Non-resident Indians (NRIs) can open NRE and NRO fixed deposits as well as FCNR (B) deposits with Kotak Mahindra Bank. The interest offered on the deposits are attractive and can range between 2.50% and 4.75% p.a. The deposits can be opened for a period that ranges between 7 days and 10 years.
The interest rate offered on NRE fixed deposit rates by Kotak Mahindra Bank are listed in the table below:
| Tenure | Interest rate (% p.a.) |
|---|---|
| 12 months to 389 days | 4.50% |
| 390 days to less than 60 months | 4.75% |
| 60 months to 120 months | 4.50% |
Note: Kotak Mahindra Bank NRE FD rates are effective 19 December 2020. It must be noted here that the rates are subject to change as per the discretion of the bank.
For opening a NRO fixed deposit account, the interest rate offered on deposits below Rs.2 crore are mentioned in the table below:
| Tenure | Interest rate (% p.a.) |
|---|---|
| 7 days to 30 days | 2.50 |
| 31 days to 90 days | 2.75 |
| 91 days to 179 days | 3.25 |
| 180 days to less than 12 months | 4.40 |
| 12 months to 389 days | 4.50 |
| 390 days to less than 60 months | 4.75 |
| 60 months to 120 months | 4.50 |
Note: Kotak Mahindra Bank NRO FD rates are effective 19 December 2020. It must be noted here that the rates are subject to change as per the discretion of the bank.
Kotak Mahindra Bank offers 4.75% p.a. on opening a NRO FD account. This is the highest interest rate offered by the lender for a tenure that ranges between 390 days and less than 60 months.
The interest rates for FCNR term deposit are provided below:
| Tenure | Interest rates (per annum) | ||||||
|---|---|---|---|---|---|---|---|
| USD (less than 0.5 mio) | USD (greater than or equal to 0.5 mio) | EUR | YEN | SGD | AUD | GBP | |
| 12 months to less than 24 months | 0.10 | 0.05 | 0.00 | 0.00 | 0.01 | 0.01 | 0.01 |
| 24 months to less than 36 months | 0.10 | 0.05 | 0.00 | 0.00 | 0.01 | 0.01 | 0.01 |
| 36 months to less than 48 months | 0.01 | 0.01 | No quote | No quote | No quote | No quote | 0.01 |
| 48 months to less than 60 months | 0.01 | 0.01 | No quote | No quote | No quote | No quote | No quote |
| 60 months | 0.01 | 0.01 | No quote | No quote | No quote | No quote | No quote |
Note: Kotak Mahindra Bank FCNR rates are effective from 1 January 2021. It must be noted here that the rates are subject to change as per the discretion of the bank.
To open a NRE or NRO Fixed deposit, you need to make a minimum investment of Rs.50,000.
Yes, students pursuing studies in foreign countries are eligible to open a NRE fixed deposit with Kotak Mahindra Bank.
Yes, the facility is offered by Kotak Mahindra Bank.
Yes, it can be opened jointly by NRI/PIOs and resident Indians.
You can earn interest on your FCNR (B) deposit by keeping the investment for a minimum period of 1 year.
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