• Recurring Deposit
  • Kotak Bank RD Interest Rates
Kotak Bank RD Interest Rates

Kotak Bank RD Interest Rates

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Kotak Mahindra Bank RD Interest Rates Jun 2024

TenureNormal Citizen RD RateSenior Citizen RD Rate
3 Months to 6 Months4.00%4.50%
6 Months to 9 Months4.25%4.75%
9 Months to 1 Year7.00%7.50%
1 Year to 2 Years7.10%7.60%
2 Years to 3 Years7.00%7.50%
3 Years to 5 Years6.50%7.00%
5 Years to 10 Years6.20%6.70%

Note: All interest rates shown above are as on 1st November 2023

Kotak Mahindra Bank RD Scheme Details

Tenure
6 Months -10 Year
Public Interest Rates
4.00% to 7.10%
Senior Citizen Interest Rates
4.50% to 7.60%
Minimum Deposit Amount
Rs. 100
Premature Withdrawal
0.50%
Highest Rates for Public
7.10%
Highest Rates for Senior Citizen
7.60%

Kotak Mahindra Bank Returns Based on Investment Amount

Investment AmountFor 3 years with interest of 6.50%For 5 years with interest of 6.20%
₹ 50,0001,51,6222,53,882
₹ 1 lakh3,03,2445,07,763
₹ 2 lakh6,06,48810,15,527
₹ 5 lakh15,16,22125,38,817
₹ 10 lakh30,32,44250,77,633

Compare Kotak Mahindra Bank vs Punjab National Bank Recurring Deposit

vs
Punjab National Bank
Kotak Mahindra Bank
Kotak Mahindra Bank
Maturity Amount3,03,2443,02,621
Total Investment Amount3,00,0003,00,000
Total Interest Gained3,2442,621

Compare RD Interest Rates of Other Banks

Bank NameRD Interest Rates
Punjab National Bank
Punjab National Bank
4.40% to 6.50%
City Union Bank
City Union Bank
5.75% to 6.50%
BOI Bank
BOI Bank
4.50% to 6.50%
Canara Bank
Canara Bank
5.25% to 6.90%
Indian Bank
Indian Bank
3.50% to 6.70%
BOB Bank
BOB Bank
4.50% to 7.05%
Central Bank of India
Central Bank of India
4.50% to 6.75%
Karur Vysya Bank
Karur Vysya Bank
6.00% to 7.00%
Union Bank of India
Union Bank of India
4.30% to 6.70%
Tamilnad Mercantile Bank
Tamilnad Mercantile Bank
5.75% to 7.00%
Karnataka Bank
Karnataka Bank
5.25% to 7.00%
Dhanlaxmi Bank
Dhanlaxmi Bank
6.50% to 6.75%
South Indian Bank
South Indian Bank
4.50% to 6.50%
Federal Bank
Federal Bank
5.00% to 7.30%
Bank of Maharashtra
Bank of Maharashtra
4.50% to 6.00%
Indian Overseas Bank
Indian Overseas Bank
4.50% to 6.80%
UCO Bank
UCO Bank
4.50% to 6.50%
RBL Bank
RBL Bank
4.75% to 7.50%
State Bank of India
State Bank of India
4.50% to 7.00%
IDBI Bank
IDBI Bank
4.50% to 6.80%
Axis Bank
Axis Bank
4.75% to 7.10%
HDFC Bank
HDFC Bank
4.50% to 7.10%
ICICI Bank
ICICI Bank
4.75% to 7.00%
Indusind Bank
Indusind Bank
4.75% to 7.50%
Yes Bank
Yes Bank
5.00% to 7.75%
Bandhan Bank
Bandhan Bank
4.50% to 7.25%
IDFC First Bank
IDFC First Bank
5.00% to 7.50%
Equitas Small Finance Bank
Equitas Small Finance Bank
7.25% to 8.20%
Capital Small Finance Bank
Capital Small Finance Bank
4.75% to 7.15%
Ujjivan Small Finance Bank
Ujjivan Small Finance Bank
4.75% to 7.50%
Fincare Small Finance Bank
Fincare Small Finance Bank
5.75% to 8.25%
ESAF Small Finance Bank
ESAF Small Finance Bank
5.25% to 8.50%
North East Small Finance Bank
North East Small Finance Bank
4.00% to 7.50%
Suryoday Small Finance Bank
Suryoday Small Finance Bank
5.00% to 8.50%
Utkarsh Small Finance Bank
Utkarsh Small Finance Bank
6.50% to 8.00%
Jana Small Finance Bank
Jana Small Finance Bank
4.00% to 8.50%
DBS Bank
DBS Bank
3.00% to 7.50%
Post Office
Post Office
6.90% to 7.50%

