Kotak Mahindra Bank RD Interest Rates 2020

A recurring deposit account can be opened with Kotak Mahindra Bank by any resident individual or a member of a Hindu Undivided Family (HUFs). The bank offers a variety of tenures when it comes to RD with the minimum and maximum tenures being 6 months and 10 years, respectively. The interest offered are attractive and ranges from 5.80% p.a. to 6.30% p.a. for general citizens. Senior citizens are offered an additional interest of 0.50% on all tenures.

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The interest rates offered by Kotak Mahindra Bank on recurring deposits are listed below:

Tenure	Interest rate p.a. (General Public)	Interest rate p.a. (Senior citizens)
6 Months	5.80%	6.30%
9 Months	6.05%	6.55%
12 Months	6.30%	6.80%
15 Months	6.30%	6.80%
18 Months	6.30%	6.80%
21 Months	6.30%	6.80%
24 Months	6.25%	6.75%
27 Months	6.25%	6.75%
30 Months	6.25%	6.75%
33 Months	6.25%	6.75%
3 years - less than 4 years	6.20%	6.70%
4 years - less than 5 years	6.20%	6.70%
5 years - 10years	6.10%	6.60%

*The interest rates are effective from 27 November 2019. The rates can be changed by the bank at its discretion.

Kotak Mahindra Bank - Short Term RD Interest Rates

You can open a short-term recurring deposit with Kotak Mahindra Bank to fulfil short-term saving goals. The bank offers small tenures that start from 6 months and go up to 18 months with the rate of interest being in the range of 5.80% p.a. to 6.30% p.a. Senior citizens can avail interest between 6.30% p.a. and 6.80% p.a. on opening short-term RDs with Kotak Mahindra Bank.

Kotak Mahindra Bank - Medium Term RD Interest Rates

As far as medium term recurring deposits goes, Kotak Mahindra offers tenures that range from 1 year 9 months to less than 5 years. The rate of interest offered is in the range of 6.20% p.a. to 6.30% p.a. The highest interest paid under medium term RDs is for the tenure of 1 year 9 months. Individuals above the age of 60 years who invest in medium term RDs are eligible for interest in the range of 6.70% p.a. to Rs.6.80% p.a.

Kotak Mahindra Bank – Long Term RD Interest Rates

Long term RDs are tenures that run from 5 years to 10 years. The bank offers general public an interest of 6.10% p.a. while senior citizens are paid 6.60% p.a.

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News About Kotak Mahindra Bank Recurring Deposit Interest Rates

Kotak Mahindra Bank supports slash in savings rate

As per reports, Kotak Mahindra has initiated a move to slash its small savings rate, which currently stands at 7.7%. While speaking to the media, the executive chairman of Kotak Mahindra, Uday Kotak, said the move was made amidst the continuous battle with the postal system for deposits with disparity in rates.

He further said the small savings rates are higher than what the government securities yield. In order to raise deposits, there should be some sort of balance in interest rates across banks, he further added. He also suggested that the small savings rates should be linked to RBI’s (Reserve Bank of India) benchmark rate so that all banks are able to roll out attractive rate of interest on small savings. Only interest rates of special schemes like Sukanya Samriddhi Yojana need to be regulated, he suggested. Currently, RBI repo rate stands at 6%.

However, it is being speculated that any cut in small savings rate can cause a furore among the public as the scheme is one of the few risk-free investment channels. However, the bank officials argue that the proposed cut in small savings rate would slash the government’s interest costs.

In recent years, there has been a noticeable slump in bank deposits. However, eminent economist, Pronab Sen, says that small savings is not the root cause of the slump in bank deposits. According to Pronab, the slump is more likely due to the sharp increase in mutual fund investments. He also expressed shock over small savings schemes, which are long-term deposits, are being proposed to be linked to RBI repo rate.

06 June 2019

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