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** Disclaimer: Kotak Mahindra Bank has not partnered with Bajaj Markets. The information is intended for educational purposes only. You are advised to contact the Banks/NBFCs for additional details.

 

The Kotak Bank FD interest rates are competitive and attractive for investors. Depending on the tenor chosen and the amount deposited, the Kotak FD interest rates can range from 2.50% per annum to 6.90% per annum. In addition to the attractive fixed deposit rates at Kotak Mahindra Bank, you can also choose an investment tenor ranging from 7 days to 10 years. To plan your FD investment better, you can even make use of the Kotak FD calculator, which is a free online tool.

 

Before you make your FD investment, check out the table below for more details on the Kotak Bank FD interest rates. As you can see, the Kotak Bank FD rates for senior citizens are higher than the rates offered on regular deposits by non-senior citizens. 

Maturity Period

Interest rates on deposits less than ₹2 Crore

General

Senior Citizen

7 to 14 days

2.50%

3.00%

15 to 30 days

2.75%

3.25%

31 to 45 days

3.25%

3.75%

46 to 90 days

3.25%

3.75%

91 to 120 days

3.75%

4.25%

121 to 179 days

4.00%

4.50%

180 days

5.00%

5.50%

181 to 269 days

5.00%

5.50%

270 days

5.00%

5.50%

271 days to 363 days

5.25%

5.75%

364 days

5.50%

6.00%

365 days to 389 days

6.00%

6.50%

390 days

6.10%

6.60%

391 days to less than 23 months

6.10%

6.60%

23 months 

6.20%

6.70%

23 months and 1 day to less than 2 years

6.20%

6.70%

2 years to less than 3 years

6.20%

6.70%

3 years and above but less than 4 years

6.10%

6.60%

4 years and above but less than 5 years

6.10%

6.60%

5 years and above up to and inclusive of 10 years

6.10%

6.60%

 

Maturity Period

Interest rates on deposits of ₹2 Crores and above but less than ₹5 Crores

Interest rates on deposits of ₹5 Crores and above but less than ₹10 Crores

Interest rates on deposits of ₹10 Crores and above but less than ₹25 Crore

Interest rates on deposits of ₹25 Crores and above 

7 to 14 days

3.75%

4.25%

4.25%

4.25%

15 to 30 days

3.75%

4.25%

4.25%

4.25%

31 to 45 days

4.00%

4.75%

4.75%

4.75%

46 to 60 days

4.75%

5.00%

5.00%

5.00%

61 to 90 days

5.25%

5.40%

5.40%

5.40%

91 to 120 days

5.50%

6.00%

6.00%

6.00%

121 to 179 days

5.50%

6.00%

6.00%

6.00%

180 days

5.75%

6.10%

6.10%

6.10%

181 to 270 days

5.75%

6.25%

6.25%

6.25%

271 to 279 days

4.00%

4.50%

4.50%

4.50%

280 to 364 days

6.00%

6.50%

6.50%

6.50%

365 days to less than 15 months

6.50%

6.75%

6.75%

6.90%

15 months to less than 18 months 

6.50%

6.75%

6.75%

6.75%

18 months to less than 2 years

6.50%

6.75%

6.75%

6.75%

2 years and above but less than 3 years

6.50%

6.50%

6.50%

6.50%

3 years and above but less than 4 years

6.25%

6.40%

6.40%

6.40%

4 years and above but less than 5 years

6.25%

6.40%

6.40%

6.40%

5 years and above upto and inclusive of 7 years

6.00%

6.25%

6.25%

6.25%

Note: The above interest rates are as of October, 2022 and are applicable for retail domestic fixed deposits. They are subject to change from time to time depending on the bank’s policies.

Kotak Bank Fixed Deposit Calculator

The Kotak FD calculator is a nifty online tool that makes it easy to plan your investments and estimate how much your deposit will grow over a given investment tenor. You can estimate the interest you will earn and the maturity amount using the Kotak fixed deposit calculator. 

Deposit Amount
Tenure
Months
Interest Rate
%
Interest Payout
Your Total Maturity Amount is
Your Total Maturity Amount is
Total Investment
Total Interest Earned

Features and Benefits of Kotak Bank Fixed Deposit

Kotak Bank’s fixed deposits come with various features and benefits that you should know about before you make a deposit. Investing in a fixed deposit plan offered by Kotak Mahindra Bank can benefit you in the following ways. 

