Kotak Mahindra Tax Saving FD
Kotak Mahindra Tax Saving FD offers attractive interest rates on your investment along with tax savings with the option to receive the interest accumulated when the FD matures or on a quarterly basis. Kotak Mahindra Bank Tax Saving FD interest rates range from 2.75% p.a. to 7.10% p.a.
You can invest up to Rs.1.5 lakh with a lock-in period of 5 years and save tax under Section 80C of the Income Tax Act. Senior citizens get an additional 0.50% interest per annum.
Interest Rates on Kotak Mahindra Tax Saving FD
Below table shows the Kotak Mahindra Bank Tax Saving FD interest rates:
Tenure | General Public Interest Rates | Senior Citizen |
7-14 Days | 2.75% | 3.25% |
15-30 Days | 3.00% | 3.50% |
31-45 Days | 3.25% | 3.75% |
46-90 Days | 3.50% | 4.00% |
91 Days | 5.00% | 5.50% |
92 to 179 Days | 4.25% | 4.75% |
180 Days | 6.00% | 6.50% |
181 to 269 Days | 5.75% | 6.25% |
270 Days | 5.75% | 6.25% |
271 to 363 Days | 6.00% | 6.50% |
364 Days | 6.00% | 6.50% |
365 to 389 Days | 6.25% | 6.75% |
390 Days | 6.50% | 7.00% |
391 Days- less than 23 Months | 6.60% | 7.10% |
23 Months |
| 7.10% |
23 Months 1 Day less than 2 Years | 6.50% | 7.00% |
2 Years- less than 3 Years | 6.40% | 6.90% |
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 up to 10 Years | 6.25% | 6.75% |
Note: The Interest Rates are effective from 18 June 2025.
Features and Benefits of Kotak Mahindra Tax Saving FD
Here are the main features and benefits of the scheme:
Account type | Term deposit/Special term deposit |
Amount | Minimum: Rs.5,000 Maximum: Rs.1.5 lakh (in one financial year) |
Period | Minimum: 5 years Maximum: 10 years |
Interest rate* | General citizens: 2.75% p.a. to 6.60% p.a. Senior Citizens: 3.25% p.a. to 7.10% p.a. |
Premature withdrawals | Not Available |
Nomination | Available |
Note: Interest rate with effect from 18 June 2025.
Kotak Mahindra Tax Saving FD Interest Rate Calculator
It is beneficial to use the free online Kotak Mahindra FD interest rate calculator to know exactly how much your deposit amount will be on maturity based on the current rate of interest.
The only details required are the amount being deposited, type of fixed deposit, the interest rate, and tenure. Your maturity amount will be instantly and accurately displayed on the page enabling you to make an informed decision about your investment.
How to Open Kotak Mahindra Tax Saving FD
You can open a tax saving FD with Kotak Mahindra through two modes: the mobile banking feature or the net banking feature.
Net banking:
- Step 1: Log into the bank's net banking portal with your user name and password.
- Step 2: Navigate to the ''Banking'' tab.
- Step 3: Select the option for ''Deposits''.
- Step 4: Click on ''Open a fixed deposit''.
- Step 5: Enter the details required.
- Step 6: Click on ''Submit''.
Mobile Banking
- Step 1: Open the Kotak Mahindra mobile banking application.
- Step 2: Click on ''Banking''.
- Step 3: Click on ''Fixed Deposits''.
- Step 4: Click on ''Open Fixed Deposits''.
Key Information Before Opening Kotak Mahindra Tax Saving FD
Here is the important information you need to know before opening a tax-saving FD with the bank:
Eligibility to Open a FD | Individual |
Documents Required* |
|
Benefits of Kotak Mahindra Tax Saving FD |
|
*Note: Separate documentation will not be required for those who already hold a Kotak Mahindra bank savings or current account.
FAQs on Kotak Mahindra Tax Saving FD
- Can I prematurely withdraw my tax-saving FD with Kotak Mahindra Bank?
Premature withdrawal before the lock-in period of 5 years is not allowed for a tax-saving FD.
- Is it mandatory to nominate someone for my tax-saving FD?
It is not mandatory to nominate someone for your tax-saving FD but it is advisable to have a nominee.
- Will TDS be charged on my tax-saving FD?
The interest earned on your fixed deposit is taxable as per your income tax bracket so TDS will be applicable. This is only if the aggregate interest earned for all deposits held against your customer ID exceeds Rs.40,000 in a financial year. For senior citizens, TDS is applicable if the interest exceeds Rs.50,000 in a financial year.
- If a tax-saving FD is held in a joint account, will the tax benefits be applicable for both the holders?
For a tax-saving FD held as a joint account, the tax benefits will only be applicable for the first holder of the account.
- Is loan against a tax saving FD allowed in Kotak Mahindra Bank?
Loan against FD is not allowed for a tax-saving FD.
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