Kotak Mahindra Bank FD rates range from 2.50% to 6.14%, depending on the individuals and the type of scheme. Senior citizens are offered the additional benefit of a better interest rate levied on their FD accounts. Recently, Kotak Bank FD rates have been updated. So, if you are planning to open an FD account with the bank, then you must first know about the interest rates levied on them and determine which FD scheme suits you the best.
Let’s dig in to find out the latest Kotak FD interest rates, how to apply for FD account opening with Kotak Bank, documents required, eligibility criteria, features and more.
Table of contents
- Kotak Mahindra Bank Fixed Deposit
- Kotak Mahindra Bank Fixed Deposit Rates
- Kotak Mahindra Bank NRI FD Rates
- Kotak Mahindra Bank Senior Citizen FD Rates
- Features and Benefits of Kotak Mahindra Fixed Deposit Account
- Eligibility Criteria for Opening a Fixed Deposit Account with Kotak Mahindra Bank
- Documents Required for Kotak Mahindra Bank Fixed Deposit Account
- How to Open a Kotak Mahindra Bank FD Deposit Account?
- Kotak Mahindra Bank Loan Against FD
- Kotak Mahindra Bank Fixed Deposit Schemes
- How to Close Kotak Mahindra Bank FD?
Kotak Mahindra Bank Fixed Deposit
Kotak Mahindra Bank Fixed Deposit is one of the peerless and imperative investment products of Kotak Mahindra. Usually, it is one of the most preferred choices for fixed depositors in India.
The bank gives you a plethora of tenure options to choose from. Moreover, the interest rate offered on the deposits are quite alluring.
Besides this, the bank also renders several fixed deposit products for Non-resident Indians (NRIs), including Non-residential External (NRE) and Foreign Currency Non-Resident Account (FCNR).
Kotak Mahindra allows FCNR fixed deposits in British Pound Sterling (GBP), US Dollars (USD), Singapore Dollar (SGD), Australia Dollar (AUD) and Japanese Yen (YEN).
It encompasses a number of fixed deposit schemes ranging from high Kotak FD rates to common individuals and senior citizens for 7 days to 10 years. Let us have a glance through the current Kotak Mahindra Bank FD rates.
Kotak Mahindra Bank Fixed Deposit Rates
Kotak Bank FD rates keep changing from time to time, depending on the prevailing market conditions. Moreover, Kotak FD interest rates depend on the tenure and the amount of the deposit.
Given below are the tables representing Kotak fixed deposit rates for different categories.
Kotak Mahindra Bank Domestic FD Interest Rates – Below Rs 2 Crore
Kotak Bank FD interest rates given below are effective from 23rd February 2023 and allow premature withdrawal.
Note: The rates are subject to change from time to time.
| Maturity Periods | Less than Rs 2 Crore | Annualised Yield |
| 7 – 14 Days | 2.50% | 2.50% |
| 15 – 30 Days | 2.50% | 2.50% |
| 31 – 45 Days | 2.75% | 2.75% |
| 46 – 90 Days | 2.75% | 2.75% |
| 91 – 120 Days | 3.00% | 3.00% |
| 121 – 179 days | 3.25% | 3.25% |
| 180 Days | 4.40% | 4.40% |
| 181 Days to 269 Days | 4.40% | 4.45% |
| 270 Days | 4.40% | 4.45% |
| 271 Days to 363 Days | 4.40% | 4.45% |
| 364 Days | 4.50% | 4.55% |
| 365 Days to 389 Days | 4.90% | 4.99% |
| 390 Days (12 months 25 days) | 5.10% | 5.20% |
| 391 Days – Less than 23 Months | 5.10% | 5.20% |
| 23 Months | 5.10% | 5.20% |
| 23 months 1 Day- less than 2 years | 5.10% | 5.20% |
| 2 years- less than 3 years | 5.20% | 5.30% |
| 3 years and above but less than 4 years | 5.45% | 5.56% |
| 4 years and above but less than 5 years | 5.45% | 5.56% |
| 5 years and above up to and inclusive of 10 years | 5.50% | 5.61% |
Kotak Mahindra Bank Tax Saving FD Rates
The Kotak Mahindra Tax Saving Fixed Deposit offers you triple-decker benefits – tax savings, attractive interest rates and safety. This will help you make the most of your idle funds while giving you impressive returns.
