The Premature withdrawal of Retail Fixed Deposit is permissible. However, 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.
Further, the Bank will levy a penal charge from time to time for such premature withdrawals as prescribed below for Fixed Deposits booked/ renewed on or after 1st November, 2012.
|Tenure of Fixed Deposit
|Less than 181 days
|181 days and above
Interest on Fixed Deposit will be compounded at quarterly rests in case of reinvestment deposits subject to keeping the deposits with the Bank for a minimum tenor of 181 days and above.
For Fixed Deposits with tenure below 181 days, interest will be calculated at maturity as Simple Interest.
Enjoy safe and secured returns from the income earned either through Indian or foreign sources with our Indian Rupee deposit for NRIs & PIOs.
Minimum amount required for booking NRO Fixed Deposit is Rs. 50000 only
Auto renewal of fixed deposits on maturity
Interest earned on deposits is fully repatriable after payment of tax
Interest earned on deposit is at par with resident deposits
Micro ATM is a mini version of an ATM. Micro ATMs are like modified point of sales terminals this terminal can connect to banking network via GPRS to perform banking transactions. This machine contains card swipe facility. This initiative aims to bridge the gap between the need and availability of cash requirement in the eco-system.
Google Pay is secure and easy-to-use mobile payment service which can be used to make purchases and payments nearly everywhere.
You can open a Kotak UNI Student Bank Account digitally, from anywhere, thanks to the Video KYC feature. It involves getting on a video call with a Kotak bank executive to complete your KYC process, essentially ruling out a visit to a Kotak bank branch completely.
Through this facility you can earn a much higher interest on your idle funds in the Savings Bank Account.
The idle funds from your savings account (at a pre-specified threshold limit) are transferred automatically to a term Deposit. The funds move back in to the savings account in case of funds requirements.
The advantages of this facility are: