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Interest rates for our personal banking products including terms deposits, loans and savings accounts. Select the type of product you're looking for.
| Savings Bank A/c | ||
|---|---|---|
| Nature | Rate of Interest | |
| Normal | Senior Citizen | |
| A. Domestic (W.e.f. May 25, 2020) | 4%* p.a. on balance above Rs. 1 lakh, 3.50% p.a. on balance up to Rs. 1 lakh |
4%* p.a. on balance above Rs. 1 lakh, 3.50% p.a. on balance up to Rs. 1 lakh |
| B. Basic Savings Bank Deposit Account/Small Account (W.e.f. May 25, 2020) | 4%* p.a. on balance above Rs. 1 lakh, 3.50% p.a. on balance up to Rs. 1 lakh |
4%* p.a. on balance above Rs. 1 lakh, 3.50% p.a. on balance up to Rs. 1 lakh |
| C. Non Resident (NRE/NRO) | 3.50% p.a. | 3.50% p.a. |
| With effect from 1 April 2016, the periodicity of payment of interest on Savings Bank Account will be quarterly. Thus, the Savings Bank interest calculated on daily product basis will be paid at quarterly intervals on 30th June, 30th September, 31st December & 31st March each year. Note : p.a. is "per annum" |
||
Note
W.e.f. May 25, 2020, interest rate on daily balances in Savings Account stands revised as follows: Daily balances above Rs. 1 lakh will earn 4% interest p.a. and daily balances up to Rs. 1 lakh will earn 3.50% interest p.a. The interest rates mentioned are applicable for Resident Accounts only.
Disclaimer
#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 Fixed Deposits with tenure below 181 days, interest will be calculated at maturity as Simple Interest.
- Standalone Fixed 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 Fixed Deposit rates will be applicable for all customers including Senior Citizen's / Bank Staff
- Acceptance of deposits of Rs. 5 cr. and above is at the discretion of the Bank.
- Interest on Fixed Deposit can be paid for a period of less than a quarter (monthly interest payout) at the discounted interest rates as per RBI directives
- Above rates are applicable for mentioned dates only and are subject to change without prior notice
- The calculation of interest is basis 365 days in a non-leap year and 366 days in a leap (calendar) year.
Disclaimer : Premature withdrawal Not Allowed Deposit
#Simple interest rate
*Senior Citizens' rate is not applicable on NRO/NRE deposits
- Premature withdrawal of this deposit is not allowed till maturity.
- No interest will be payable for NRE TDs staying less than 1 year.
- For Fixed Deposits with tenure below 181 days, interest will be calculated at maturity as Simple Interest.
- ActivMoney/ Sweep in Facility is not available on this deposit
- Auto Renew option is not available.
- Acceptance of deposits of Rs. 5 cr. and above is at the discretion of the Bank
- Monthly Interest Payout option is not available.
- Above rates are applicable for mentioned dates only and are subject to change without prior notice
- Bank will not extend any kind of facility including OD against Fixed Deposits booked under No Premature Withdrawal scheme;
- Bank will not book Fixed Deposits in respect of funds lying in Escrow account / arrangement
- The calculation of interest is basis 365 days in a year for deposits booked in a non-leap year and 366 days in a year for Fixed Deposits booked in a leap (calendar) year.
Important: Penal Charge on Pre-mature withdrawal of Fixed 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 Fixed Deposit Accounts of the Bank, the penal charge on premature closure of Fixed Deposits including partial closure has been fixed by the bank as below on Fixed Deposits booked/ renewed on or after 1st November, 2012.
| Tenure of Fixed Deposit | Penalty |
|---|---|
| Less than 181 days | Nil |
| 181 days and above | 0.50% |
For erstwhile ING Vysya Bank customers the above premature withdrawal penalty slabs will be applicable for Tem Deposits booked/ Renewed on or after 1st April 2015.
Disclaimer
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
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
| Premat Penalty | USD (< 0.5 mio) | USD (≥ 0.5 mio) | GBP | EURO | YEN | AUD | SGD |
|---|---|---|---|---|---|---|---|
| 0.25% |
0.10% |
0.10% |
0.00% | 0.00% | 0.50% | 0.50% |
* 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.
