• Fixed Deposit
  • Kotak Mahindra Bank
  • Kotak Fixed Deposit
Kotak Fixed Deposit

Kotak Fixed Deposit

PrivateAAA (Stable) 
DICGC

7%

Interest for 3 years

Kotak Mahindra Bank FD Interest Rates 2024

TenureNormal Citizen FD RateSenior Citizen FD Rate
7 days - 14 days2.75%3.25%
15 days - 30 days3%3.5%
1 month - 1 month 14 days3.25%3.75%
1 month 15 days - 2 months 29 days3.5%4%
2 months 30 days - 3 months 28 days4%4.5%
3 months 29 days - 5 months 26 days4.25%4.75%
5 months 27 days - 5 months 27 days7%7.5%
5 months 28 days - 11 months 26 days6%6.5%
11 months 27 days - 11 months 27 days6.5%7%
1 year - 1 year 24 days7.1%7.6%
1 year 25 days - 1 year 10 months 28 days7.4%7.9%
1 year 10 months 29 days - 1 year 11 months 27 days7.3%7.85%
2 years - 2 years 11 months 27 days7.15%7.65%
3 years - 4 years 11 months 26 days7%7.6%
4 years 11 months 27 days - 9 years 11 months 26 days6.2%6.7%

Note: All interest rates shown above are as on 6th Mar 2024

About Kotak Mahindra Bank FD

Kotak Mahindra Bank Limited is part of the Kotak Group, which has a wide range of operations spanning commercial vehicle financing, consumer loans, corporate finance, and asset reconstruction. The bank was established in 1985 and is headquartered in Mumbai. The bank’s subsidiaries are involved in investment banking, equity broking, securities-based lending, and car finance. In 2003, Kotak Mahindra Finance Ltd. was India’s first non-banking finance company to convert into a commercial bank. In 2014, the bank merged with ING Vysa to become Kotak Mahindra Bank. As of March 31st 2022, Kotak bank has 1,700 branches across India and 2,705 ATMs. Kotak Bank Deposits stood at INR 3,10,087 crore as of March 2022. Kotak Bank’s Fixed Deposits have a AAA (Stable) Credit Rating.

Kotak Mahindra Bank FD

2.75% - 7.4%

FD Rate

3.25% - 7.9%

FD Rate for Seniors

₹ 10000

Minimum Deposit

₹ 2 Crores

Maximum Deposit

-

Lock-in

-

FD Tenure

-

Loan against FD

AAA (Stable)

CRISIL Rating

Kotak Mahindra Bank FD Returns Based on Investment Amount

Investment AmountFor 3 years with interest of 7%For 5 years with interest of 6.2%
₹ 50,000 ₹ 61,646₹ 68,117
₹ 1 lakh ₹ 1,23,293₹ 1,36,234
₹ 2 lakh ₹ 2,46,585₹ 2,72,467
₹ 5 lakh ₹ 6,16,463₹ 6,81,169
₹ 10 lakh ₹ 12,32,926₹ 13,62,337

Compare Kotak Mahindra Bank Fixed Deposit Returns with Top Banks

Use FD calculator to change values and compare your returns from top banks.

vs
Utkal Grameen Bank FD
Kotak Mahindra Bank FD
Kotak Mahindra Bank FD
Maturity Amount 1,07,336 1,06,697
Total Investment Amount₹ 1,00,000₹ 1,00,000
Total Interest Gained7,336 6,697

Compare Kotak Mahindra Bank Fixed Deposit Rates with Top Banks

Bank NameFD Interest Rates
Utkal Grameen Bank FD
6.5% - 7%
Punjab and Sind Bank FD
6% - 6.5%
Saptagiri Grameena Bank FD
7.5% - 8%
Dakshin Bihar Gramin Bank FD
5.6% - 5.6%
Karnataka Gramin Bank FD
6.85% - 7.35%
Kerala Gramin Bank FD
6.75% - 7.25%
Baroda Gujarat Gramin Bank FD
6.75% - 7.25%
Yes Bank FD
7.3% - 8%
Union Bank of India FD
6.5% - 7%
Dhanlaxmi Bank FD
6.5% - 7%

Calculate Kotak Mahindra Bank FD Returns

1,00,000

Total Investment

7,336

Wealth Gained

1,07,336

Maturity Amount

Explore Debt Funds, instead!