Kotak Mahindra Bank Domestic Term Deposit FD Rates between Rs 2 Crore and Rs 10 Crore
If you have a fixed deposit of ₹ 2 Crores or between ₹ 2 Crores and ₹ 10 Crores, then you will get the following interest rates for certain maturity periods:
| Maturity Period | Rs 2 Crore & above but below Rs 5 Crores # | Rs 5 Crores & above but below Rs 10 Crores |
| 7 – 14 Days | 2.50% | 2.65% |
| 15 – 30 Days | 2.50% | 2.90% |
| 31 – 45 Days | 2.75% | 3.25% |
| 46 – 60 Days | 2.75% | 3.25% |
| 61 – 90 Days | 3.00% | 3.25% |
| 91 – 120 Days | 3.25% | 3.75% |
| 121 – 179 Days | 3.25% | 3.90% |
| 180 Days | 4.10% | 4.00% |
| 181 Days to 270 Days | 4.10% | 4.05% |
| 271 Days to 279 Days | 2.90% | 2.90% |
| 280 Days to Less than 12 Months | 4.10% | 4.10% |
| 12 months – less than 15 months | 4.40% | 4.25% |
| 15 months – less than 18 months | 4.40% | 4.30% |
| 18 months – less than 2 Years | 4.40% | 4.30% |
| 2 years and above but less than 3 years | 4.60% | 4.40% |
| 3 years and above but less than 4 years | 4.70% | 4.50% |
| 4 years and above but less than 5 years | 4.70% | 4.50% |
| 5 years and above up to and inclusive of 7 years | 4.70% | 4.50% |
Kotak Mahindra Bank on Term Deposits Above Rs 10 Crore
| Maturity Period | Rs 10 Crores & above but below 25 Crores |
| 7 – 14 Days | 2.75% |
| 15 – 30 Days | 3.00% |
| 31 – 45 Days | 3.35% |
| 46 – 60 Days | 3.35% |
| 61 – 90 Days | 3.50% |
| 91 – 120 Days | 3.75% |
| 121 – 179 Days | 3.90% |
| 180 Days | 4.00% |
| 181 Days to 270 Days | 4.05% |
| 271 Days to 279 Days | 2.90% |
| 280 Days to Less than 12 Months | 4.20% |
| 12 months – less than 15 months | 4.25% |
| 15 months – less than 18 months | 4.30% |
| 18 months – less than 2 Years | 4.30% |
| 2 years and above but less than 3 years | 4.40% |
| 3 years and above but less than 4 years | 4.50% |
| 4 years and above but less than 5 years | 4.50% |
| 5 years and above up to and inclusive of 7 years | 4.50% |
Kotak Mahindra Bank NRI FD Rates
Kotak Mahindra Bank NRI FD account offers a range of deposits with attractive rates of interest, a wide range of products to choose from and more. Glance through various NRI FD Rates of Kotak Mahindra Bank.
Kotak Mahindra Bank Interest Rate for NRE Deposits
The NRE Fixed Deposit interest rates given below are effective from March 9, 2023.
| Maturity Period – Premature Withdrawal Allowed | Rs 2 Crore & above but below Rs 5 Crores | Rs 5 Crores & above but below Rs 10 Crores | Rs 10 Crores & above but below 25 Crores |
| 12 Months – Less than 15 Months | 4.50% | 4.50% | 4.50% |
| 15 Months – Less than 18 Months | 4.50% | 4.50% | 4.50% |
| 18 Months – Less than 2 Year | 4.50% | 4.50% | 4.50% |
| 2 Year – Less than 3 Year | 4.60% | 4.60% | 4.60% |
| 3 Year – Less than 4 Year | 4.70% | 4.60% | 4.60% |
| 4 Year – Less than 5 Year | 4.70% | 4.60% | 4.60% |
| 5 Year – Up to & inclusive of 7 Year | 4.70% | 4.60% | 4.60% |
Kotak Mahindra Bank NRO FD Rates: Rs 2 Crore to Rs 10 Crore
The given NRO FD rates are effective from 9th March 2023.