 

  • Attractive Rates of Interest

Kotak Bank FD interest rates are highly competitive, so you can rest assured that you will get guaranteed and attractive returns on your fixed deposit investment with the bank. 

 

  • Low Deposit Amounts

You need not wait to save up lakhs of rupees before opening a fixed deposit. In fact, you can invest in a fixed deposit with Kotak Mahindra Bank with as little as ₹5,000. 

 

  • Flexible Maturity Period

The maturity period for your Kotak Bank fixed deposit is also highly flexible. You can choose an investment tenor ranging from 7 days to 10 years, based on your financial requirements. 

 

  • Convenient Interest Payout Options

You can even choose to reinvest the interest till maturity or have it paid out on a regular basis. The payout frequency can be monthly or quarterly, depending on your income needs. 

 

  • Nomination Facility

With a Kotak Mahindra Bank fixed deposit, you can also assign a nominee to your FD investment account. This makes it easier for your legal heirs to access the funds in case of your absence.

 

  • Better Returns for Senior Citizens

The Kotak senior citizen FD rates are higher than the rates offered on regular deposits for non-senior citizens. So, if you are over 60 years of age, you can earn higher interest on your deposit. 

Kotak Bank FD Interest Rates for Senior Citizens and Others for up to 5 Years

The Kotak Mahindra Bank FD rates vary based on the category of investor and the tenor chosen. Check out the table below to get a better idea of the Kotak Bank FD interest rates, the interest earned and the maturity amount if you invest ₹1 Lakh for various tenors from 1 year to 5 years.

Tenor

Non-Senior Citizen

Senior Citizen

Interest Rate

Interest Earned

Maturity Amount

Interest Rate

Interest Earned

Maturity Amount

1 year

6.00%

₹6,136 

₹1,06,136

6.50%

₹6,660 

₹1,06,660

2 years

6.20%

₹13,094 

₹1,13,094

6.70%

₹14,212 

₹1,14,212

3 years

6.10%

₹19,916 

₹1,19,916

6.60%

₹21,699 

₹1,21,699

4 years

6.10%

₹27,400 

₹1,27,400

6.60%

₹29,933 

₹1,29,933

5 years

6.10%

₹35,351 

₹1,35,351

6.60%

₹38,723 

₹1,38,723

Note: The above interest rates are as of October, 2022 and are applicable for retail domestic fixed deposits. They are subject to change from time to time depending on the bank’s policies.

Eligibility Criteria and Documents Required for Opening FD in Kotak Bank

Before you open an FD with the bank, it is not just important to know the Kotak interest rates on fixed deposits. You also need to check if you satisfy the eligibility criteria to open an FD with Kotak Mahindra Bank, and be aware of the documents needed to complete the application process. Check out these details below. 

1. Eligibility Criteria

You are eligible to open a fixed deposit with Kotak Bank if you belong to any of the following categories of persons. 

 

  • Indian nationals

  • NRIs (non-resident Indians)

  • Senior citizens

  • Members of a Hindu Undivided Family (HUF)

  • Minors under guardianship

2. Documents Required

If you meet the eligibility criteria, you can apply to invest in a Kotak Bank fixed deposit. Make sure you have the following documents ready to submit along with your application. 

 

  • Identity proof (like your PAN card, driving licence, passport, voter's ID, Aadhaar card etc.)

  • Address proof (like your passport, driving licence, voter's ID, Aadhaar card, utility bill, bank statement etc)

  • Signature proof (like your PAN card, driving licence or passport)

  • 4 copies of your latest passport size photographs 

How to Open FD in Kotak Bank

You can open a fixed deposit with Kotak Mahindra Bank online or offline. If you choose to do this online, you can opt for mobile banking or internet banking. Check out the details of opening an FD with Kotak Bank below.

1. Via Mobile Banking

Here is a step-by-step guide to opening a fixed deposit on Kotak Bank’s mobile app. 

 

  • Step 1: Log into the mobile banking app. 

  • Step 2: Head to the ‘Banking’ section. 

  • Step 3: Click on the ‘Fixed/Recurring Deposits’ option.

  • Step 4: Click on ‘Open Fixed Deposit.’

