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A Regular term deposit lets you decide when you want the interest on your principal money! You can book a Term Deposit with an interest payout frequency which suites your requirement i.e. Monthly or Quarterly and you can also keep it invested till maturity.
1For Term Deposits with tenure below 181 days, interest will be calculated at maturity as Simple Interest.
For monthly pay-out Term Deposit minimum tenure is 181 days and interest payout will be discounted based on the prevailing rates.
|Resident Individuals, Hindu Undivided Family, Sole Proprietorship Concern|
|Associations / Clubs|
|Public or Private Limited Companies:|
You become liable for TDS1 when the aggregate interest you earn for all deposits held in a particular customer ID is greater than Rs. 10,000/- in a financial year.
TDS is deducted every time the Bank pays/re-invests interest during the financial year. TDS is also deducted on unpaid interest accrued at the end of financial year viz. 31st March.
When interest amount is insufficient to recover TDS, the same is recovered from the principal of the deposit.
Yes, in case of reinvestment deposits, the interest reinvested is post TDS recovery. Therefore, the maturity amount for re-investment deposits varies to the extent of tax and compounding effect on tax for the period subsequent of deduction till maturity.
Yes. If the change or enhancement in your deposit portfolio earns a cumulative interest2 along with that of the earlier portfolio greater than Rs. 10,000/- you will be liable for TDS on your current portfolio.
2If interest on the current portfolio is not sufficient to cover TDS, it will be recovered from the principal.
W.e.f. Aug 09, applicable TDS rates are:
|Tax Rate||Surcharge||Education Cess||TOTAL|
|Resident Individuals & HUF||10%||Nil||Nil||10%|
When your total interest income for the year will not fall within overall taxable limits, you should inform the bank not to deduct TDS on deposits. You can do this by submitting a form as per the provisions of the Income Tax Act. The forms required for different categories have been listed below:
|Category of Account||Form Required|
|Association of Companies||15AA|
Yes, provided the first account holder is a senior citizen.
While opening the account, the customer needs to provide proof of age establishing that he/she is a Senior Citizen. To accomplish this, either of the following can be submitted:
There is no need to create a separate Customer ID to avail of this product. For new Term Deposits, you only have to provide proof of age. In case proof of age is not submitted, the interest earned will be the same as for the Regular Term Deposit.
All subsequent Term Deposit applications need to be accompanied by proof of age. The only exception to this rule is where a customer already has a live Senior Citizen Term Deposit existing at the time of placing the next Term Deposit. The Term Deposit number needs to be mentioned on the Form. In such cases, it will be assumed that proof of age already exists with the Bank.
Through NetBanking, Term Deposit can be booked by any applicant subject to PAN is updated with the Bank for the Primary applicant in which the Term Deposit is getting booked.
In the absence of PAN, following are the implications for customers:
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||Penalty|
|Less than 181 days||Nil|
|181 days and above||0.50%|
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
Not available for Non Resident Indians / Persons Of Indian Origin
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.
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
|Penalty on premature withdrawal of FCNR[B] deposits||GBP||EURO||JPY|
*Rates for Senior Citizen category not available for FCNR Deposits.
No interest will be payable for FCNR Deposits staying less than 1 year.
Acceptance of deposits of USD 1 mio and above [or equivalent] is at the discretion of the Bank.