| Maturity Period – Premature Withdrawal Allowed | Rs 2 Cr & above but below Rs 5 Cr | Rs 5 Cr & above but below Rs 10 Cr | Rs 10 Cr & above but below 25 Cr |
| 7 – 14 Days | 2.50% | 2.65% | 2.75% |
| 15 – 30 Days | 2.50% | 2.90% | 3.00% |
| 31 – 45 Days | 2.75% | 3.25% | 3.35% |
| 46 – 60 Days | 2.75% | 3.25% | 3.35% |
| 61 – 90 Days | 3.00% | 3.25% | 3.50% |
| 91 – 120 Days | 3.25% | 3.75% | 3.75% |
| 121 – 179 Days | 3.25% | 3.90% | 3.90% |
| 180 Days | 4.10% | 4.00% | 4.00% |
| 181 Days to 270 Days | 4.10% | 4.05% | 4.05% |
| 271 Days to 279 Days | 2.90% | 2.90% | 2.90% |
| 280 Days to Less than 12 Months | 4.10% | 4.10% | 4.20% |
| 12 months – less than 15 months | 4.50% | 4.50% | 4.50% |
| 15 months – less than 18 months | 4.50% | 4.50% | 4.50% |
| 18 months – less than 2 Years | 4.50% | 4.50% | 4.50% |
| 2 years and above but less than 3 years | 4.60% | 4.60% | 4.60% |
| 3 years and above but less than 4 years | 4.70% | 4.60% | 4.60% |
| 4 years and above but less than 5 years | 4.70% | 4.60% | 4.60% |
| 5 years and above upto & inclusive of 7 years | 4.70% | 4.60% | 4.60% |
Kotak Mahindra Bank FCNR (B) Interest Rates
FCNR (Foreign Currency Non-Resident Deposit) lets you deposit up to 6 foreign currencies and safeguard them from the exchange rate risk. FCNR interest rates given below remain effective from 1st March 2023.
| Maturity | USD (< 0.5 mio) | USD (≥ 0.5 mio) | GBP | EURO | YEN | AUD | SGD |
| One year and above but less than two years | 0.75% | 0.60% | 0.70% | 0.00% | 0.00% | 0.15% | 0.20% |
| Two years and above but less than three years | 0.75% | 0.50% | 0.45% | No Quote | 0.00% | 0.40% | 0.05% |
| Three years and above but less than four years | 0.80% | 0.50% | 0.35% | No Quote | No Quote | No Quote | No Quote |
| Four years and above but less than five years | 0.80% | 0.50% | No Quote | No Quote | No Quote | No Quote | No Quote |
| Five years only | 0.80% | 0.50% | No Quote | No Quote | No Quote | No Quote | No Quote |
Kotak Mahindra Bank RFC Deposit Rates
The RFC (Resident Foreign Currency) deposit rates are effective from March 1, 2023. Non-Resident Indians who have returned to India on or after 18th April 1992 are eligible to apply under this scheme.
| Maturity | USD (< 0.5 mio) | USD (≥ 0.5 mio) | GBP | EURO | YEN | AUD | SGD |
| 30 days – Less than 6 months | 0.25% | 0.25% | 0.30% | 0.00% | 0.00% | 0.30% | No Quote |
| 6 months – Less than 1 Year | 0.45% | 0.45% | 0.40% | 0.00% | 0.00% | 0.35% | No Quote |
| 1 Year-Less than 2 years | 0.75% | 0.60% | 0.70% | 0.00% | 0.00% | 0.15% | 0.20% |
| 2 Years-Less than 3 Year | 0.75% | 0.50% | 0.45% | No Quote | 0.00% | 0.40% | 0.05% |
| 3 Years Only | 0.80% | 0.50% | 0.35% | No Quote | No Quote | No Quote | No Quote |
Kotak Mahindra Bank Senior Citizen FD Rates
Senior citizens with fixed deposit accounts in Kotak Mahindra Bank get additional benefits on the interest rates compared to regular individuals. Below are Kotak Bank FD interest rates for senior citizens effective from 23rd February 2022 and allow premature withdrawal.