  • Step 5: Enter the particulars of your investment, like the amount, the tenor and the interest payout options to book your FD. 

2. Via Internet Banking

If you wish to open a fixed deposit via Kotak Bank’s internet banking portal, you need to follow the steps listed below. 

 

  • Step 1: Log into the internet banking portal using your user ID and password. 

  • Step 2: Head to the ‘Investment’ section. 

  • Step 3: Click on the ‘Deposits’ option.

  • Step 4: Select ‘Open a Fixed/Recurring Deposit.’

  • Step 5: Enter the details of your deposit, like the investment amount, the tenor and the interest payout to invest in the FD plan. 

3. Via a Kotak Bank Branch

If you wish to book your fixed deposit offline, you can follow the procedure given below to book an FD in person at the nearest bank branch.

 

  • Step 1: Visit the nearest Kotak Mahindra Bank branch.

  • Step 2: Fill out the FD application form.

  • Step 3: Submit any paperwork that may be required along with the application form.

  • Step 4: Your FD will then be booked after your application is processed. 

How to Use the Kotak Bank Fixed Deposit Calculator

In case you want to get a better idea of how your deposit will grow over time, you can make use of the Kotak FD calculator. This is a free online financial tool that can help you understand how much you will earn as interest on your investment, and what the maturity value of your deposit will be. Using the Kotak FD calculator is fairly easy too. Here is a closer look at what you need to do to compute the maturity amount using a Kotak FD calculator. 

  • Step 1: Select the Type of Customer You Are

The first thing you need to enter in the Kotak FD calculator is the investor category you belong to, namely a normal or a senior citizen. This will affect the Kotak Bank FD interest rates applicable on your deposit. 

  • Step 2: Choose the Type of Fixed Deposit

Next, in the Kotak FD calculator, you need to choose the type of fixed deposit. The options include cumulative FD, short-term FD or FDs with a monthly or a quarterly payout. 

  • Step 3: Enter the Investment Amount

The amount that you deposit is one of the most crucial details you need to fill in when you are using the Kotak FD calculator. The amount can begin as low as ₹5,000 and go up to ₹25 Crore or higher. 

  • Step 4: Select the Investment Tenor

The investment tenor for your FD can range from 7 days to 10 years. Choose the investment period in the Kotak FD calculator in days, months and/or years as needed. 

  • Step 5: Submit the Details 

Submit all the details of your fixed deposit. The Kotak FD calculator will then compute the maturity value and the aggregate interest amount you will earn. 

How is the Kotak Bank FD Maturity Amount Calculated?

The maturity amount for a fixed deposit in Kotak Mahindra Bank is the sum of the initial deposit made and all the interest earned on the principal. Typically, this sum is calculated using the formula shown below. 

Maturity amount = P (1 + r/n)nt

Here, P is the amount invested in the FD, r is the Kotak Bank FD interest rate, n is the number of times the interest is compounded in a year and t is the investment tenor.

 

For instance, say you wish to invest ₹10 Lakh in a Kotak Bank FD for a period of 3 years. The rate of interest applicable to you, assuming you are below 60 years of age, will be 6.10% per annum. Given that the interest in a Kotak Bank fixed deposit is compounded on a quarterly basis, here is what we get as the maturity amount when we use the formula shown above. 

 

Maturity amount:

 

= P (1 + r/n)nt

= ₹10,00,000 x (1 + 0.0610/4)4X3

= ₹10,00,000 x (1 + 0.1525)12

= ₹10,00,000 x (1.01525)12

= ₹10,00,000 x 1.199157

= ₹11,99,157

 

Although this formula may be simple enough, calculating your FD investment’s maturity manually each time can quickly get cumbersome. You may also make errors in your calculator, leading to wrong investment decisions. Here is where a Kotak FD calculator can be very useful. You can make use of this handy tool to compute how your investment will grow across different investment tenors and for different deposit amounts. This will help you make a more informed decision about your fixed deposit. 

Conclusion

As you can see, a Kotak Bank fixed deposit can be beneficial in many ways. If you are looking for a safe investment option that offers guaranteed returns, you can consider investing in a fixed deposit offered by Kotak Mahindra Bank. The attractive Kotak fixed deposit rates ensure that you earn competitive returns over your preferred tenor of investment. To plan your investment diligently, you can always make use of a Kotak FD calculator. 

Latest Bank FD News

Kotak Mahindra Bank hikes FD rates

Kotak Mahindra Bank announced on Wednesday that the interest rate for fixed deposit will be increased across various tenors on FDs under Rs.2 crores. The new interest rates will come into effect from the 15th of December, 2022. Kotak bank will offer an interest rate of 7% in the 390 days, 391 days to less than 23 months and the 23 months tenors. On FDs that mature in  365 days to 389 days, the new interest rate will stand at 6.75%. The bank increased its interest rate on FDs that mature in 390 days to less than 23 months to 7%. Similarly, the revised interest rate for the 23-month tenor is at 7%.

 

- Dec 22 , 2022

FAQs

  • ✔️Can I prematurely withdraw my Kotak FD investment amount?

    Yes. FD investments in Kotak Bank come with the facility of premature withdrawal, which can be done anytime upon the payment of a minor penalty levied at 0.50% on the Kotak Bank FD interest rate.

  • ✔️What is the Kotak Mahindra Bank FD investment extension process?

    Extending the FD investment period is possible. You can do this using the online internet banking facility or by applying for the same at the nearest Kotak Bank branch.

  • ✔️Are there any tax exemption fixed deposits in Kotak Bank FD investments?

    Yes. The Kotak Mahindra Tax Saving Fixed Deposit is a type of FD investment offered by the bank. It offers tax benefits under section 80C of the Income Tax Act, 1961.

  • ✔️How many kinds of application forms are available for a Kotak FD account?

    To make an FD investment, you can opt for an online form (via the internet banking portal or the app) or an offline form (to be submitted at the nearest branch).

  • ✔️Is TDS deducted on Kotak Bank FD?

    Yes. According to the Income Tax Act, 1961 TDS is deducted by Kotak Bank if the annual interest amount exceeds ₹40,000 for non-senior citizens and ₹50,000 for senior citizens.

  • ✔️How to claim a TDS refund on a fixed deposit online?

    To claim a refund for the tax deducted on your fixed deposit interest, you need to file your income tax return and raise the refund request via this ITR form.

  • ✔️What is the time taken for a TDS refund?

    The verification and the processing of the refund request can take approximately 3 to 6 months.

  • ✔️Is there any nomination facility under Kotak bank FD investment?

    Yes. Kotak Bank offers the facility to add nominees for your FD investments through the official internet banking portal, the mobile app or via a branch visit.

  • ✔️Can I get a loan against my Kotak bank FD investment?

    Yes. Kotak Bank offers a loan against fixed deposits of ₹50,000 and above with a tenor of 181 days or more. The limit for this loan or overdraft will be decided by the bank.

  • ✔️Can I get a credit card if I have an FD investment in Kotak Mahindra Bank?

    Yes, Kotak bank FD investment provides FD-backed credit cards. You can get this facility with fixed deposits as low as ₹10,000.

  • ✔️What are the Kotak FD rates for regular citizens?

    Kotak Mahindra Bank fixed deposit rates range from 2.50% to 6.50% for non-senior citizens, depending on the FD amount and the investment tenor.

  • ✔️What are Kotak Bank FD rates for senior citizens?

    Kotak Bank FD interest rates for senior citizens range from 3.00% to 6.90%. The rate depends on the FD amount and the investment tenor.

  • ✔️What is the minimum and the maximum tenor option for Kotak Bank FD accounts?

    You can choose an investment tenor ranging from 7 days to 10 years.

  • ✔️What is Kotak Bank's highest fixed deposit rate?

    The highest Kotak Bank FD interest rate is 6.90% (as of October 2022). This rate of interest is applicable for domestic deposits of ₹25 Crore and above, for a tenor ranging from 365 days to less than 15 months. 

  • ✔️Who is eligible for the Kotak Bank regular FD plan?

    Indian residents, NRIs, senior citizens, members of HUF can all invest in a fixed deposit with Kotak Mahindra Bank.  FDs for minors can also be opened by the parent or guardian.

  • ✔️Do senior citizens receive a higher interest rate on Kotak Bank fixed deposits?

    Yes. The Kotak Mahindra Bank FD rates for senior citizens are higher than the rates applicable for non-senior citizens.