, NRIs, senior citizens, HUFs, and guardians on behalf of minors can open a Kotak FD account.
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