Frequently Asked Questions

What is the current interest rate of RD in Kotak Mahindra Bank?

The current highest Kotak Mahindra Bank RD rates for general citizen range from 4.00% to 7.10% and for senior citizen it ranges from 4.50% to 7.60% today 2024-06-25

How to open rd account in Kotak Mahindra Bank?

Kotak Mahindra Bank RD account can be opened with a minimum deposit of Rs. 100 with tenure ranging 6 Months -10 Year. Kotak Mahindra Bank recurring deposit account can be opened online or by visiting Kotak Mahindra Bank branches with any ID proof like PAN card, Aadhar card, voter ID, or driving licence etc.

How to close rd in Kotak Mahindra Bank?

You can close your RD a/c online through "Close A/c" tab or by visiting the branch, this may cost you a penalty. The current premature closer penalty in Kotak Mahindra Bank RD is 0.50%.

How to calculate maturity and interest in Kotak Mahindra Bank recurring deposit ?

The maturity amount in Kotak Mahindra Bank recurring deposit account can be calculated by using A = P x(1 + R / N) ^ (NT) formula.
Where:
A: Maturity Amount
P: Recurring Deposit Amount
N: Number of times the interest is compounded
R: annual interest rate
T: Tenure
Example:
If you open recurring deposit account at the Kotak Mahindra Bank for 5 years and planed to invest INR 50,000.The current Kotak Mahindra Bank RD interest rate for 5 year is 6.20%.So using the above formula the maturity amount will be - Rs. 35,21,636.

What is Kotak Mahindra Bank RD interest rates for 1 year in 2024 ?

The Kotak Mahindra Bank recurring deposit for 12 months or 1 year is 7.60% for senior citizen and 7.10% for others.

Calculate Kotak Mahindra Bank Returns

36
3.2 %

1,00,000

Total Investment

0

Wealth Gained

0

Maturity Amount

Invest in SIP to earn ₹37,83,253 moreExplore Best SIP Plans

About Kotak Bank Recurring Deposit

Kotak Bank RDs are investments that allow investors to save small amounts regularly. The bank has a tenure of 6 months to 10 years, and the interest rates vary with the tenure.

Kotak Bank RD rates range between 6% to 7.10% p.a. for regular citizens. For senior citizens, the RD rates range between 6.5% to 7.60% p.a.. One can estimate the returns from their Kotak RD investment using a recurring deposit calculator. The RD rates of Kotak Mahindra Bank are higher than their saving account rates. The RD rate of interest differs based on the age of the investor, tenure of the investment, RBI policies and economic conditions in the country.

Interest earned on RDs is taxable as per the individual investor’s income tax slab rates. Also, investors have to present it under the head ‘Income from Other Sources’ while filing their income tax returns. Moreover, the bank has to deduct a TDS of 10% if the interest income exceeds INR 40,000 for regular citizens and for senior citizens, the TDS threshold limit is INR 50,000. Furthermore, this rate is applicable if the investor submits the PAN details or else, the applicable TDS rate is 20%.

