INTEREST RATES FOR DOMESTIC / NRO / NRE† TERM DEPOSITS
# Simple interest rate
*Senior Citizens' rate is not applicable on NRO/NRE deposits
No interest will be payable for NRE TDs staying less than 1 year.
For Term Deposits with tenure below 181 days, interest will be calculated at maturity as Simple Interest.
Standalone Term Deposits of tenure 181 days and above linked to saving / current account will be treated as per the regular sweep deposit functionality and penal charge will be applicable as above.
For ActivMoney (2 way sweep deposits) Regular Term Deposit rates will be applicable for all customers including Senior Citizen's / Bank Staff
Kindly note that the above rates are applicable for mentioned dates only and are subject to change without prior notice
For interest rates on deposits of Rs. 10 crore and above, please get in touch with the nearest Kotak Mahindra Bank branch
Important: Penal Charge on Pre-mature withdrawal of Term Deposits (Domestic / NRO / NRE)
Interest will be paid at the rate prevailing on the date of deposit for the tenure the deposit or the withdrawn amount remained with the bank or at the contracted rate, whichever is lower after deducting applicable penal charge for premature withdrawal as per Terms & Conditions of the bank.
As per Terms & Conditions of Term Deposit Accounts of the Bank, the penal charge on premature closure of term deposits including partial closure has been fixed by the bank as below on term deposits booked/ renewed on or after 1st November, 2012.
Tenure of Term Deposit
Less than 181 days
181 days and above
In addition to the above, no interest will be paid on the principal amount withdrawn from NRE term deposits before completion of one year.
INTEREST RATES FOR RECURRING DEPOSITS
Note: Interest rates are subject to periodic changes. The applicable interest rates will be offered based on the date and time of receipt of the funds by the bank.
* Recurring Deposit Advice will be dispatched to your registered mailing address with the bank within 3 - 4 working days of opening the RD account
Penalty on delay in payment of RD installment
In case of delay in payment of any installment post grace period of 5 days, penal interest at the rate of RD interest rate (contracted rate of interest at the time of booking of the RD) + 2% p.a. or such other rate as may be specified by Bank from time to time, will be charged for the month of delay.
Fraction of a month will be treated as full month for the purpose of calculating such interest.
Even if the payment for the month is honoured, but the standing instruction towards installment recovery has failed, the Bank will recover a standing instruction failure charge from the current / savings bank account as per General Features and Schedule of Charges (GFSC)
The total penal interest chargeable shall be recovered from the total amount of interest payable by the bank and shall be recovered only at the time of maturity or premature closure of the account as the case may be.
Premature Withdrawal of RD
In case of premature closure of this deposit within a month, no interest shall be paid and only principal amount will be returned.
On premature withdrawal of RD. The interest will be paid at the rate prevailing on the date of deposit for the tenure the deposit remained with the bank or at the contracted rate, whichever is lower post deducting penal charge of 0.5% on premature withdrawal of deposit
Interest rate subject to change without prior notice.
Card Rates Valid for
JPY rates are for 100 units of the currency
For amounts above USD 10000 equivalent contact branch relationship managers for relationship rates
Rates are as of 9am. To know the ongoing rates please contact Kotak Mahindra Bank branch or your Relationship Manager.