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Kotak Bank FD Interest Rates 2024

By Adnan Ali

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Updated on: Jun 9th, 2024

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38 min read

Kotak Mahindra Bank offers Fixed Deposit schemes to the general public, senior citizens and Non-residential Indians (NRIs). FD interest rates of Kotak Mahindra Bank for the general public range from 2.75 to 7.40% p.a. and 3.25 to 7.90% p.a. for senior citizens on tenures ranging from 7 days to 10 years. The interest rate on Kotak Mahindra Bank Tax Saving FDs is 6.20% p.a. for the general public and 6.70% p.a. for senior citizen depositors for tenures of 5 years to 10 years. 

Kotak Mahindra Bank FD Interest Rates 2024

FD interest rates for the deposits of below Rs.2 crore are given below. These rates are applicable for the Domestic, NRO and NRE.

TenureFD Rates for Regular Customers (% p.a.)*FD Rates for Senior Citizens (% p.a.)*
7 days to 14 days2.753.25
15 days to 30 days3.003.50
31 days to 45 days3.253.75
46 days to 90 days3.504.00
91 days to 120 days4.004.50
121 days to 179 days4.254.75
180 days7.007.50
181 days to 269 days6.006.50
270 days6.006.50
271 days to 363 days6.006.50
364 days6.507.00
365 days to 389 days7.107.60
390 days, i.e. 12 months 25 days7.407.90
391 days to less than 23 months7.407.90
23 months7.207.85
23 months 1 day to less than 2 years 7.307.85
2 years to less than 3 years7.157.65
3 years to less than 4 years7.007.60
4 years to less than 5 years7.006.60
5 years to 10 years6.206.70

Kotak Mahindra Bank FD Rates for 2 crore and above with Premature withdrawal facility. 

Tenure

Rs. 2 Crore & above but below Rs. 5 Crores 

Senior citizen rates for 2 Cr to less than 5 Cr#

Rs. 5 Crores & above but below Rs. 10 Crores #

Rs. 10 Crores & above but below 25 Crores #

Rs. 25 Cr & above but below 100 cr #

Rs. 100 Cr and above #

7 - 14 Days

4.00%

4.00%

4.50%

4.50%

4.50%

4.50%

15 - 30 Days

4.00%

4.00%

4.75%

5.00%

5.00%

5.00%

31 - 45 Days

4.50%

4.50%

5.50%

5.50%

5.50%

5.50%

46 - 60 Days

4.75%

4.75%

5.75%

5.75%

5.75%

5.75%

61 - 90 Days

5.25%

5.25%

6.25%

6.25%

6.25%

6.50%

91 - 120 Days

5.50%

5.50%

6.75%

7.15%

7.20%

7.40%

121 - 179 Days

6.00%

6.00%

7.00%

7.25%

7.25%

7.40%

180 Days

7.00%

7.00%

7.00%

7.25%

7.25%

7.40%

181 Days to 270 Days

6.50%

6.50%

7.20%

7.30%

7.30%

7.45%

271 Days to 279 Days

5.50%

5.50%

5.75%

5.80%

5.80%

5.80%

280Days ‐ 364 days

6.75%

6.75%

7.20%

7.30%

7.30%

7.45%

365 days ‐ Less Than 15Months

7.50%

8.00%

7.45%

7.55%

7.60%

7.60%

15 months - less than 18 months

7.30%

7.65%

7.40%

7.45%

7.45%

7.45%

18 months - less than 2 Years

7.30%

7.65%

7.20%

7.30%

7.30%

7.30%

2 years and above but less than 3 years

7.00%

7.00%

7.20%

7.30%

7.30%

7.30%

3 years and above but less than 4 years

6.50%

6.50%

6.50%

6.75%

6.75%

6.75%

4 years and above but less than 5 years

6.25%

6.25%

6.40%

6.50%

6.50%

6.50%

5 years and above upto & inclusive of 7 years

6.25%

6.25%

6.25%

6.25%

6.25%

6.25%

#Simple Interest rates
*rates updated as of 05 March 2024.
*Acceptance of deposits of Rs.5 cr. and above is at the discretion of the Bank.

Kotak Mahindra Bank FD Rates for 2 crore and above with No-Premature withdrawal facility. 

