Know About Kotak Bank FD Interest Rates
Kotak Mahindra Bank offers you an attractive fixed deposit interest rate along with a wide range of terms that you can choose as per your requirement and convenience, enabling you to achieve money-saving goals faster with more flexibility and safety options. Investing in a Kotak Mahindra Bank Fixed Deposit offers you a safe and secure investment option along with an effective way to transform all your desires and dreams into fruition, no matter whether you want to save for a grand vacation or for the higher education of your child.
What are Fixed Deposits ?
A fixed deposit (FD) is an investment option, which is offered by many banks and non-banking financial companies (NBFC) to their customers. You may invest a specific sum of your money for a fixed tenure at a predetermined interest rate through an FD. FD interest rate may vary from one financial organization/bank to another, although it is usually relatively higher than the interest offered on the savings accounts of the same.
What are the Benefits of Fixed Deposits ?
Fixed Deposit comes with many benefits and advantages over any other investment schemes, making it one of the safest investment options which you can opt for to save your money. When you opt for a Fixed Deposit investment option, you actually bag many perks and benefits, including:
- An assured return
- You may have the option of availing the facility of an Overdraft against Fixed Deposit Flexible tenure options, depending on the tenure of your Fixed Deposit.
- Hassle-free and easy online application procedure which enables you to get started with your Fixed Deposit account in minimal time
- High Liquidity option providing you a choice of premature withdrawal of your fixed Deposit with an applicable penalty, subject to applicable terms and conditions
Must Read : SBI Bank FD Interest Rates
Kotak Mahindra Bank FD Rates
Interest rates for Domestic / NRO / NRE FDs:
- Investment amount: Less than Rs 2 crore
- Investment tenure: 7 days - 10 years
- Customer type: Regular customers and senior citizens
- w.e.f. 28th April 2023
- Premature withdrawal allowed
- **: Senior Citizens' rate not applicable on NRO/NRE deposits
- Acceptance of deposits of Rs 5 crore and above is only at the discretion of the Bank
Also Read : Shriram Transport Finance FD Rates
Revised Kotak Bank Fixed Deposit Interest Rates April 2023
Check out the latest Kotak Bank FD rates for senior citizens and the general public for deposits below Rs. two crores.
| Period | Per Annum Interest Rates for Regular customers (w.e.f. 28th April 2023) | Per Annum Interest Rates for Senior Citizens (w.e.f. 28th April 2023) |
| 7 - 14 Days | 2.75 | 3.25 |
| 15 - 30 Days | 3.00 | 3.50 |
| 31 - 45 Days | 3.25 | 3.75 |
| 46 - 90 Days | 3.50 | 4.00 |
| 91 - 120 Days | 4.00 | 4.50 |
| 121 - 179 days | 4.25 | 4.75 |
| 180 Days | 6.50 | 7.00 |
| 181 Days to 269 Days | 5.75 | 6.25 |
| 270 Days | 6.00 | 6.50 |
| 271 Days to 363 Days | 5.75 | 6.25 |
| 364 Days | 6.25 | 6.75 |
| 365 Days to 389 Days | 7.00 | 7.50 |
| 390 Days (12 months 25 days) | 7.20 | 7.70 |
| 391 Days - Less than 23 Months | 7.20 | 7.70 |
| 23 Months | 7.00 | 7.50 |
| 23 months 1 Day- less than 2 years | 7.00 | 7.50 |
| 2 years- less than 3 years | 6.50 | 7.00 |
| 3 years and above but less than 4 years | 6.50 | 7.00 |
| 4 years and above but less than 5 years | 6.25 | 6.75 |
| 5 years and above upto and inclusive of 10 years | 6.25 | 6.75 |
Fixed Deposits Interest Rates for Domestic / NRO / NRE
- Simple interest rates
- Investment amount: Rs 2 crore and above
- Investment tenure: 7 days - 7 years
- w.e.f. 26th December 2022
- Premature withdrawal allowed
- Acceptance of deposits of Rs 5 crore and above is only at the discretion of the Bank
The below Kotak Bank fixed deposit interest rates are applicable from 28th April 2023.
| Period (Premature Withdrawal Allowed) | Rs. 2 Crore - below Rs. 5 Crores | Rs. 5 Crores - below Rs. 10 Crores | Rs. 10 Crores - below Rs. 25 Crores | Rs. 25 Crores & above |
| 7 - 14 Days | 4.00 | 4.50 | 4.50 | 4.50 |
| 15 - 30 Days | 4.00 | 4.75 | 4.75 | 4.75 |
| 31 - 45 Days | 4.50 | 5.50 | 5.50 | 5.50 |
| 46 - 60 Days | 4.75 | 5.75 | 5.75 | 5.75 |
| 61 - 90 Days | 5.25 | 6.00 | 6.00 | 6.25 |
| 91 - 120 Days | 5.50 | 6.60 | 6.60 | 6.60 |
| 121 - 179 Days | 6.00 | 6.60 | 6.60 | 7.00 |
| 180 Days | 7.00 | 6.65 | 6.65 | 7.00 |
| 181 Days to 270 Days | 6.50 | 6.75 | 6.75 | 7.00 |
| 271 Days to 279 Days | 5.50 | 5.50 | 5.50 | 5.50 |
| 280 Days ‐ 364 days | 6.75 | 6.90 | 7.00 | 7.00 |
| 365 Days ‐ Less Than 15 Months | 7.25 | 7.30 | 7.35 | 7.35 |
| 15 months - less than 18 months | 7.25 | 7.25 | 7.35 | 7.35 |
| 18 months - less than 2 Years | 7.25 | 7.25 | 7.25 | 7.25 |
| 2 years and above but less than 3 years | 7.00 | 6.80 | 6.80 | 7.00 |
| 3 years and above but less than 4 years | 6.50 | 6.50 | 6.50 | 6.50 |
| 4 years and above but less than 5 years | 6.25 | 6.40 | 6.40 | 6.40 |
| 5 years and above upto & inclusive of 7 years | 6.25 | 6.25 | 6.25 | 6.25 |
Kotak FD Interest Rates for Domestic/ NRO / NRE effective from 28th April 2023. The Rates are subject to change from time to time.
