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A Fixed Deposit has the option for a lump sum investment, at one go. If you are looking for a monthly investment, you can choose a Recurring Deposit, in which you save and invest a fixed amount on a monthly basis. You can book a Recurring Deposit by following the few simple steps below:
1. On Mobile Banking
1) Go to Banking -> Fixed/ Recurring Deposits
2) Open Fixed Deposit
2.On Net Banking
1) Go to Investments -> Deposits
2) Open A Fixed/ Recurring Deposit
3) Select Recurring Deposit
Please Note:
1. A Recurring Deposit can be opened for a minimum amount of Rs. 100 and for a maximum amount of Rs. 1,00,000, in multiples of Rs. 100. If monthly interest is chosen it would be at a discount as per extant guidelines of RBI.
2. The minimum tenure for a Recurring Deposit is 6 months and the maximum is 120 months (10 years), in multiples of 3 months.
3. Interest on the Recurring Deposit is compounded at quarterly intervals, at the applicable rates.
Please click here to explore all about Recurring Deposits at Kotak.
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