Kotak Bank Fixed Deposit Rates
On Kotak Mahindra Bank's secure website Interest Rate indicated is based on NRE rates for a period between 181 to 270 days. A minimum deposit of 10 Crore is required. Kotak Mahindra Bank Revises Fixed Deposit Rates. Kotak Mahindra Bank has revised their interest rates for fixed deposits which has been effective from 6 September 2019. The current rate of interest for fixed deposits ranges from 3.50% per annum to 6.80% per annum. Fixed Rate: Upto 2.00%: Disclaimer: All Kotak Bank floating rate home loan/Loan against property/Working capital finance is benchmarked to K-MCLR-6M. Effective from 1st October, 2018.K-MCLR is 7.90% for 6 months. Kotak Fixed deposit rate for long tenures of 12 to 23 months is 6.20%, for 23 months one day to less than four years is 6.10% and for four years one day to 10 years is 6%. The revised Kotak FD rates. Kotak Mahindra Bank FD Rates 2021 Updated on February 24, 2021, 7080 views. Kotak Mahindra Regular Fixed Deposit scheme is for people who have excess funds and want to stable returns out of it.
Kotak Mahindra Bank Interest Rates
Note: Interest rates are subject to periodic changes. The applicable interest rates will be offered based on the date and time of receipt of the funds by the bank.
* Recurring Deposit Advice will be dispatched to your registered mailing address with the bank within 3 - 4 working days of opening the RD account
Penalty on delay in payment of RD installment
- In case of delay in payment of any installment post grace period of 5 days, penal interest at the rate of RD interest rate (contracted rate of interest at the time of booking of the RD) + 2% p.a. or such other rate as may be specified by Bank from time to time, will be charged for the month of delay.
- Fraction of a month will be treated as full month for the purpose of calculating such interest.
- Even if the payment for the month is honoured, but the standing instruction towards installment recovery has failed, the Bank will recover a standing instruction failure charge from the current / savings bank account as per General Features and Schedule of Charges (GFSC)
- The total penal interest chargeable shall be recovered from the total amount of interest payable by the bank and shall be recovered only at the time of maturity or premature closure of the account as the case may be.
Premature Withdrawal of RD
Kotak Bank Fixed Deposit Rates 2019
- In case of premature closure of this deposit within a month, no interest shall be paid and only principal amount will be returned.
- On premature withdrawal of RD. The interest will be paid at the rate prevailing on the date of deposit for the tenure the deposit remained with the bank or at the contracted rate, whichever is lower post deducting penal charge of 0.5% on premature withdrawal of deposit