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.
Know more about Recurring Deposit
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)|
|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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