|Tenure||Interest Rate p.a. ( %)||Senior Citizen Rates p.a. ( %)|
|3 years - less than 4 years||6.25||6.75|
|4 years - less than 5 years||6.25||6.75|
|5 years - 10years||6.25||6.75|
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%.
More you need to know about Recurring Deposit
- Compare RD Interest Rates of Kotak Mahindra Bank with Other Banks and Institutions
- Check Features and Schemes of Kotak Mahindra Bank Recurring Deposit
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News About Kotak Mahindra Bank Recurring Deposit Interest Rates
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.
16th November 2016
Kotak Mahindra Releases Revised Recurring Deposit Rates
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.
25th August 2016