How to Close Kotak Mahindra Bank FD

Kotak Mahindra Bank offers its customers the facility of fixed deposits which allow customers to save their money and gain interest. However, to close the fixed deposit account, customers can do so by following the steps below. However, it is advised to close the fixed deposit account only maturing as premature withdrawals may result in loss of interest gain and the bank may charge a fee for doing so.

Ways to close a Kotak Mahindra Bank FD Account

You can close the Kotak Mahindra Bank fixed deposit account by following the steps mentioned below:

• Netbanking
• Mobile banking
• Visiting the bank branch

Closing Kotak Mahindra FD account on Maturity

On Maturity of your fixed deposit account, you can either log in to your net banking account or through mobile banking and close your FD account. Once done, the matured amount will be transferred to the account you had chosen at the time of your application process.

You can also visit the branch of Kotak Mahindra Bank and request to close your fixed deposit account.

Closing Kotak Mahindra Bank FD Account before maturity

Closing the Kotak Mahindra Bank fixed deposit before maturity or prematurely can be done by following the below-mentioned steps.

Netbanking

• You can log in to your netbanking account by entering your userID and password.
• Once done, click on the option of ‘banking’.
• Select the option of Deposits.
• Once done, click on the option of ‘Premature withdrawal of FD’.
• The amount will then be transferred to the account of your preference.

Mobile Banking

• Log in to your mobile banking account.
• Select the option of ‘Fixed/Recurring Deposits’.
• Click on ‘Premature Withdrawal’.
• Once done, the amount will then be transferred to the bank account of your choosing.

Bank Branch

If you are not able to close your fixed deposit through mobile banking or netbanking, you can visit a branch of Kotak Mahindra Bank and place a request to withdraw the FD prematurely. The amount will take 24-48 hours to be reflected in the account of your choosing.

However, for premature withdrawal, the interest will not be paid and only the principal amount will be returned. If your fixed deposit was for a tenure of more than 6 months, a penalty of 0.50% will be applied on the interest rate.

FAQs

1. Can I withdraw my fixed deposit before maturity?

   Yes, Kotak Mahindra Bank offers you the provision of premature withdrawal where you can withdraw your FD before it matures. However, there may be a penalty depending on the tenure of your deposit.

2. Will I have to pay a penalty for premature withdrawal of my FD?

   If you have a fixed deposit with the bank which is for a tenure of more than 6 months, a penalty of 0.50% will be applied on the interest rate if you wish to choose premature withdrawal.

3. How long will it take for the matured amount to reflect in the account of my choosing?

   The amount in a matured fixed deposit account will be reflected in your account immediately. However, if you have requested to withdraw the FD amount through the branch of the bank, it may take between 24-48 hours to reflect in the account.