Kotak Mahindra Bank FD Rates for Deposits Less Than Rs 2 Crore
Given below are the Kotak Bank FD interest rates for senior citizens that are effective from 23rd February 2023 and allow premature withdrawal.
Note: The rates are subject to change from time to time.
| Maturity Periods | Less than Rs.2 Crore | Annualised Yield |
| 7 – 14 Days | 3.00% | 3.00% |
| 15 – 30 Days | 3.00% | 3.00% |
| 31 – 45 Days | 3.25% | 3.25% |
| 46 – 90 Days | 3.25% | 3.25% |
| 91 – 120 Days | 3.50% | 3.50% |
| 121 – 179 days | 3.75% | 3.75% |
| 180 Days | 4.90% | 4.90% |
| 181 Days to 269 Days | 4.90% | 4.96% |
| 270 Days | 4.90% | 4.96% |
| 271 Days to 363 Days | 4.90% | 4.96% |
| 364 Days | 5.00% | 5.06% |
| 365 Days to 389 Days | 5.40% | 5.51% |
| 390 Days (12 months 25 days) | 5.60% | 5.72% |
| 391 Days – Less than 23 Months | 5.60% | 5.72% |
| 23 Months | 5.60% | 5.72% |
| 23 months 1 Day- less than 2 years | 5.60% | 5.72% |
| 2 years- less than 3 years | 5.70% | 5.82% |
| 3 years and above but less than 4 years | 5.95% | 6.08% |
| 4 years and above but less than 5 years | 5.95% | 6.08% |
| 5 years and above up to and inclusive of 10 years | 6.00% | 6.14% |
Kotak Mahindra Bank FD Rates for Deposits More than Rs 2 Crore
Kotak Mahindra Bank FD rates for more than ₹ 2 Crore deposits for senior citizens are not applicable right now. However, it is at the discretion of the bank. It can and cannot allow FD of the amount above ₹ 2 Crores based on various parameters such as your financial history, etc.
Features and Benefits of Kotak Mahindra Fixed Deposit Account
The bank offers its customers appealing fixed deposit interest rates along with various tenures to choose from. So that customers can meet money-saving goals faster with better security and more flexibility.
Besides these, there are various other features of the Kotak Mahindra Fixed Deposit Account that customers can benefit from. They are as follows:
- Attractive interest rates by the bank help customers grow their money.
- You can start a fixed deposit as low as ₹ 5,000.
- The customers get the flexibility of choosing to obtain interests monthly, quarterly or annually. Or they can also opt to keep it invested until maturity.
- A fixed deposit with terms ranging from 7 days to 10 years is available.
- Kotak Fixed Deposit allows liquidity through a Sweep-in facility.
- You can invest in the Kotak Mahinda fixed deposit account via its Net Banking and Mobile Banking facility.
- The bank permits premature or partial withdrawal of fixed deposits.
- Kotak Mahindra Bank also offers a nomination facility for fixed depositors.
- Overdraft facility against the Kotak Bank Fixed Deposit account is available.
- With Kotak Mahindra Fixed Deposit, you get the flexibility of keeping your financial portfolio diversified.
Eligibility Criteria for Opening a Fixed Deposit Account with Kotak Mahindra Bank
Kotak Mahindra Bank has set minimal eligibility criteria for opening a fixed deposit account.
- You must be an Indian National or an NRI
- A senior citizen
- A member of a Hindu Undivided Family (HUF)
- Minors (under the guardianship of somebody above the age of 18 years).
