• Overview of Kotak Mahindra Bank Fixed Deposit

    Headquartered in Mumbai, Kotak Mahindra Bank is one of the largest private sector banks in India. Initially, a finance company, Kotak Mahindra Finance Ltd., the company received its license to function as a bank in 2003 with permission received from the Reserve Bank of India (RBI). The bank had a strong presence in India with over 641 branches and 1,159 ATMs spread across the country.

    Recently, however, in April 2015, Kotak Mahindra Bank and ING Vysya Bank. Post the takeover, ING Vysya Bank will function under Kotak with a shareholding of 6.5% in the merged entity. ING Vysya Bank as an entity will no longer continue. Synergies arising from the merger including greater reach and a stronger asset base. The Kotak Mahindra Bank as a result of the merger now boasts 1,214 branches across the country.

    The bank offers a number of products and services such as Personal Banking, Corporate Banking, SME Banking, NRI Banking and Wealth Management etc. In fact, the bank is known for its highly competent wealth management team in India which provides a wide range of solutions to individuals, businessman, entrepreneurs and employed professionals to better manage their wealth.

    Kotak Mahindra Bank FDs:

    With Kotak Mahindra Bank, you can invest in different fixed deposit schemes and get maximum returns on your savings. Investing in fixed deposits encourages you to save more and you get assured returns on your savings. Normally, you are not allowed to withdraw your fixed deposits with a particular bank. However, by giving prior notice to the bank and paying an amount of the penalty fee, you can withdraw your fixed deposits. Kotak Mahindra Bank offers three different types fixed deposits which include Tax Saving Deposits, Regular Term Deposits and Senior Citizen Deposits.

    Features & Benefits of Kotak Mahindra Bank Tax Saving FDs:

    • Interest is paid on quarterly basis, or you can continue to invest till maturity.
    • Offers attractive rates of interest.
    • You can save tax.
    • Minimum deposit period of 5 years and a maximum period of 10 years.
    • Get nomination facility.
    • Premature or partial withdrawal is not allowed.
    • Get TDS certificate on tax deducted at source.
    • Senior citizens (should be resident Indians and above the age of 60) can also open their FD accounts under this scheme.

    Features & Benefits of Kotak Mahindra Bank Regular FDs:

    • Get attractive rates of interest.
    • Deposit is accepted for a minimum period of 7 days and a minimum period of 10 years.
    • Minimum deposit accepted is ₹ 10,000 for existing customers and ₹ 25,000 for new customers.
    • Get interest at monthly or quarterly basis or after maturity as preferred by you.
    • Online booking of term/fixed deposit is accepted.
    • Premature withdrawal of fixed deposit is allowed.
    • Offers NRO and NRE term deposits for NRIs.
    • Enjoy nomination facility.
    • Sweep-in facility is available.
    • Get overdraft facility against term deposits.

    Features & Benefits of Kotak Mahindra Bank Senior Citizen FDs:

    • Minimum deposit accepted by the bank is ₹ 10,000 for existing customers and ₹ 25,000 for a new customer.
    • Get competitive rates of interest.
    • Deposit is accepted for a minimum period of 7 days and a minimum period of 10 years.
    • You can choose to get interest at monthly or quarterly basis or on maturity.
    • You can open your FDs online with Kotak Mahindra Bank.
    • Get premature withdrawal facility.
    • Get nomination facility.
    • Sweep-in facility is available.
    • Overdraft facility is available.

    Kotak Mahindra Bank FD Eligibility:

    Resident Indians, senior citizens, members of HUF and NRIs are eligible to open their fixed deposit accounts with Kotak Mahindra Bank.

    Minimum/Maximum Amount Required to Open an FD account with Kotak Mahindra Bank:

    The minimum amount required to open a fixed deposit account with Kotak Mahindra Bank is ₹ 10,000. However, the bank accepts deposits up to ₹ 25 crore and above.

