Kotak Mahindra Bank NRO/NRE/FCNR FD Rates
Kotak Mahindra Bank offers NRO, NRE and FCNR fixed deposits for NRIs, with rupee deposit rates from 2.75% to 6.80% p.a. for the general public across tenures of 7 days to 10 years. FCNR deposits are offered in USD, GBP, EUR, AUD and SGD, and NRE and FCNR interest is exempt from Indian tax, unlike NRO interest.
Kotak Mahindra Bank NRO Fixed Deposit Rates
For opening a NRO fixed deposit account, the interest rate offered on deposits below Rs.3 crore are mentioned in the tables below:
Tenure | Interest Rates for General Public (p.a.) | Interest Rates for Senior Citizen (p.a.) |
7 - 14 Days | 2.75% | 3.25% |
15 - 30 Days | 2.75% | 3.25% |
31 - 45 Days | 3.00% | 3.50% |
46 - 90 Days | 3.50% | 4.00% |
91 Days | 4.00% | 4.50% |
92 Days - 179 Days | 4.25% | 4.75% |
180 Days | 5.00% | 5.50% |
181 Days to 269 Days | 5.50% | 6.00% |
270 Days | 5.50% | 6.00% |
271 Days to 363 Days | 6.00% | 6.50% |
364 Days | 6.00% | 6.50% |
365 Days to less than 15 Months | 6.35% | 6.85% |
15 Months to less than 18 Months | 6.45% | 6.95% |
18 Months to less than 2 Years | 6.55% | 7.05% |
2 years- less than 3 years | 6.80% | 7.30% |
3 years and above but less than 4 years | 6.40% | 6.90% |
4 years and above but less than 5 years | 6.40% | 6.90% |
5 years and above upto and inclusive of 10 years | 6.25% | 6.75% |
Note: The interest rates are effective from 10 June 2026, for deposits below Rs.3 crore (rates are subject to change at the bank's discretion). Kotak Mahindra Bank's official site notes that the preferential senior citizen rate is not applicable on NRO/NRE deposits, even though a senior citizen rate is separately listed; NRIs should confirm this with the bank before booking.
Tax treatment differs by deposit type: interest earned on a Kotak Mahindra Bank NRO fixed deposit is taxable in India and subject to tax deducted at source, while interest on NRE and FCNR fixed deposits is exempt from Indian income tax.
Kotak Mahindra Bank allows premature withdrawal of NRO and NRE fixed deposits, subject to a penal charge: nil for deposits held up to 180 days, 0.50% for deposits held for more than 180 days but less than 365 days, and 1.00% for deposits held for 365 days or more, as per the bank's terms effective from 20 May 2022.
Kotak Mahindra Bank FCNR Deposit Rates
Given below are the Kotak Mahindra Bank FCNR (Foreign Currency Non-Resident) deposit interest rates:
Maturity | USD (< 0.5 mio) (p.a.) | USD (>= 0.5 mio) (p.a.) | GBP (p.a.) | EURO (p.a.) | AUD (p.a.) | SGD (p.a.) |
1 Year-Less than 2 Year | 4.00% | 4.00% | 4.00% | 2.55% | 4.35% | 1.25% |
2 years -Less than 3 Year | 3.70% | 3.70% | 3.75% | 1.90% | 4.15% | 1.10% |
3 Year-Less than 4 year | 3.40% | 3.40% | 3.50% | 1.90% | 3.80% | No Quote |
4 Year-Less than 5 Year | 3.20% | 3.20% | No Quote | No Quote | No Quote | No Quote |
5 Years Only | 3.00% | 3.00% | No Quote | No Quote | No Quote | No Quote |
Note: Kotak Mahindra Bank FCNR rates are effective from 1 September 2026. It must be noted here that the rates are subject to change as per the discretion of the bank.
Funds held in a Kotak Mahindra Bank FCNR deposit, both principal and interest, are fully and freely repatriable, making it a common choice for NRIs who want to avoid rupee currency-fluctuation risk on their foreign-earned savings.
Summary
Kotak Mahindra Bank offers NRO, NRE and FCNR fixed deposits for NRIs, with rupee deposit rates of up to 6.80% p.a. and FCNR rates available across five foreign currencies. NRE and FCNR interest is exempt from Indian tax while NRO interest is taxed at source, and deposits can be booked for tenures between 7 days and 10 years. Check the latest rates in the tables above before booking a deposit online or at a Kotak Mahindra Bank branch.
