Recurring Deposits FAQs

Frequently Asked Questions

What are the minimum and maximum tenures to open a bank RD?

The minimum and maximum duration to open a bank RD is 6 months and 120 months, respectively.

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What are eligibility criteria for Recurring Deposit?

Any residing Indian, including minors and HUF, can open a recurring deposit account with Kotak. However, it is mandatory to have a savings account with us.

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What are the documents required to open a Recurring Deposit Account?

To open a recurring deposit account with Kotak, first, you need to have a savings account from where the monthly payment will be deducted.

You need not submit additional documents to open an RD if you have a savings account with us.

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What is the minimum amount required for opening a Recurring Deposit Account?

The minimum amount required to open a recurring deposit account with Kotak Mahindra is Rs. 100 per month for a tenure of up to 10 years.

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Where can I find the option to regularize RD on Net banking?

RD Regularize option is available under the Service Request tab on Net banking.

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Is an overdraft facility allowed?

Currently there is no overdraft facility on Recurring Deposits.

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Can I close my Recurring Deposit online?

Yes, you can close your Recurring Deposit Online.

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Is there a monthly or quarterly interest pay-out option?

No. The interest will be paid on maturity or on premature closure of the Recurring Deposit.

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What will be the delayed penalty charge if I delay the installment?

If the customer delays the installment beyond the stipulated due date + grace period of 5 days, penal interest for the entire month will be levied.

The delayed penalty charge will be at the applicable Recurring Deposit rate + 2%.

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What is the premature withdrawal penalty in Recurring Deposit?

On premature withdrawal of Recurring Deposit, the interest will be paid at the lower of rate prevailing on the date of deposit for the tenure the deposit remained with the bank or at the contracted rate.

On the lower of the above two interest rates, additional penal interest rate of 0.5% p.a will be reduced.

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Will I get the interest if I do premature closure of Recurring Deposit within the month of Booking?

No interest shall be paid if the RD is withdrawn within a month only principal amount will be returned.

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Can I make premature withdrawal of my Recurring Deposit?

Yes, Premature withdrawals are allowed but Partial withdrawals are not allowed.

You can liquidate your RD through Mobile Banking/Net Banking or through Branch; Joint Account holders and customers who do not have access to Net Banking can submit their RD advice or written instruction, duly signed by all account holders, at the nearest Kotak Mahindra Bank branch for premature liquidation of your RD.

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Can I change the tenure and installment due date, (auto debit date) of my Recurring Deposit?

No, the tenure and instalment due date, (auto debit date) of an existing Recurring Deposit cannot be changed once set.

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What will be the instalments date of my Recurring Deposit?

The date of your monthly Recurring Deposit instalment will be same as on the date of your first installment debit.

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For what period can I open a Recurring Deposit?

You can open a Recurring Deposit account for a minimum period of 6 months thereafter in multiples of 3 months up to a maximum period of 120 months (10 years).

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Can Recurring Deposit be opened in joint names?

Yes, you can open a Recurring Deposit in joint names.

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Can the first applicant for a Recurring Deposit be a minor?

Yes, the first applicant can be a minor. SI will be set up on minor's account.

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Is there any TDS on Recurring Deposit?

Yes, TDS on Recurring Deposit would be deducted as per the income tax guidelines under Section 194A wef 01st June 2015.

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Are there any extra benefits for Senior Citizens?

Yes, senior citizen customers get an additional 0.50% p.a. rate of interest over and above the interest payable to regular customers.

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What are the interest rates of a Recurring Deposit?

Interest rates are same applicable for term deposits and can vary from time to time.

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How much can I invest each month?

You can open a Recurring Deposit with minimum of Rs. 100/- per month to Rs. 25, 000/- per month for tenure upto 10 years and Rs. 1, 00,000 for tenure upto 36 months.

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Is it mandatory to have Savings Account with the bank in order to open Recurring Deposit?

Yes, Savings Account is a mandatory requirement to open Recurring Deposit with Kotak.

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What is an eligibility of Kotak Recurring Deposit?

Any individual resident (including Minor) & HUF can book recurring deposit with Kotak Bank.

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How can I open Recurring Deposit with Kotak Bank?

Recurring Deposit can be booked by the below means:

Book online via Kotak Net Banking.
Call 24 x 7 - 1860 266 2666.
Visiting to the nearest Kotak Mahindra bank branch.

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What is Recurring Deposit (RD)?

Recurring Deposit (RD) is a monthly saving option which allows you to choose a Term & Amount you wish to invest each month and earn Guaranteed Return at applicable interest rate.

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