• 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. 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

    The general public is offered an interest rate of 4.75% p.a. while senior citizens get 5.25% p.a. This is the interest rate effective from 19 December 2020. Interest rates are subject to change.

    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: 4.75% p.a.

    Senior Citizens: 5.25% p.a.

    Premature withdrawals Not Available
    Nomination Available

    Note: Interest rate with effect from 19 December 2020

    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*
    • Application Form
    • Proof of identity: Aadhaar card/voter’s ID/passport/driving licence/PAN card
    • Proof of address: Aadhaar card/voter’s ID/passport/driving licence/bank account passbook/bank statement/utility bills
    • Proof of signature: Passport/driving licence/PAN card
    • Passport-size photographs: 4 copies (latest)
    Benefits of Kotak Mahindra Tax Saving FD
    • Nomination facility
    • Online opening and management of the account on the bank website and mobile app

    *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

    1. 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.

    2. 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.

    3. 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.

    4. 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.

    5. 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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