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  • Kotak Mahindra Bank Recurring Deposit

     4.5 / 5.0   by 31 users
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    Promised Interest Rate

    Customer Service

    Responsiveness

    Overview of Kotak Mahindra Bank

    Kotak Mahindra Bank is one of the largest private sector bank in India in terms of market capitalization. It is headquartered in Mumbai, Maharashtra. In 2003, Reserve Bank of India (RBI) granted Kotak Mahindra Finance Ltd, the group's flagship company, the licence to conduct the business of banking. In the history of Indian banking industry, the conversion of Kotak Mahindra Finance Ltd. to a bank is a rare occurrence. In 2014, Kotak Mahindra Bank has extended its reach through a network of over 641 branches and approximately 1,159 ATMs spread across the nation.

    Recurring Deposit from Kotak Mahindra Bank

    Kotak Mahindra Bank offers unique recurring deposit schemes to help its customers maximize the returns from their savings. The RD comes with the facility of easy payment options by linking the customers Savings Account. The minimum amount of deposit to be made is very low and with attractive interest rates and no tax deduction at source(TDS) on the interest accrued on principal, the depositors can enjoy high yields.

    Features of Kotak Mahindra Bank Recurring Deposit

    • This scheme aims to encourage the habit of saving through a monthly investment starting as low as Rs. 100/-.

    • Easy option of payment of installments through linking the customers Savings Account with RD account.

    • TDS is not applicable.

    • Simple and efficient RD schemes with low risk involved in the investment options.

    • The Recurring Deposit Advice will be sent to the customer’s registered address for correspondence, within 3 - 4 days of opening the RD account.

    Eligibility Criteria

    Only Resident Individuals including Minors and Hindu Undivided Families (HUF) are eligible for opening an Recurring Deposit with Kotak Mahindra Bank.

    Interest rates offered on Kotak Mahindra Bank’s recurring deposit

    Interest rates depend on the period for which the RD is opened for, the principal deposited, and the interest accrued which is compounded. The interest rate slab is subject to fluctuations and periodic changes. The applicable interest rates range between 8.50% to 9.00% and will be offered to the depositor based on the date and time the Bank receives the funds.

    FAQ’s

    1. How to open a recurring deposit account in Kotak Mahindra Bank?
    2. Interested customers can apply online or directly through a branch of the bank in order to open an RD account with Kotak Mahindra Bank.
    3. What is the Minimum & Maximum amount required to open recurring deposit in Kotak Mahindra Bank?
    4. Rs.100/- is the minimum amount that can be deposited. There is no maximum capping on investment.
    5. Is TDS (Tax Deductible at Source) applicable on Recurring Deposits?
    6. No. TDS is not applicable on Recurring Deposits.
    7. Do Senior citizens get any extra benefit on Recurring Deposits?
    8. Yes. Senior citizens are entitled to receive a 0.50% hike in interest over and above that of regular customers.
    9. How is the penalty on premature withdrawal of the Recurring calculated?
    10. In case of premature closure of RD account within a month, interest will not be paid out and only principal amount will be returned. On premature withdrawal of RD before maturity, the interest will be paid at the rate prevailing on the date of deposit for the tenure the deposit remained with the bank, after deducting a penal charge of 0.5% on interest accrued.

    Penalty on delay in payment of RD installment

    In case of delay in payment of any installment after the grace period, a penal interest of 2% is applied on interest accrued on RD annually, or as specified by the Bank will be charged for the delayed month. Fraction of a month will be treated as full month for calculating this rate of interest. If the standing instruction has failed, the Bank will recover a standing instruction failure charge from the savings bank account. The total penalty on interest is recovered from the total amount of interest paid out by the bank and this recovery is done at the time of maturity or premature closure of the account.

    Know the Current Recurring Deposit Rates

    News About Kotak Mahindra Bank Recurring Deposit

    • Kotak Mahindra offers Kotak Junior Account for kids

      In light of Children’s Day, teaching children how to save is of importance. Kotak Mahindra offers a bank account with special features designed to suit children. The Kotak Junior Account comes with a personalised debit card called the “Junior ID Card”. It can be used to pay for edutainment, dining expenses, and shopping at brands that include Jabong, Domino’s, Magzter, National Geographic, and Printland. Kotak Mahindra also offers recurring deposit schemes for kids that helps save money periodically as they grow. Parents can invest a pre-defined sum every month to ensure that their children get a lump sum after a period of time. There are also other systematic investment plans for children on offer.

      14th November 2015

    • Smart Holiday Savings with Kotak Mahindra Bank

      International holidays are usually synonymous with big budgets, which not everyone can afford. Keeping this in mind ‘Savings Holiday Schemes’ are the new fad offered by travel agents and banks alike.

      Sometimes travel companies also tie up with premier banking institutions to offer such packages and schemes to prospective travellers. One such offer is by Kuoni India, which in partnership with Kotak Mahindra Bank has launched the ‘Holiday Investment Plan’.

      Customers can choose a destination of their choice and can save up for a year on a recurring deposit account with Kotak Mahindra. The final or 13th instalment is a combination of a top-up that is provided by Kuoni and the interest that is accrued from the recurring deposit account. An added advantage is that, even if tariffs have increased by the time customers embark on their journey, they will not have to pay the extra fare, with travel agents offering tailor made plans.

      These schemes are seen to be best suited for those who want to opt for customised international holidays.

