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 RDs with the minimum and maximum tenures being 6 months and 10 years, respectively. The interest offered are attractive and ranges from 6.50% p.a. to 7.25% p.a. for general citizens. Senior citizens are offered an additional interest of 0.50% on all tenures.
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
6.50%
7%
9 months
6.75%
7.25%
1 year
7.20%
7.70%
1 year 3 months
7.25%
7.75%
1 year 6 months
1 year 9 months
2 years
7.10%
7.60%
2 years 3 months
2 years 6 months
2 years 9 months
3 years to less than 4 years
7%
7.50%
4 years to less than 5 years
5 years to 10 years
6.50%
7%
*The interest rates are effective from 25 April 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 6.50% p.a. to 7.25% p.a. Senior citizens can avail interest between 7% p.a. and 7.75% 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 7% p.a. to 7.25% 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 7.50% p.a. to Rs.7.75% 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 6.50% p.a. while senior citizens are paid 7% p.a.
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.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.
I had a Recurring deposit for one year with Kotak Mahindra, through netbanking I invested Rs.500 on monthly basis they gave around 7.5% of interest for the total amount. Now I withdrawn the benefits even there is no charges for pre matured as well. The online site is very convenient to invest the money.
I have a Recurring Deposit account with Kotak Mahindra Bank since all my transactions are done with them and also the interest rate is very good in the market. I have opened before one year with my own interest. The locking period is one year. I am doing monthly investment and the statements are clear.
I opened Recurring deposit with Kotak Mahindra, I can deposit minimum of Rs. 500 to maximum . Monthly I am investing Rs. 20,000 it has the term of one year. I can withdraw the benefits after a year, the interest rate is very high around 7.5%, I could track the details through online statement.
Was this review helpful?
1
VINAY PRAKASH
, bangalore
Reviewed on Apr 22, 2019
I also bank with Kotak Mahindra Bank for the recurring deposit. The customer support is good and there are no hassles to open this account online. I earn good interest on it and I can close the account when ever I wish too. I can also deposit what ever amount is suitable for me.
Long back I had Recurring deposit account with Kotak Mahindra, at the time they gave me 8% of recurring interest. I have invested monthly Rs. 10,000 per month for 24 months of duration. The total amount came around Rs. 2 lakhs its fine for me.
Was this review helpful?
8
KARUNAKARA BHANDARY
, bangalore
Reviewed on Dec 20, 2018
I am having the recurring deposit account with the Kotak mahindra bank and I was not aware of the rate of interest. I would like to say that the response is fine one for me with the Kotak mahindra bank.
They are giving 6% interest rate for the Recurring Deposit. It was a very good service with Kotak. The request has been placed online. I have chosen Kotak because they are giving more benefits and high potentials. The customer service and response is good.
Was this review helpful?
3
RUDRA PRASAD GHATAK
, kolkata
Reviewed on Nov 16, 2017
Bad service and experience i had with KOTAK MAHENDRA Bank for holding my recurring deposit account over there . I availed it for rupees 20,000 and i was paying monthly EMI 3,000 . When i asked them can i have a plan for 4 years they informed me that i can only take for 11 months and after that i need to renew it . The rate of interest was good they were providing .
I am having recurring deposit account with the Kotak mahindra bank and the interest rate is around 6.79%, which is not really okay. Total tenure is for one year of time. Customer service is good one with them and the response is also a good one. There is no option to withdraw the money in between the tenure.
Was this review helpful?
9
NANJUNDAPPA ASHOK KUMAR
, bangalore
Reviewed on May 18, 2017
For my recurring deposit account , I pay thousand rupees every month for one year with Kotak mahindra. I will get some good amount at the end of the year with good interest. Customer service is not that much good but it is better. They are giving response whenever I approach them.
Was this review helpful?
6
MANISH SHRIVASTAVA
, indore
Reviewed on May 04, 2017
I have opened a Recurring deposit in Kotak through their mobile application. I got confirmation immediately and there is an option in netbanking to view everything in one click. I have selected the premium of Rs.3000 to make every month its for the period of one year, after that period I will be getting 7.5% of interest total I will get the amount around Rs.38,700.
Was this review helpful?
5
AKSHAY KUMAR
, chandigarh
Reviewed on Mar 30, 2017
It was not a difficult task to open a recurring deposit at Kotak Mahindra bank. I could do it online and I can also close the same online. There has been no delay in me getting the funds though in my account. They offer a good interest rate. Good overall.
Was this review helpful?
5
DEEPESH KUMAR RAJARAM
, thane
Reviewed on Dec 22, 2016
Kotak offers Recurring deposits comes with an interest rate of around 8%. There is no locking period or freezing time applied by kotak. In case of closure we can make a call to the branch and they credit the amount within 2days of time which was the best part about KOTAK.
Was this review helpful?
4
GURUMOORTHI GOWTHAMAN
, pune
Reviewed on Jul 28, 2016
I had a recurring deposit account with Kotak Mahindra Bank. The services and response is good. The only drawback is that I am not able to open this account online. I need to call the customer care for it. The rate of interest is good. There are no charges too.
Was this review helpful?
3
HIMANSHU TRIPATHI
, bangalore
Reviewed on Apr 16, 2016
I do have the recurring deposit with the Kotak mahindra bank and the
interest rate is a nominal one with them. I have opened this account through
online banking services, also I would like to say that the services are good one with the Kotak
mahindra bank.
Was this review helpful?
2
KRISHNAKANTH KURICHETI
, bangalore
Reviewed on Mar 10, 2016
I have closed the recurring deposit with Kotak Mahindra.The tenure for the recurring deposit is around 2years but I have closed within a years time.They give lesser rates for the recurring deposit applied.They have not applied any charges in the account.
The service provided was good and simple in recurring deposit with Kotak Mahindra bank.Since I hold the salary account the process was very simple.The interest rate applied on the recurring deposit was around 8.75% for the recurring account.The returns provided was good.
Was this review helpful?
0
RAJ KISHORE MALLICK
, hyderabad
Reviewed on Feb 15, 2016
Due to the benefits I have chosen Kotak Mahindra bank. Previously the interest rate for recurring deposit was 9% where now it is about 7.3%. Kotak might be providing over draft basis this recurring deposit. In regards to service, no doubt the Kotak is the best.
Was this review helpful?
1
SARFRAJ MOHAMMEDIQBAL SHAIKH
, chennai
Reviewed on Jan 05, 2016
The recurring deposit service provided was really good with Kotak Mahindra Bank.Its a normal service and they apply interest rate around 9% in the recurring deposit service.There net banking system is really good and the features available are very good with Kotak.
Was this review helpful?
3
RANGNATH MISHRA
, bangalore
Reviewed on Dec 17, 2015
On recurring deposit the interest rate is 7% and this keep changing as I open the deposit every three months with Kotak Mahindra bank. Probably the rate would be compounding. If I am going to break the plan the penalty would be 50 to 100 rupees.
Was this review helpful?
0
ROHIT SINGH TOMAR
, new delhi
Reviewed on Nov 27, 2015
Recurring Deposit