    Minimum/Maximum Deposit Tenures of Kotak Mahindra Bank FDs:

    The bank accepts deposits for a minimum period of 7 days and a maximum period of 10 years.

    Kotak Mahindra Bank FD Interest Rates:

    The bank offers attractive rates of interest on your fixed deposits. The bank offers 6.50% as the highest rate of interest for domestic and NRO term deposits. The lowest rate of interest for the same is 3.50%. For NRE term deposits, the highest rate of interest offered by the bank is 6.50% and the lowest rate of interest is 3.50%. For senior citizens, the bank offers 7.00% as the highest rate of interest and 4.00% as the lowest rate of interest. However, the bank’s interest rates are subject to change without giving prior notification to its customers.

    Tabular representation of Kotak Bank FD Rates – 2019

    Tenure Interest rate p.a. (General citizens) Interest rate p.a. (Senior citizens)
    7 - 14 Days 3.50% 4.00%
    15 - 30 Days 4.00% 4.50%
    31 - 45 Days 4.75% 5.25%
    46 - 90 Days 5.25% 5.75%
    91 - 179 Days 5.40% 5.90%
    180 Days 5.80% 6.30%
    181 Days to 269 Days 5.90% 6.40%
    270 Days 6.00% 6.50%
    271 Days to 363 Days 6.25% 6.75%
    364 Days to 389 Days 6.40% 6.90%
    390 Days 6.50% 7.00%
    391 Days - less than 2 years 6.45% 6.95%
    2 years - less than 3 years 6.40% 6.90%
    3 years - 10 years 6.25% 6.70%

    Note: The interest rates mentioned in the table are as of 20 November 2019.

    FAQs on Kotak Mahindra Bank Fixed Deposit Scheme

    • Does Kotak Mahindra Bank Allow Premature Renewal of FD?

      The bank allows premature renewal of its fixed deposits on request from the depositor. The depositor can renew a fixed deposit by applying for premature closure of a current term deposit. He/she can enjoy the interest rate applicable on the date of renewal, provided the deposit is renewed for a period longer than the balance period of the original deposit.

    • Does Kotak Mahindra Bank Charge Premature Withdrawal Charge on FDs?

      The bank allows premature withdrawal of its fixed deposits on request. It does not charge any penalty fee for withdrawal in less than 181 days. However, for 181 days and above, Kotak Mahindra Bank charges 0.50% as penalty fee on premature withdrawal.

    • Are Loans Provided Against FDs at Kotak Mahindra Bank?

      Yes, the bank provides loans to the depositor against his/her FDs opened with Kotak Mahindra Bank. The bank also provides loans against deposit standing in the name of minors. However, you need to provide necessary documents to the bank in support of your application.

    • Does Kotak Mahindra Bank provide Tax Saver Fixed Deposits?

      Yes, the bank provides tax saver fixed deposits. With the bank’s tax saving term/ fixed deposits, you can get good returns on your investments along with the benefit of saving tax. The bank offers regular tax saving products to resident individuals, HUFs, minors and senior citizens above the age of 60. As per the Income Tax Act, 1961, Kotak Mahindra Bank deserves the right to deduct tax at source, if the interest earned on your term deposits exceeds ₹ 10,000. After deducting tax, the bank will issue a TDS certificate to you.

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    Kotak Mahindra Bank Fixed Deposit Reviews