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FAQs on Kotak Mahindra Bank NRO, NRE and FCNR FD Rates
1.What is a Kotak Mahindra Bank NRI FD?
A Kotak Mahindra Bank NRI FD is a fixed deposit that lets non-resident Indians earn returns on income from India or abroad, offered as NRO, NRE and FCNR deposits. Each type suits a different source of funds and currency. NRO holds income earned in India, while NRE and FCNR hold funds remitted from abroad.
2.What is the difference between a Kotak Mahindra Bank NRO and NRE FD?
A Kotak Mahindra Bank NRO FD holds income earned in India, such as rent or dividends, and its interest is taxable in India. An NRE FD holds funds remitted from abroad and its interest is exempt from Indian tax. Both are maintained in Indian rupees and offer similar tenures.
3.What is a Kotak Mahindra Bank FCNR deposit?
A Kotak Mahindra Bank FCNR deposit lets NRIs hold a fixed deposit in a foreign currency, such as USD, GBP, EUR, AUD or SGD, instead of Indian rupees. This avoids currency-fluctuation risk when the deposit is eventually repatriated. Interest earned on an FCNR deposit is exempt from Indian income tax.
4.Who is eligible to open a Kotak Mahindra Bank NRI fixed deposit?
Non-resident Indians (NRIs) and Persons of Indian Origin (PIOs) are eligible to open a Kotak Mahindra Bank NRO, NRE or FCNR fixed deposit. An NRO fixed deposit can also be opened jointly with a resident Indian. Students studying abroad who qualify as NRIs can open these deposits too.
5.What is the tenure of a Kotak Mahindra Bank NRI FD?
A Kotak Mahindra Bank NRO or NRE fixed deposit can be booked for a tenure of up to 10 years, with a minimum tenure needed to earn interest. An FCNR deposit must be held for at least one year to earn interest, up to a maximum of five years. Choosing a tenure depends on when the NRI expects to need the funds.
6.Can a Kotak Mahindra Bank NRO fixed deposit be opened jointly?
Yes, a Kotak Mahindra Bank NRO fixed deposit can be opened jointly by an NRI or PIO together with a resident Indian. An NRE fixed deposit is generally restricted to NRIs and PIOs. Joint holders should confirm the current account-opening requirements with the bank.
7. Is interest on a Kotak Mahindra Bank NRO FD taxable?
Yes, interest earned on a Kotak Mahindra Bank NRO fixed deposit is taxable in India and subject to tax deducted at source. Interest on NRE and FCNR fixed deposits, by comparison, is exempt from Indian income tax. NRIs should factor in this difference when choosing between deposit types.
8.Can a Kotak Mahindra Bank NRI fixed deposit be withdrawn before maturity?
Yes, Kotak Mahindra Bank allows premature withdrawal of NRO, NRE and FCNR fixed deposits, subject to a penal charge that depends on how long the deposit was held. The applicable rate is also adjusted downward on early withdrawal. NRIs should check the bank's current terms before withdrawing early.
9.Does a Kotak Mahindra Bank NRI FD renew automatically on maturity?
Yes, Kotak Mahindra Bank offers auto-renewal of NRO, NRE and FCNR fixed deposits on maturity, so the deposit continues to earn interest without a branch visit. NRIs can also choose not to renew and instead repatriate or transfer the maturity proceeds. This option can usually be set when booking the deposit.
10.How can an NRI open a Kotak Mahindra Bank NRO, NRE or FCNR fixed deposit?
An NRI can open a Kotak Mahindra Bank NRO, NRE or FCNR fixed deposit online through the bank's NRI banking portal or by visiting a branch, after completing the required KYC documentation. Existing NRI account holders can typically book a fixed deposit through net banking or the mobile app. New customers usually need an NRO or NRE savings account before booking a linked fixed deposit.
11.Do Kotak Mahindra Bank NRI FD rates vary by tenure?
Yes, Kotak Mahindra Bank offers different interest rates on NRO, NRE and FCNR fixed deposits depending on the tenure chosen, with rates generally rising for longer tenures up to a point. The exact rate for each tenure is listed in the tables above. NRIs should compare tenures before booking a deposit.
12.Can students studying abroad open a Kotak Mahindra Bank NRE fixed deposit?
Yes, students pursuing studies in foreign countries who qualify as NRIs are eligible to open a Kotak Mahindra Bank NRE fixed deposit. They can use it to hold funds remitted from abroad and earn tax-free interest in India. The same eligibility generally extends to Kotak Mahindra Bank NRO fixed deposits as well.
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