Documents Required for Kotak Mahindra Bank Fixed Deposit Account
While applying for opening Fixed Deposit Account with Kotak Mahindra Bank, you must furnish the following documents:
- Identity proof such as PAN Card, Passport, Driving Licence, Aadhaar Card, and Voter’s ID.
- Address proof such as Driving Licence, Passport, Voter’s ID, Aadhaar Card, Bank Account Passbook, Bank Statement, Utility Bill (Updated and shouldn’t be more than 3 months old).
- Signature proof such as Passport, Driving Licence and PAN Card.
- 4 copies of the latest passport size photographs
How to Open a Kotak Mahindra Bank FD Deposit Account?
You can open a fixed deposit account with Kotak Mahindra Bank either online or offline. In the online process, you can opt for either net banking or mobile banking method. Given below are different processes for opening a Kotak Bank FD account.
FD Account Opening Using Net Banking Method
To open a Kotak Bank Fixed Deposit account using the net banking method, follow the steps as described below:
Step 1: Visit the official website of Kotak Mahindra Bank and login to the Netbanking account using CRN, Card Number or User ID.
Step 2: Hover over the “Investment’ option in the menu bar, choose the ‘Open a Fixed/Recurring Deposit’ option.
Step 3: Furnish all the necessary details in the application form and provide payment and maturity instructions. Provide the nominee details as well.
Step 4: Review the details and click on the ‘Submit’ option. You will be notified upon successful FD account opening.
Using the Phone Banking Method
Follow the steps given below to open an FD account via Kotak Bank Mobile App:
Step 1: Download the Kotak Banking App and log in using CRN number, User ID and password as provided by the bank.
Step 2: Navigate to the ‘Investment’ section, choose the ‘Open a Fixed/Recurring Deposit’ option.
Step 3: Furnish all the necessary details in the application form and provide payment and maturity instructions. Provide the nominee details as well.
Step 4: Review the details and click on the ‘Submit’ option. You will be notified upon successful FD account opening.
Opening Kotak FD Account Offline
In this method, you need to visit the nearest Kotak Bank branch. Ask for the Kotak Bank FD application form, fill it up and submit it with all the relevant documents and the deposit amount.
After scrutinising the application and documents thoroughly, the bank will provide the FD receipt.
Kotak Mahindra Bank Loan Against FD
The sole purpose of investing in securities is to grow money. But sometimes, when we have an emergency and need funds, we usually end up selling them. By doing so, we reduce our earnings and miss out on any future opportunities that may ensue.
Therefore, to ensure you meet your short-term financial goals, Kotak Mahindra offers a Loan against FD Securities. Opting for it could be a wiser choice as you won’t have to sell your stocks or securities in haste.
Furthermore, the interest rates on loans against securities are much lower in comparison to a personal loan. You get access to instant liquidity and online access to funds.
Kotak Mahindra Bank Fixed Deposit Schemes
Kotak Mahindra Bank offers four different types of fixed deposit schemes. They are as follows:
- Regular Fixed Deposit
- Tax Saving Fixed Deposit
- Senior Citizen Fixed Deposit
- Ace Fixed Deposit
Regular Fixed Deposit
The regular fixed deposit scheme helps depositors earn higher returns compared to the idle cash in the savings account.
The maturity period for such FD schemes ranges from 7 days to 10 years. To maintain liquidity, the scheme offers a sweep-in facility. It also allows partial withdrawals and premature closure of the account.
An overdraft facility against the regular fixed deposit is also available. You can either choose to have cumulative or non-cumulative (monthly or quarterly) interest payments.
If you are a sole proprietorship firm, an Indian citizen and a member of HUFs, you can open a regular fixed deposit account.
Tax Saving Fixed Deposit
Tax saving fixed deposit scheme helps you save tax under Section 80 C of the Income Tax Act, 1961, on amounts ranging from ₹ 100 to ₹ 1.5 lakh. A minimum booking period of 5 years and a maximum of 10 years is allowed.