    • Kotak Fixed Deposit
      "Excellent Banking"
      0.5 5.0/5 "Blown Away!"
      I activated FD account with Kotak, I have been maintaining this account since when I opened saving account, I converted Rs. 5000 for one year. They are providing interest around 7.6% per annum, the online netbanking and mobile app is very convenient for deposit to FD.
      Was this review helpful? 9
      , mumbai
      Reviewed on Aug 03, 2019
    • Kotak
      Kotak Fixed Deposit
      "Good Experience"
      0.5 5.0/5 "Blown Away!"
      I activated fixed deposit through Kotak Mahindra online banking, minimum we can invest from Rs. 10,000 for the duration of one year. The interest rate is good than other bank, there is no charges for per mature liquidity. The closure procedure is very easily I can also deactivate the FD service through online.
      Was this review helpful? 3
      , chandigarh
      Reviewed on Jun 21, 2019
    • Kotak Fixed Deposit
      "Best investment Plan"
      0.5 5.0/5 "Blown Away!"
      I have taken fixed deposit account in kotak mahindra Bank . They are not charging any charges for the account . I used to get income tax benefits . Am satisfied with the customer service and response.They are giving good rate of interest . Overall am happy with my account .
      Was this review helpful? 6
      , bangalore
      Reviewed on Feb 20, 2019
    • Kotak Fixed Deposit
      "Good features"
      0.5 5.0/5 "Blown Away!"
      Kotak Mahindra Bank is good in their customer services. I bank with them for the fixed deposit. I could open this account online. The lock in period is for one and half year. The rate of interest is really good. I could also close the account online.
      Was this review helpful? 4
      , hyderabad
      Reviewed on Feb 07, 2019
    • Kotak Fixed Deposit
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I am having a Fixed Deposit account with Kotak Mahindra bank, they provide good services when compared to other banks. I get good interest rate in returns after the maturity period which is after 3 years. Customer support is average with Kotak Mahindra bank.
      Was this review helpful? 6
      , chennai
      Reviewed on Jan 10, 2019
    • Kotak Fixed Deposit
      "Easy process to open a FD"
      0.5 5.0/5 "Blown Away!"
      I also have a fixed deposit account with Kotak Mahindra Bank. The process to open this account is easy. I can do it online. They also offer a good rate of interest on the account. I get 7.5% on my deposited amount of 30K. There is a lock in period of one year.
      Was this review helpful? 20
      , new delhi
      Reviewed on Aug 02, 2018
    • Kotak Fixed Deposit
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I am having the fixed deposit account with the Kotak mahindra bank and the customer service is good one. Interest rate with the deposit is fine like its according to the market rate. Everything is good one with the Kotak mahindra bank.
      Was this review helpful? 5
      , ghaziabad
      Reviewed on Nov 29, 2017
    • Kotak Fixed Deposit
      "Good service"
      0.5 4.0/5 "Great!"
      Of course even foreclosure of FD, can be done through the mobile application of KOTAK . Also it is easy to compare the rates on the net banking and it is excellent too. When I placed a request for liquidation it takes about 2 hours of time and it is very easy to change the maturity instruction through the mobile app.
      Was this review helpful? 0
      , kolkata
      Reviewed on Aug 17, 2017
    • Kotak Fixed Deposit
      "Good Service"
      0.5 3.0/5 "Satisfactory"
      I have savings account with Kotak Mahindra bank. Even I have fixed deposit account as well. The period of FD is for one year. The bank is assigned relationship manager for me as I have so many accounts with them. I got good response from them for my FD. 1 years, 1years, relationship manager
      Was this review helpful? 1
      , indore
      Reviewed on May 04, 2017
    • Kotak Fixed Deposit
      "Customer centric"
      0.5 4.0/5 "Great!"
      I do have fixed deposit account with the Kotak mahindra bank and I have done it for tax saving purpose and the account on time because I can even open this account through online itself. Interest rate is around 7.25% per annum for my deposit, also it will compounded quarterly, so the interest will be huge. Online banking services are really working good and there are not much hindrance over there.I can say they are user friendly, also I been allocated with the seperate relationship manager, which really isolated from the traditional customer service practice.
      Was this review helpful? 4
      , bangalore