Tenure 

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 #

Rs. 25 Cr & above but below 100 cr #

Rs. 100 Cr and above #

91 - 120 Days

NA

7.00%

7.25%

7.30%

7.50%

121 - 179 Days

NA

7.25%

7.40%

7.40%

7.50%

180 Days

NA

7.25%

7.40%

7.40%

7.50%

181 Days to 270 Days

6.75%

7.30%

7.45%

7.55%

7.60%

271 Days to 279 Days

5.75%

6.00%

6.25%

6.25%

6.25%

280Days ‐ 364 days

7.00%

7.35%

7.50%

7.60%

7.60%

365 days ‐ Less Than 15Months

7.75%

7.80%

7.75%

7.80%

7.80%

15 months - less than 18 months

7.50%

7.55%

7.60%

7.80%

7.80%

18 months - less than 2 Years

7.50%

7.35%

7.40%

7.40%

7.40%

2 years and above but less than 3 years

7.25%

7.35%

7.35%

7.45%

7.45%

3 years and above but less than 4 years

7.25%

7.35%

7.35%

7.45%

7.45%

#Simple Interest rates
*rates updated as of 05 March 2024.
*Acceptance of deposits of Rs.5 cr. and above is at the discretion of the Bank.

Types of FD Schemes Offered by Kotak Mahindra Bank

Kotak Mahindra Bank offers several types of FD accounts to its customers.

  • Regular FD: Kotak Mahindra Bank's regular fixed deposit can be opened with a minimum deposit starting at Rs 5,000 and flexible tenure options ranging from 7 to 10 years. For added convenience, premature withdrawal of deposits is permitted. Interest calculation follows a simple interest method for deposits below 181 days. Furthermore, monthly interest payout options, interest is disbursed at discounted rates. 
  • Senior Citizen FD: Kotak Mahindra Bank offers a tailored fixed deposit scheme to senior citizens aged 60 years and above. With a minimum deposit requirement of Rs 5,000, depositors can choose tenures ranging from 7 days to 10 years. Bank is offering 0.50% p.a. interest rate over the regular FD rates  to senior citizens. Customers have the flexibility to receive interest payments at quarterly/monthly intervals or upon maturity. For shorter tenures below 181 days, interest will be calculated as simple interest at maturity. Monthly pay-out FDs require a minimum duration of 181 days, with interest payouts subject to discounted rates based on applicable terms. This special plan is designed to help seniors save safely and earn more on their money.
  • Tax Saving FD: Kotak Mahindra Bank offers fixed deposits with a tax-efficient savings solution. Your deposits can qualify for a deduction of up to Rs 1.5 lakhs under section 80C of the Income Tax Act. You can choose a tenure that suits you best, ranging from 5 to 10 years, with a lock-in period of 5 years. During this time, you won't be able to withdraw any money early. You have the option to nominate someone to receive the funds in case anything happens to you. And when it comes to interest income, you can choose to receive it every quarter or all at once when your deposit matures. 

Kotak Mahindra Bank Fixed Deposit Special Features and Benefits

  • Kotak Mahindra Bank offers attractive interest rates on all FD schemes.
  • Deposit a sum as low as Rs 5,000 to open an FD account with the bank.
  • Choose the tenure suitable for you that can be anything in the range of 7 days and 10 years.
  • Sweep in facility is available to enjoy the liquidity in saving or current account. 
  • Flexibility to choose interest payment intervals, i.e. monthly, quarterly or on maturity.
  • Senior Citizens' rate is not applicable on NRO/NRE deposits.
  • Enjoy high liquidity as partial and premature withdrawal of fixed deposit is allowed.
  • Nomination facility is available to any family member.

Eligibility Criteria for Kotak Mahindra Bank FD

You must fulfil one of the following eligibility criteria to open an FD account with the bank:

  • Individuals
  • Joint accounts for 2 or more individuals
  • Partnership firms
  • Trusts
  • Minors
  • Blind people
  • Illiterate people
  • Hindu undivided families
  • Limited companies and partnership firms
  • Municipalities and panchayats
  • Charitable, religious, and educational institutions
  • Associations, societies, clubs, etc.
  • Sole proprietary concerns

Documents Required

  • Identity Proof
    • Passport
    • PAN card
    • Voter ID card
    • Driving license
    • Government ID card
    • Photo ration card
    • Senior citizen ID card
  • Address Proof
    • Passport
    • Telephone bill
    • Electricity bill
    • Bank statement with a cheque
    • Certificate/ID card issued by post office.