      3rd October 2015

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    Kotak Mahindra Bank RD Reviews

  • Page 1 of 2 1 2
    • Kotak Recurring Deposit
      "Good "
      KOTAK MAHINDRA BANK
      0.5 4.0/5 "Great!"
      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? 8
      , bangalore
      Reviewed on May 18, 2017
    • Kotak Recurring Deposit
      "Better Response"
      KOTAK MAHINDRA BANK
      0.5 3.0/5 "Satisfactory"
      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? 5
      , indore
      Reviewed on May 04, 2017
    • Kotak Recurring Deposit
      "Its Good"
      KOTAK MAHINDRA BANK
      0.5 4.0/5 "Great!"
      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
      , chandigarh
      Reviewed on Mar 30, 2017
    • Kotak Recurring Deposit
      "Nice experience"
      KOTAK MAHINDRA BANK
      0.5 4.0/5 "Great!"
      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? 4
      , thane
      Reviewed on Dec 22, 2016
    • Kotak Recurring Deposit
      "Easy way"
      KOTAK MAHINDRA BANK
      0.5 3.0/5 "Satisfactory"
      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? 3
      , pune
      Reviewed on Jul 28, 2016
    • Kotak Recurring Deposit
      "Good form of savings"
      KOTAK MAHINDRA BANK
      0.5 4.0/5 "Great!"
      I have taken a recurring deposit with Kotak Mahindra Bank. I pay approximately 1k+ every month and this goes from my account. I have taken the deposit for 15 months. They pay a rate of interest of approximately 9%. I had booked the deposit for savings purpose when they introduced the scheme about 2 years back. They do not charge for breaking the deposit and this helps during emergency situations.
      Was this review helpful? 0
      , pune
      Reviewed on Jul 02, 2016
    • Kotak Recurring Deposit
      "Good. If there is an online option for opening a RD"
      KOTAK MAHINDRA BANK
      0.5 2.0/5 "Expected more"
      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? 2
      , bangalore
      Reviewed on Apr 16, 2016
    • Kotak Recurring Deposit
      "Satisfactory"
      KOTAK MAHINDRA BANK
      0.5 4.0/5 "Great!"
      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? 1
      , bangalore
      Reviewed on Mar 10, 2016
    • Kotak Recurring Deposit
      "Good"
      KOTAK MAHINDRA BANK
      0.5 4.0/5 "Great!"
      I have the recurring deposit account with the Kotak Mahindra Bank and am having it from the last three months of time. Its easy to track my account and everything can be done through online. Lock in period is around one year of time.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 29, 2016
    • Kotak Recurring Deposit
      "Need to improve "
      KOTAK MAHINDRA BANK
      0.5 3.0/5 "Satisfactory"
      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.
      Was this review helpful? 5
      , bangalore
      Reviewed on Feb 25, 2016
    • Kotak Recurring Deposit
      "Average service "
      KOTAK MAHINDRA BANK
      0.5 4.0/5 "Great!"
      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
      , hyderabad
      Reviewed on Feb 15, 2016
    • Kotak Recurring Deposit
      "good benefits..."
      KOTAK MAHINDRA BANK
      0.5 4.0/5 "Great!"
      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
      , chennai
      Reviewed on Jan 05, 2016
    • Kotak Recurring Deposit
      "Good rates "
      KOTAK MAHINDRA BANK
      0.5 5.0/5 "Blown Away!"
      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? 1
      , bangalore
      Reviewed on Dec 17, 2015
    • Kotak Recurring Deposit
      "Phenomenal..."
      KOTAK MAHINDRA BANK
      0.5 5.0/5 "Blown Away!"
      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
      , new delhi
      Reviewed on Nov 27, 2015
    • Kotak Recurring Deposit
      "Very prompt..."
      KOTAK MAHINDRA BANK
      0.5 3.0/5 "Satisfactory"
      I am happy with their customer service. Their banking transaction level is good. I am maintain a Recurring account with Kotak bank. Being a account holder quiet easy to transfer money while closing the policy. I will recommend this account to other also.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 17, 2015
    • Kotak Recurring Deposit
      "Very Good!!!"
      KOTAK MAHINDRA BANK
      0.5 4.0/5 "Great!"
      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.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 13, 2015
    • Kotak Recurring Deposit
      "Growing with Kotak"
      KOTAK MAHINDRA BANK
      0.5 3.0/5 "Satisfactory"
      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.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 27, 2015
    • Kotak Recurring Deposit
      "Always..good for me...."
      KOTAK MAHINDRA BANK
      0.5 4.0/5 "Great!"
      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.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 12, 2015
    • Kotak Recurring Deposit
      "Very fine to have the deposit..."
      KOTAK MAHINDRA BANK
      0.5 5.0/5 "Blown Away!"
      At any time I can withdraw the recurring deposit where Kotak Mahindra bank will not charge anything like penalty. If I do have extra balance in my account automatically that amount would be transferred to this deposit where I get interest of 4 to 5%.
      Was this review helpful? 0
      , new delhi
      Reviewed on Oct 10, 2015
    • Kotak Recurring Deposit
      "Kotak is good..."
      KOTAK MAHINDRA BANK
      0.5 4.0/5 "Great!"
      I opened two recurring deposits where one is going to mature by next month. One was offered by the Kotak Mahindra bank and the rate was 9% but when I opened the second one by myself the rate was 8.5%. We can withdraw the amount in middle but the charge would be 12%.
      Was this review helpful? 1
      , bangalore
      Reviewed on Oct 07, 2015
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