The flexible & tax efficient alternative to FDs.

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.

Kotak Bank Fixed deposit schemes

Following are the types of Kotak Bank fixed deposit schemes:

  • Regular Fixed Deposit
  • Tax Saving Fixed Deposit
  • Senior Citizen Fixed Deposit

Kotak Bank Regular Fixed Deposit

The regular fixed deposit account helps the depositor to earn higher returns when compared to holding the cash idle in the savings account.

  • Maturity periods for these FD schemes range between 7 days and ten years.
  • These FD schemes provide a sweep-in facility to maintain liquidity.
  • These FD schemes also permit premature closure of the account and partial withdrawals.
  • Also, the regular fixed deposit savings scheme provides an overdraft facility.
  • The deposit can opt for either cumulative or non-cumulative (monthly or quarterly) interest payments.
  • Resident Indian citizens, sole proprietorship firms, and HUFs can open a regular fixed deposit account.

Kotak Bank Tax Saving Fixed Deposit

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 fixed deposit scheme has a lock-in period of 5 years. Hence, the scheme doesn’t allow premature withdrawals.
  • The minimum deposit for this Kotak FD is INR 100.
  • Depositors cannot avail loan against deposits made in a Tax Saving FD account.
  • One can choose to receive interest every quarter or get it compounded till maturity.
  • The tax saving FD is available for senior citizens as well.
  • Resident Indian citizens, minors, senior citizens, and HUFs can open tax-saving fixed deposit accounts.

Kotak Bank Senior Citizen Fixed Deposit Scheme

The Kotak Mahindra Bank Senior Citizen FD scheme is specially designed for senior citizens of society.

  • This Kotak FD offers preferential interest rates to senior citizen depositors.
  • The tenure of the deposit account varies between 7 days to 10 years.
  • The minimum deposit amount is INR 5,000.
  • The savings scheme permits premature withdrawals and partial withdrawals.
  • Depositors can opt to receive interest monthly, quarterly or get it compounded till maturity.

Key Features of Kotak Mahindra Bank Fixed Deposit Schemes

  • Premature withdrawal: All Kotak Bank FDs can be withdrawn prematurely except for the tax-saving FD. For all deposits below the tenure of 181 days, if withdrawn prematurely, there is no penalty. However, all deposits having a tenure above 181 days have a penalty of 0.5% on the contracted interest rate.
  • Nomination and auto-renewal facility: Kotak Bank FD investors can nominate beneficiaries for their FDs and also opt for auto-renewal of FD.
  • Safety: The Deposit Insurance Scheme of RBI covers all Kotak Bank deposits. The scheme covers all Kotak Mahindra Bank deposits up to INR 5,00,000.
  • Additional payments: Investors cannot deposit an additional amount in a Kotak Bank FD once it has commenced. However, they can open a fresh Kotak Bank FD with the new amount.

How to Open a Kotak Bank FD Deposit Account?

One can open a Kotak Bank FD account through various modes such as Internet Banking, Mobile App and offline.

Internet Banking

The following steps will help an individual to open a Kotak Bank FD account through internet banking:

  • Login to the Kotak Bank NetBanking account.
  • Under the ‘Investment’ section, select the ‘Open a Fixed/ Recurring Deposit’ option.
  • Fill the account opening form with all the necessary details and provide maturity and payment instructions. Also, fill in the nominee details.
  • Verify the details and click on ‘Submit. Upon successful account opening, the investor will be notified.