      Reviewed on Feb 05, 2017
    • Kotak Fixed Deposit
      "very easy to do FD"
      0.5 4.5/5 "Excellent!"
      its very easy to do FD in kotak bank,we just have to lgoin on netbanking or in app and select upto which amount we want to do FD and time line and thats it.their interest rates are also very competitive and maybe not the best interest rates offered but still they are good.
      Was this review helpful? 1
      , ludhiana
      Reviewed on Jan 31, 2017
    • Kotak Fixed Deposit
      "Be more customer centric"
      0.5 1.0/5 "Really Bad"
      I walked in to Kotak Mahindra bank thrice to apply for a fixed deposit and I inquired with them the various plans rather terms in opening this account and none was able to provide me the information I needed. They need to be more customer centric.
      Was this review helpful? 5
      , bangalore
      Reviewed on Nov 07, 2016
    • Kotak Fixed Deposit
      "this is not a good bank for fix deposit"
      0.5 0.5/5 "Unacceptable"
      No good understanding with customers. There is no point making Fix deposits in this bank during maturity lot of problems to get maturity amount. Even through you have all proof and evidence.Bank ask physical letter. It is not a friendly bank. You can make a fix deposit but you can't break it
      Was this review helpful? 10
      , bangalore
      Reviewed on Sep 09, 2016
    • Kotak Fixed Deposit
      "Best security for money"
      0.5 5.0/5 "Blown Away!"
      Kotak is offering 8.10% interest rate for Fixed deposit plan for a tenure of 10 years. Minimum amount to start the plan is Rs.50,000. There is no any processing fee for the plan and after the maturity the amount will be credited to the account easily.We can avail it through online as well.
      Was this review helpful? 4
      , ahmedabad
      Reviewed on Jun 08, 2016
    • Kotak Fixed Deposit
      "Wide focus"
      0.5 4.0/5 "Great!"
      I am happy to say that there is no penalty charges for premature withdrawal of fixed deposit, which has been done by the bank voluntarily when surplus funds are available more than the minimum balance with the Kotak Mahindra Bank but the charges will be applicable, If it has been initiated from the customer end. Benefits can be reap from them while it comes to unlimited ATM transaction and their responsive customer service center. I am happy with them and I had been banking with them for two years of time.
      Was this review helpful? 4
      , mumbai
      Reviewed on May 09, 2016
    • Kotak Fixed Deposit
      "Excellent Services"
      0.5 5.0/5 "Blown Away!"
      I got to open my fixed deposit with Kotak Mahindra Bank. The services are good. I had an option online to open this account. It was easy and convenient. The rate of interest is good. When compared to other banks. There are no charges too. Overall good.
      Was this review helpful? 8
      , bangalore
      Reviewed on Apr 16, 2016
    • Kotak Fixed Deposit
      "Best "
      0.5 5.0/5 "Blown Away!"
      As of now I am having the fixed deposit with the Kotak mahindra bank but it got opened with the ING vysya bank. The interest rate is good when compare with markets , also I can withdraw the money anytime without any charges. Everything can be done through online instantly.
      Was this review helpful? 6
      , bangalore
      Reviewed on Apr 15, 2016
    • Kotak Fixed Deposit
      "Awesome"
      0.5 5.0/5 "Blown Away!"
      I had the fixed deposit account with the Kotak Mahindra Bank and the interest rate was around 8.75%. The response is very good with them and the minimum lock in period is around six months of time. The customer service is an awesome one.
      Was this review helpful? 10
      , bangalore
      Reviewed on Mar 01, 2016
    • Kotak Fixed Deposit
      "Much better...."
      0.5 5.0/5 "Blown Away!"
      Earlier I had a fixed account with Kotak mahindra bank. I was opened last 1 year ago. have no issues with them. Interest rate offered by them was much better than other bank. Only thing is charges. Non balance maintenance charges are higher and it should be reduce.
      Was this review helpful? 9
      , bangalore
      Reviewed on Feb 02, 2016
    • Kotak Fixed Deposit
      "Excellent !!!!!"
      0.5 5.0/5 "Blown Away!"
      Kotak mahiandra is offering 7.75% interest for fixed deposit for the minimum lock in period is 80 days . I avail the service by visiting the bank . They do no charge any activation charges. In case we break the plan in between 1% penalty will be charged.
      Was this review helpful? 8
      , lucknow
      Reviewed on Jan 20, 2016
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