Source : Kotak Bank
Interest rates for Domestic / NRO/ NRE fixed deposits
- Simple interest rates
- Investment amount: Rs 2 crore and above
- w.e.f. 28th April 2023
- Premature withdrawal not allowed
- Auto Renew option: Not available
- Monthly Interest Pay-out option: Not available
The below Kotak Bank fixed deposit interest rates are applicable from 28th April 2023.
| Period (Premature Withdrawal Not Allowed) | Rs. 2 Crore - below Rs. 5 Crores | Rs. 5 Crores - below Rs. 10 Crores | Rs. 10 Crores - below Rs. 25 Crores | Rs. 25 Crores & above |
| 91 - 120 Days | NA | 6.85 | 7.00 | 7.10 |
| 121 - 179 Days | NA | 6.90 | 7.00 | 7.15 |
| 180 Days | NA | 7.15 | 7.25 | 7.25 |
| 181 Days to 270 Days | 6.80 | 7.25 | 7.30 | 7.30 |
| 271 Days to 279 Days | 6.00 | 6.00 | 6.00 | 6.00 |
| 280 Days ‐ 364 days | 7.15 | 7.45 | 7.40 | 7.40 |
| 365 days ‐ Less Than 15 Months | 7.55 | 7.55 | 7.55 | 7.55 |
| 15 months - less than 18 months | 7.50 | 7.50 | 7.60 | 7.60 |
| 18 months - less than 2 Years | 7.40 | 7.40 | 7.50 | 7.50 |
| 2 years and above but less than 3 years | 7.20 | 7.20 | 7.25 | 7.25 |
Penalty on premature withdrawal of Fixed Deposit
| Tenure of Fixed Deposit | Penalty (%) |
| Less than 181 days | - |
| 181 days and above | 0.50% |
Revised Penalty on Premature Withdrawal of Kotak Mahindra Bank Fixed Deposit
w.e.f 28th April 2023, Kotak Mahindra Bank has revised its penal charges on premature withdrawal of FDs. The payable interest rate will be the lower of the prevailing interest rate on the date of deposit based on the period for which the deposit or withdrawn amount was held with the bank, and the contracted rate. This will be calculated after deducting the applicable penal charges for the premature withdrawal. Please check the below table for the revised penalty on premature withdrawal of Kotak Mahindra Bank FD.
Frequently Asked Questions about Kotak Mahindra Bank FD Rates
Q. Can I start a Kotak Mahindra Bank FD online ?
A. Yes. Kotak Mahindra Bank offers a gamut of services online, and amongst these is fixed deposit opening service. You can start your FD and earn amazing Kotak Mahindra Bank FD interest rates by depositing amount through net banking or mobile banking facility.
Q. What is new FD rates in Kotak Bank ?
A. Avail higher Fixed Deposit rates at 8.00 % p.a.* for tenor 12 months 25 days to less than 2 years.
Q. What is the maximum Kotak Mahindra Bank FD interest rate for senior citizens and the general public ?
A. While the general public can earn up to 6.10 per cent interest on their Kotak Mahindra Bank fixed deposit, senior citizens get up to 7.80 per cent interest on their FDs of less than Rs. two crores.
Q. What is the minimum and maximum duration for Kotak Mahindra Bank fixed deposit ?
A. You can create an FD for seven days to ten years with Kotak Mahindra Bank. The applicable interest rate depends on the tenure as well as the amount of deposit.
Q. What is the minimum and maximum amount for Kotak Mahindra Bank fixed deposit ?
A. While the minimum amount to create a Kotak Mahindra Bank fixed deposit is Rs. 5,000, there is no maximum limit for a Kotak Bank FD.
Q. How to open an FD account with Kotak Mahindra Bank ?
A. You can open a Kotak Bank fixed deposit online or by visiting a Kotak Mahindra Bank branch near you.
Q. When did the Kotak Mahindra bank FD rates 2022 come into effect ?
A. The revised rates mentioned above came into effect on 26th December 2022.
Q. Who is eligible to open a Fixed Deposit account in Kotak Mahindra Bank ?
A. At Kotak Mahindra Bank, the eligibility criteria are very flexible. Any of the following can avail the option of opening a Fixed Deposit account:
- Indian citizen
- NRI
- Senior citizen
- Member of HUF
- Any minor (under guardianship)
Q. Why should one invest in Kotak Mahindra Bank Fixed Deposits (FDs) ?
A. Kotak Mahindra Bank looks forward to a long-term association with its customers. They offer various benefits and comes with unique features providing one:
- Attractive and assured interest rates on their savings
- Flexible tenure as per one’s convenience
- Premature withdrawal option with minimal penalty as compared to other peer banks
- Hassle-free application procedure to get started with FD
Also Read :
ICICI Bank FD Interest Rates 2023