|Tenure||Normal Citizen RD Rate||Senior Citizen RD Rate|
|3 Months to 6 Months||4.00%||4.50%|
|6 Months to 9 Months||4.25%||4.75%|
|9 Months to 1 Year||7.00%||7.50%|
|1 Year to 2 Years||7.10%||7.60%|
|2 Years to 3 Years||7.00%||7.50%|
|3 Years to 5 Years||6.50%||7.00%|
|5 Years to 10 Years||6.20%||6.70%|
Note: All interest rates shown above are as on 1st November 2023
6 Months -10 Year
Public Interest Rates
4.00% to 7.10%
Senior Citizen Interest Rates
4.50% to 7.60%
Minimum Deposit Amount
Highest Rates for Public
Highest Rates for Senior Citizen
|Investment Amount||For 3 years with interest of 6.50%||For 5 years with interest of 6.20%|
|₹ 50,000||₹ 1,51,622||₹ 2,53,882|
|₹ 1 lakh||₹ 3,03,244||₹ 5,07,763|
|₹ 2 lakh||₹ 6,06,488||₹ 10,15,527|
|₹ 5 lakh||₹ 15,16,221||₹ 25,38,817|
|₹ 10 lakh||₹ 30,32,442||₹ 50,77,633|
|Maturity Amount||₹ 3,03,244||₹ 3,02,621|
|Total Investment Amount||₹ 3,00,000||₹ 3,00,000|
|Total Interest Gained||₹3,244||₹ 2,621|
|Bank Name||RD Interest Rates|
|Punjab National Bank||4.40% to 6.50%|
|City Union Bank||5.75% to 6.50%|
|BOI Bank||4.50% to 6.50%|
|Canara Bank||5.25% to 6.90%|
|Indian Bank||3.50% to 6.70%|
|BOB Bank||4.50% to 7.05%|
|Central Bank of India||4.50% to 6.75%|
|Karur Vysya Bank||6.00% to 7.00%|
|Union Bank of India||4.30% to 6.70%|
|Tamilnad Mercantile Bank||5.75% to 7.00%|
|Karnataka Bank||5.25% to 7.00%|
|Dhanlaxmi Bank||6.50% to 6.75%|
|South Indian Bank||4.50% to 6.50%|
|Federal Bank||5.00% to 7.30%|
|Bank of Maharashtra||4.50% to 6.00%|
|Indian Overseas Bank||4.50% to 6.80%|
|UCO Bank||4.50% to 6.50%|
|RBL Bank||4.75% to 7.50%|
|State Bank of India||4.50% to 7.00%|
|IDBI Bank||4.50% to 6.80%|
|Axis Bank||4.75% to 7.10%|
|HDFC Bank||4.50% to 7.10%|
|ICICI Bank||4.75% to 7.00%|
|Indusind Bank||4.75% to 7.50%|
|Yes Bank||5.00% to 7.75%|
|Bandhan Bank||4.50% to 7.25%|
|IDFC First Bank||5.00% to 7.50%|
|Equitas Small Finance Bank||7.25% to 8.20%|
|Capital Small Finance Bank||4.75% to 7.15%|
|Ujjivan Small Finance Bank||4.75% to 7.50%|
|Fincare Small Finance Bank||5.75% to 8.25%|
|ESAF Small Finance Bank||5.25% to 8.50%|
|North East Small Finance Bank||4.00% to 7.50%|
|Suryoday Small Finance Bank||5.00% to 8.50%|
|Utkarsh Small Finance Bank||6.50% to 8.00%|
|Jana Small Finance Bank||4.00% to 8.50%|
|DBS Bank||3.00% to 7.50%|
|Post Office||6.90% to 7.50%|
Frequently Asked Questions
What is the current interest rate of RD in Kotak Mahindra Bank?
How to open rd account in Kotak Mahindra Bank?
How to close rd in Kotak Mahindra Bank?
How to calculate maturity and interest in Kotak Mahindra Bank recurring deposit ?
What is Kotak Mahindra Bank RD interest rates for 1 year in 2023 ?
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%.
Eligibility: Following are the eligibility criteria for opening a Kotak Bank RD account
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.
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.
Kotak Bank offers the following recurring deposit schemes:
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.
The minimum deposit amount for Kotak RD is INR 100 per month. And, there is no maximum amount of investment in Kotak bank RD.
Yes, one can open a Kotak RD account on behalf of a minor.
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.
Yes, it is possible to renew a Kotak Bank RD account. However, the renewal is possible as per Kotak Bank norms and rules.