Unlike regular deposits, partial or premature withdrawal isn’t allowed before the 5 years of the lock-in period. You can either opt for receiving interests quarterly or keep them invested until maturity. Tax saving products for senior citizens are available in this scheme.
Senior Citizen Fixed Deposit
As the name suggests, this scheme is specifically designed for senior citizens of society. It offers attractive interest rates to them and allows a low deposit of ₹ 5,000.
Premature and partial withdrawal, liquidity through the sweep-in facility, nomination, and overdraft facility against the fixed deposit are allowed in this scheme.
The term of the senior citizen fixed deposit account varies from 7 days to 10 years. The depositor can choose to receive interest either monthly or quarterly or get it compounded until the maturity date.
Ace Fixed Deposit
The Ace fixed deposit allows investors to earn significant returns. The scheme earns interests from the FD in equity mutual funds through Systematic Investment Plans (SIPs). Nomination and overdraft facilities are available under this scheme.
The Ace Fixed Deposit allows premature encashment, but it will attract a penalty. Interests earned from the equity investments are not taxable. Also, you can redeem it after one year of investment.
The best thing about this scheme is that you can make free cash withdrawals at any Kotak Bank ATM across the country. You get free access to all domestic VISA ATMs.
How to Close Kotak Mahindra Bank FD?
You can close the Kotak Mahindra Bank FD account either on maturity or before maturity. The process for account closure in both situations differs. We have described both the processes in detail:
Closing Your Kotak Mahindra Bank Fixed Deposit Account on Maturity
If your fixed deposit account has reached its maturity date, you can close it without any hassle. Simply, enter your User ID and password to log in to the net banking account or use the mobile banking method for the same.
Once it is closed, the matured fund will be transferred to the savings/current account that you chose during the application process. Or you can also visit the Kotak Mahindra Branch and request them to close your FD account.
Closing Your Kotak Mahindra Bank Fixed Deposit Account Before Maturity
The process of closing an FD account before maturity is almost the same as the aforementioned procedure but with an exception. Unlike the above process, you have to inform your bank 24-48 hours earlier since that is when you will get the money transferred to the account.
| Note:
You won’t get any interest on the premature withdrawal of cash. You will only receive the principal amount. If you choose a fixed deposit for a term of more than six months, then you will have to pay a penalty of 0.50% on the interest rate. |
In case you wish to close the account using the Net Banking or Phone Banking method, follow these below-mentioned steps:
Step 1: Log in to the Net Banking or Phone Banking Kotak account.
Step 2: Choose the ‘Fixed/Recurring Deposits’ option.
Step 3: Select the ‘Premature withdrawal of FD’ option.
Step 4: Once done, you will get the principal amount transferred to your preferred savings/current account.
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Frequently Asked Questions (FAQ’s)
What is the rate of interest for fixed deposits with Kotak Bank?
The interest rate for Kotak Bank’s fixed deposit account differs with maturity period, type of depositor, deposit amount, etc. For example, the rates of interest are higher for senior citizens in comparison to Indian residents under 60 years of age.
Does any alteration or enhancement in my deposit portfolio affect TDS liability?
Every time the bank re-invests or pays interest at the time of the financial year, TDS is deducted. It is also deducted on unpaid interest accrued when the financial year ends.
Can we withdraw our FD amount before maturity?
Yes, Kotak Mahindra Bank offers an option for premature withdrawal from fixed deposit accounts in certain cases.
What are the minimum and maximum amounts we can deposit in a Kotak Bank fixed deposit account?
At Kotak Mahindra Bank, you can begin with a minimum deposit amount of ₹ 5,000. However, there aren’t any maximum amount limits for the fixed deposit account.
What is the highest Kotak Bank FD rate?
At present, the highest Kotak Mahindra Bank FD rates for regular individuals are 5.50% and for senior citizens, it is 6.00%.
Who all are eligible to open a Kotak Bank fixed deposit account?
Individuals, senior citizens, HUFs, NRIs and guardians on behalf of minors can open a Kotak FD account.