Kotak Bank Recurring Deposits Features

  • Tenure: The Kotak bank recurring deposit tenure ranges between 6 months to 120 months, in multiples of 3 months
  • Minimum and Maximum Deposit Amount: The minimum amount of investment in Kotak bank RD is INR 100, and in its multiples thereafter. However, there is no limit on maximum RD investment.
  • Tax and TDS: Kotak bank RDs do not qualify for tax saving. The interest income that one earns from Kotak bank RDs is taxable as per the individual’s respective income tax slab rates. Moreover, Kotak bank deducts a TDS of 10% if the interest income per annum exceeds INR 40,000 (INR 50,000 for senior citizens). The 10% TDS is applicable only when PAN details are furnished; else the bank cuts TDS at 20%.
    One can determine whether Kotak bank’s RD interest income is above or below the TDS threshold limit using the Kotak Bank RD Calculator. Also, investors can calculate their income tax liability using Scripbox’s Income Tax Calculator.
  • Premature withdrawal: Kotak bank allows investors to prematurely withdraw their recurring deposits. However, Kotak bank charges a penalty where the interest rate will be paid lower than the prevailing rate on the date of deposit or at the contracted rate. 
  • Nomination Facility: Depositors can nominate beneficiaries for their Kotak Bank RDs.
  • Convenience: Opening and managing recurring deposit investments are easy and convenient through Kotak bank’s online portal.

Kotak Bank RD Account Eligibility and Documents Required

Eligibility: Following are the eligibility criteria for opening a Kotak Bank RD account

  • Resident Individuals, including minors
  • HUFs
  • Sole Proprietary firms
  • Partnership firms
  • Companies
  • Associations and trusts
  • NRI’s

The above entities must have a savings account with Kotak Mahindra Bank.

Deposit and account: One can open a Kotak Bank recurring deposit account with a minimum investment of INR 100 and in multiples thereafter. However, there is no limit on the maximum investment amount for Kotak Bank RD.

Documents Required:

  • PAN Card,
  • Aadhar Card,
  • Driving licence,
  • Government ID card,
  • Senior Citizen Card
  • Utility bills,
  • Passport,
  • Bank statement with cheque,
  • Certificate or ID card issued by the post office

Withdrawal: Kotak Bank allows investors to prematurely withdraw their RD investment, however, with a penalty. The bank charges a penalty on the interest rate where the interest rate will be paid lower than the prevailing rate on the date of deposit or at the contracted rate.

Nomination: Kotak Bank RDs have a nomination facility where the account holder can nominate beneficiaries.

Types of Kotak Bank Recurring Deposit Schemes

Kotak Bank offers the following recurring deposit schemes:

Recurring Deposits

  • Tenure: 6 months – 120 months (in multiples of 3 months)
  • Minimum Deposit Amount: INR 100, and in multiples of it thereafter.
  • Maximum Deposit Amount: No limit
  • Tax Deducted at Source: Applicable
  • Nomination Facility: Available
  • Premature closure: Available, however, with a penalty of lower interest rate or contracted interest rate.
  • Penalty for late deposits: If the instalment is delayed beyond the stipulated due date + 5 days grace period, then penalty interest for the entire month is levied. Also, a delayed penalty charge of an additional 2% is applicable. 

Conclusion

Kotak Bank RDs are considered a good investment for investors who can save small amounts of money regularly. Recurring deposits are low risk investments as they offer guaranteed returns. Therefore, it is best suited for investors who prefer fixed returns from their investments. However, one has to consider the taxes levied on the interest earned on Kotak Bank RD investments.

Frequently Asked Questions

What are the limits on the minimum and maximum deposits?

The minimum deposit amount for Kotak RD is INR 100 per month. And, there is no maximum amount of investment in Kotak bank RD.

Can I open a recurring deposit account for a minor?

Yes, one can open a Kotak RD account on behalf of a minor.

How to apply for Kotak Bank RD?

One can open a Kotak Bank RD account through offline and online modes. For online mode, one has to visit the Kotak website. And for offline mode, one has to visit the nearest branch of Kotak Bank.
To be able to invest in Kotak Bank RD, one needs to have all valid documents. They need to have a Kotak RD application form, duly filled and signed and passport-size photographs. For ID proof, they need a PAN card, Aadhar card, voter ID, and driving licence and for proof of residence, they need an Aadhar card, utility bills, and a driving licence. For age proof, they need a birth certificate, matriculation certificate, and PAN card. 

Is it possible to renew an RD account?

Yes, it is possible to renew a Kotak Bank RD account. However, the renewal is possible as per Kotak Bank norms and rules.

Resources

  1. Kotak Mahindra Mutual Funds
  2. Kotak SIP Calculator
  3. Kotak Fixed Deposit
  4. Kotak FD Calculator
  5. Kotak Savings Account