| Rate of Interest | Processing Fees | |||
|---|---|---|---|---|
| Customer Type | Effective Rate Of Interest | RR + Spread | (excluding GST) | |
| Housing Loan* | Floating Category (Repo Rate: 4.00%) | |||
| For Salaried individuals | 7.40% - 9.55% |
- | Upto Rs 10000/- | |
| For Self Employed | 7.55% - 9.70% |
- | Upto 0.50% | |
| Business Loan | 16.00 % to 19.99% | - | Upto 2.00% | |
| Personal Loan | For Salaried Individuals | 10.75% to 24% | Fixed Rate | Upto 2.00% |
| Disclaimer: All Kotak Bank floating rate home loan/Loan against property/Working capital finance is benchmarked to K-MCLR-6M. Effective from 1st October, 2018.K-MCLR is 7.90% for 6 months. In terms of RBI guidelines, effective from 01.10.2018, pricing of all rupee loans and advances linked to Marginal Cost of Funds Based Lending Rate (MCLR). Existing borrowers of the Bank shall have an option to switch over from Base Rate system to interest rates linked to MCLR (other than Fixed Rate Loans). Borrowers willing to switch over to the MCLR based interest rate may contact the respective branch. |
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| 6. Click here for Master Facility Agreement Document | ||||
| 7. Click here Interest Rate Range of Contracted Loans for the past quarter to Individual Borrowers | ||||
| The Annual Percentage Rate (APR) is a method to compute annualized credit cost, which includes interest rate and processing fee. To calculate the same, please click here to download the APR calculator. | ||||
Loan Against Property
| SLAB | Women Borrower as Main Applicant | MCLR + Mark Up | Others | MCLR + Mark Up |
| Less than 2 cr | 9.5 - 11.55 | 6mclr + (1.15 + 3.20) | 9.6 - 11.65 | 6mclr + (1.25 + 3.30) |
| More than 2cr | 9.55 - 11.60 | 6mclr + (1.20 + 3.25) | 9.65 - 11.70 | 6mclr + (1.30 + 3.35) |
| SLAB | Women Borrower as Main Applicant | EBLR + Mark Up | Others | EBLR + Mark Up |
| Less than 2 cr | 9.5 - 11.55 | RR + (4.35 + 6.40) | 9.6 - 11.65 | RR + (4.45 + 6.50) |
| More than 2cr | 9.55 - 11.60 | RR + (4.40 + 6.45) | 9.65 - 11.70 | RR + (4.50 + 6.55) |
| For Savings Accounts | Issue (INR) | Rs. 2.5 per 1000 Min Rs. 50 Max Rs. 10, 000 |
| Cancellation (INR) | Rs. 100 | |
| For Current Accounts | Issue (INR) | At Branch Locations - Re 1/1000 (Min 40 Max 5000) & at Non - branch locations Rs. 2/1000 (Min 40 Max 5000); Foreign Currency DD - Rs 500 per DD + Foreign Currency Conversion Charge. |
| Cancellation (INR) | Rs 100 per INR DD; for Foreign currency DD Rs 500 + Foreign currency conversion charge |
| Savings Account | For Branch Locations (Non-Speed clearing locations): Free |
| For Non Branch Locations (Non- Speed clearing locations) : Free | |
| Current Account | INR cheques upto Rs. 10000: Rs. 50 per cheque; Rs. 10001 - Rs. 100000: Rs. 100 per cheque; Rs. 100001 & above: Rs. 150 per cheque. For foreign currency cheques Rs 500 per cheque |
| Charges for Outstation INR Cheque Collection are exclusive of service tax. | |
| For Savings Accounts | Inward | Free |
| Outward | Free (Through MobileBanking & Net Banking) and Through Branch - Up to 10000: 2.50, 10001 to 100000:5; 100001 to 200000:15; > 200000 : 25 (Small account holder can do NEFT upto 10000) |
|
| For Current Accounts | Inward | Free |
| Outward | Upto Rs. 1 Lakh: Rs. 5 per Txn; Rs. 1 Lakh & above: Rs. 25 per Txn | |
| Charges for NEFT are exclusive of service tax. | ||
| Savings Accounts | Inward | Free |
| Outward | Free (Through MobileBanking & Net Banking) and Through Branch - Rs. 200001- 500000: Rs 25 per Txn; > 500000: Rs 50 per Txn; |
|
| Current Accounts | Inward | Free |
| Outward | Free (If done through Net banking); Charged - if done through branch @ Rs. 1- 5 Lakhs: Rs 25 per Txn; Rs. 5 Lakhs & Above: Rs 50 per Txn; | |
| Charges for NEFT are exclusive of service tax. | ||
| Cheque Return Charges | Outward Returns | Inward Returns |
|---|---|---|
| For Savings Account (INR) | Rs. 100/- per instance | Rs. 500/- per instance |
| For Current Accounts / Overdraft, Cash Credit Accounts | Rs.100/ cheque. For out-station cheques, corr bank charges shall be extra | Financial Reason: upto 3 returns - 350 /instance; 4th return onward 750/instance |
| Savings Account | For BSBDA & Small Account, first cheque book of 5 leaves Free, thereafter charged @ Rs. 5 per cheque leaf. Edge, Nova and Synergy Savings Account 25 leaves per quarter Free thereafter it is charged @ Rs. 1.5 per leaf. For all other Accounts it is Free. |
| Current Account | Free for all accounts except Neo, Edge & Synergy A/c where beyond free limit it is charged @ Rs.2/- per leaf. Default cheque book is at-par cheque book. |
