Get the Best Rates For a Kotak Mahindra Bank Recurring Deposit
Kotak Mahindra Bank offers a regular recurring deposit scheme at competitive interest rates to Indian citizens and HUFs. Customers can make a small deposit every month and get maximum returns on their investments with a Kotak Mahindra recurring deposit plan. The PAN card has to be submitted as a mandatory document when a recurring deposit account is opened. The payment towards a Kotak Mahindra Bank recurring deposit can be done from the customer’s savings account. The interest will be paid to the customer during pre-closure or on maturity of the recurring deposit. Accounts can be opened with minors as the primary applicant and also as joint applications for a minimum time period of 12 months. The recurring deposit tenure can be increased in multiples of three months and the maximum tenure can go up to 10 years, i.e., 120 months. The minimum deposit amount required while opening an account is Rs. 100 and can go up to Rs. 50,000, every month, for tenures up to 10 years. The minimum amount required for tenures going up to 36 months would be Rs. 50,001 to Rs. 1, 00,000.
Kotak Mahindra Bank - Short Term RD Interest Rates
Customers can open Kotak Mahindra recurring deposits with smaller tenures starting at 12 months and going up to 18 months. The interest rate offered for a recurring deposit with a tenure of 12 months is 7.50% and with tenures of either 15 months or 18 months, it is 7.50%.
Kotak Mahindra Bank - Medium and Long Term RD Interest Rates
As medium and long-term recurring deposits, Kotak Mahindra offers accounts with tenures ranging from 21 months, 24 months, 27 months, 30 months, 33 months and up to 4 years. The interest rate charged for tenures ranging from 21 months to 33 months is 7.50% and for tenures from 3 years to below 4 years, it is 7.25%. The longer tenures available are from 4 years to up to 10 years. The interest rate given for a tenure of 4 years to below 5 years is 7.25% and for tenures between 5 years and 10 years, the interest rate is 7.00%.
Kotak Mahindra Bank - Senior Citizen RD Interest Rates
Senior citizens can enjoy slightly higher interest rates on recurring deposits from Kotak Mahindra Bank. All senior citizen recurring deposit accounts get an additional 0.50% higher interest rate per annum. The interest rate offered on senior citizen recurring deposits with a 12-month tenure is 8.00% and with tenures ranging from 15 months to 33 months, it is 8.00%. For tenures ranging between 3 years to below 4 years, the interest rate offered would be 7.75%. A longer recurring deposit tenure from 5 years to up to 10 years, can be opened at an interest rate of 7.50%.
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News About Kotak Mahindra Bank Recurring Deposit Interest Rates
Following SBI, Kotak Mahindra Bank Reduced Their Interest Rates On Deposits Between Rs.1 Crore and Rs.5 Crore
Kotak Mahindra Bank is one of the leading private banks in India. Recently, after State Bank of India reduced their interest rates on their savings account deposits, many banks followed the trend. Kotak Mahindra Bank as well has dropped their interest rates on savings account above Rs. 1 lakh and up to Rs.1 crore.
For savings account deposits above Rs. 1 crore and up to Rs.5 crores, the bank now offers rate of interest of 5.5% p.a, which was 6% previously. However, the interest rates for deposits below Rs.1 lakh and above Rs.5 crore hasn't changed and still stands at 5% p.a and 5.5% p.a, respectively. Please contact your bank for revised interest rates on savings and recurring deposits.
18 August 2017
Kotak Mahindra Bank Will Not Reduce Their Rates oN Deposits
Top executives at Kotak Mahindra Bank stated that they do not wish to cut their interest rate on their savings bank deposits anytime in the near future as it has helped them immensely to grow their base twice the industry rate in the past.
Unlike State Bank of India who offer only 3.5% p.a on savings bank account, Kotak Mahindra Bank offers 6% p.a., which is very high than its peer banks.
President for consumer banking at Kotak Mahindra Bank,
Shanti Ekambaram, stated that by June 2017, when the quarter ended, the bank saw 44% growth in their savings account balance which was two times more than the industry average.
14 August 2017
Rate of 1 year Fixed Deposit Reduced By Kotak Mahindra Bank to 7%
Kotak Mahindra Bank, one of the country’s leading private-sector lender has brought down the interest rates on fixed-deposits of one year by 25 basic points to 7% - visibly lower than 7.05% offered by the State Bank of India on the same. This new rate will come into effect on Monday. This move by Kotak Mahindra Bank comes close on the heels of a similar lowering of interest rates by its larger competitor HDFC. Earlier, the State Bank of India had rolled back interest rates by 10bps – starting on October 24 – bringing it to a six-year low. HDFC had followed suit - cutting interest rates by 25 bps – starting November 8. Kotak has also slashed interest rates on two and three year deposits by 50bps each - bringing it down to 6.75%. Meanwhile, SBI’s rates for the same are at 7% and 6.5% respectively – and HDFC offers the same at the rate of 7% for both terms. Meanwhile, private sector competitors ICICI Bank and Axis Bank continue to offer interest rates of one, two and three year deposits at 7.25%.
With the recent demonetization move undertaken by the government and the resulting stoppage of 500 and 1000 rupee notes, the average quantum of deposits in banks have witnessed a significant rise.
Kotak Mahindra bank has revised the interest rates with effect from 25th August 2016. The new rates offer senior citizens an additional 0.50% interest p.a. across all tenures. The general interest rates offered for tenures ranging from 12 months to 33 months is 7.50% p.a. and senior citizens avail an interest of 8% p.a. for the same tenures. Tenures of three years and above but less than five years attract a general interest of 7.25% p.a. and senior citizen interest of 7.75% p.a. For tenures ranging between 5 to 10 years the interest rates available are 7% p.a. for general and 7.50% p.a. for senior citizens.
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.
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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.
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2
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.
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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.
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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.
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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.
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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.
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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.
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2
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.
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1
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.
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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.
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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.
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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.
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0
ROHIT SINGH TOMAR
, new delhi
Reviewed on Nov 27, 2015
Recurring deposit is in Kotak Bank. I used to invest certain amount every month and at the end we can get a good amount out of savings. I used to get an interest around 8.1% annually. I used to get very good interest . I had a very good facility from Kotak so it is a good bank.
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0
SUDHIR BISHOI KUMAR
, bangalore
Reviewed on Nov 13, 2015
Recurring deposit with the Kotak Mahindra Bank giving the rate of interest as 8%. Everything is good with them like they are giving the high rate of interest for my salary account also. I would like to say that they need to improve in the online banking system and their mobile application is complicated. Interest will be added to my account on monthly basis. The minimum lock in period to have recurring deposit is around one year of time. I would not suggest this bank because they are having very less number of branches.
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1
SATHEESH KUMAR
, bangalore
Reviewed on Oct 27, 2015
For the first year Kotak bank offered 9.5% interest. After the deductions of tax I am getting 6.5% interest for my Recurring deposit. I am maintain this account for the past 1.6years. Customer service really good I would say they are very supportive.
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2
NARENDRA NAIDU
, bangalore
Reviewed on Oct 12, 2015
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.