Premature Withdrawal Penalty on Kotak Mahindra Bank Fixed Deposit

Penalty rate given in the table are applicable for Domestic, NRO and NRE accounts. Depositors will receive the money after deducting the penal rate from applicable rate of FD.  

Tenure Penalty
Less than equal to 181 daysNIL
Greater than 180 days to 364 days0.50%
365 days and above1.00%

FD Interest Rate Calculator

Visit our easy-to-use FD calculator page to predict the returns you may receive upon putting your money in a fixed deposit account.

Other Kotak Bank Pages:
1. Kotak Bank Mobile Banking
2. Kotak Credit Card Cash Withdrawal Charges
3. Kotak Bank FD Calculator

Other Banks FD Interest Rates:
1. SBI FD Interest Rates
2. Indian Bank FD Interest Rates
3. Canara Bank FD Interest Rates
4. HDFC Bank FD Interest Rates
5. ICICI Bank FD Interest Rates
6. Axis Bank FD Interest Rates

Other Finance Bank FD Interest Rates:
1. Suryoday Small Finance Bank FD Rates
2. Ujjivan Small Finance Bank FD Rates
3. AU Small Finance Bank FD Rates
4. Utkarsh Small Finance Bank FD Rates
5. Small Finance Bank FD Rates
6. Equitas Small Finance Bank FD Rates
7. Jana Small Finance Bank FD Rates

Frequently Asked Questions

Are there different options available under the interest payout interval?

Yes. Kotak Mahindra Bank offers four options under interest payout interval to choose from, i.e. cumulative, quarterly, monthly, and on maturity. 

I am an NRI. Can I open an FD account with the bank?

Yes. Non-Resident Indians can open FD accounts with the bank. There are separate account schemes available for NRIs, such as NRO, NRE, and FCNR accounts, based on the currency in which the deposit is made and the currency in which the maturity proceedings are transferred.

what is the FD interest rate in Kotak Mahindra Bank?

The Regular FD interest rates range of Kotak Mahindra Bank is 2.75-7.40% p.a.

Is Kotak Mahindra Bank safe for FD?

Kotak Mahindra Bank has been recognised as a scheduled bank by the RBI, which makes its depositors eligible for deposit insurance provided by the Depositor Insurance and Credit Guarantee Corporation (DICGC). The deposit insurance cover from DICGC, an RBI subsidiary, insures cumulative deposits up to Rs 5 lakh made by each depositor, including his fixed deposits, savings, current, and recurring deposits, in each scheduled bank in case of the failure or merger/amalgamation of a scheduled bank.

How much interest rate on 5 lakh FD in Kotak Mahindra Bank?

The interest rates depend on the chosen tenure and Fixed Deposit Scheme. Kotak Mahindra Bank offers an interest rate range of 3.00-8.50% p.a. to the general public and 3.50-9.00% p.a. to senior citizens for a tenure of 7 days to 10 years. 

Is premature withdrawal available for Kotak Bank Tax Saving Fixed Deposit?

Yes, it is available. Depositor has to pay the penalty charge, which is 0.5% to 1% of the applicable interest rate of Fixed Deposit. 

What is the interest rate for 5 years Fixed Deposit in Kotak Mahindra Bank?

Kotak Mahindra Bank Offers an interest rate of 6.20% p.a. to the general public and 6.70% p.a. to senior citizens for a 5 year Fixed Deposit. 

About the Author

I am a curious person, and Finance is at the top of my list of interests. With more than 5 years of experience in fintech, I am an expert in lending, investment and personal finance. I believe the Devil lies in details, so I dig a lot before writing anything and armed my writing pieces with figures and facts. Read more

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Quick Summary

Kotak Mahindra Bank offers a variety of Fixed Deposit schemes for different segments with interest rates ranging from 2.75 to 7.40% p.a. for the general public and 3.25 to 7.90% p.a. for senior citizens. They provide fixed deposit options for regular customers, senior citizens, and Tax Saving FDs. The bank offers attractive interest rates, flexible tenure options, and allows partial or premature withdrawals.

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