Through Mobile App

Kotak Bank App

The following steps will guide in opening an FD account through Kotak Bank Mobile App:

  • Download the Kotak Bank App.
  • Under the ‘Investment’ section, select the ‘Open a Fixed/ Recurring Deposit’ option.
  • Fill the account opening form with all the necessary details and provide maturity and payment instructions. Also, fill in the nominee details.
  • Verify the details and click on ‘Submit. Upon successful account opening, the investor will be notified.

Offline Kotak Bank FD Opening

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.

Documents Required to Open a Kotak Bank FD

The documents required to open an FD in Kotak Bank are:

  • FD account opening form
  • Four passport size photographs
  • Identity Proof as per KYC norms. (PAN Card, Aadhaar Card, Voter ID Card, Passport, Driving License)
  • Address proof as per KYC norms. (PAN Card, Aadhaar Card, Voter ID Card, Passport, Driving License)
  • Signature proof (PAN Card, Passport, Driving License)
  • Pan Card or a declaration in Form No. 60 or 61 of the Income Tax Act
  • Senior Citizen ID Card (for senior citizens)
  • Any other documents as applicable for partnership, proprietorship, company, HUF, association or institution.

Eligibility to Open a Kotak Bank FD

Only eligible investors can invest in Kotak Bank FD. The eligibility criteria to invest in Kotak Bank FD is:

  • Indian National
  • NRIs and PIOs (Non-Resident Indians and Persons of Indian Origin)
  • HUFs
  • Senior Citizens and Minors

Does Kotak Mahindra Bank Offer Recurring Deposits?

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.

Is FD Interest Taxable?

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%.

Explore Fixed Deposits By Banks

Frequently Asked Questions

What is the highest Kotak Mahindra Bank FD rate today?

The highest Kotak Mahindra Bank FD rates for general citizens is 7.4% p.a. and 7.9% p.a. for senior citizens.

What is the highest interest rate on Kotak Mahindra Bank 1 year FD scheme?

The highest interest rate on Kotak Mahindra Bank 1 year FD scheme is 7.1% p.a.

What is Kotak Mahindra Bank FD scheme interest rate for 5 years?

6.2% p.a is the interest rate for 5 years on Kotak Mahindra Bank FD scheme.

How many years FD will double in Kotak Mahindra Bank?

To know in how many years Kotak Mahindra Bank 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 Mahindra Bank Bank FD will double. The current highest Kotak Mahindra Bank FD interest rate is 7.4% so investors will double the investment in 9.73 years. Similarly, senior citizen depositors will double their FD investment in 9.11 years, where the highest FD rate for senior citizens is 7.9%.

What is Kotak Mahindra Bank FD minimum deposit amount?

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.

What is senior citizen fixed deposit interest rates in Kotak Mahindra Bank?

The senior citizen fixed deposit interest rates in Kotak Mahindra Bank range between 3.25% to 7.9% p.a. for an available minimum and maximum investment duration.

What are the available FD tenures in Kotak Mahindra Bank?

Kotak Mahindra Bank FD tenure ranges from 7 days to 9 years 11 months 26 days

What is Kotak Mahindra Bank FD ROI for 10 lakh deposit for 1 year?

The interest from the Kotak Mahindra Bank FD calculator for 10 lakh deposit for 1 year will be INR 73,357. The maturity value will be INR 10,73,357. You can use Scripbox’s FD Calculator to determine the maturity value of your investment.

How to check the fixed deposit balance in Kotak Mahindra Bank?

You can check Kotak Mahindra Bank FD balance either online or offline mode. For online mode, log in to the Kotak Mahindra Bank internet banking portal. Alternatively, you can visit the nearest Kotak Mahindra Bank bank to update your passbook for FD balance enquiry.

How many FDs can be opened in Kotak Mahindra Bank?

There is no restriction on the number of FDs you can open with Kotak Mahindra Bank.