Many people like to invest their savings into a better and safer place, and I don’t think there is anything safer than fixed deposit with the banks. Investment in terms of fixed deposit considered as a safe investment compared to other variants of investments. It is because there is no loss but only profits. You will be getting a fixed rate for keeping the sum of the amount set in your bank. That is the reason. I am going to post a brief overview of Kotak Mahindra bank fixed deposit rates.
Kotak Mahindra Bank Fixed Deposit Rates:
We know that Kotak Mahindra bank is famous for providing attractive interest rates on the savings account but not only in the savings accounts but with the Fixed deposits as well. The customers can get up to 6.50% Interest rate for fixed deposit. However, the percentage can vary and depend upon the amount and tenure. The fixed deposit rates of Kotak bank are as follows:
- If you deposit a sum of money for a short period like between the seven to thirty days, then the interest rate will be 3.5% to 4%.
- Deposit for more than 40 days the interest rate will be 5%.
- 6.5% Interest rates will be provided for the tenure above than 180 days.
- Deposit for more than one year will be getting 6.5% interest rates.
- The senior citizens can assume 0.25% extra interest rate on the regular rate of interest.
Features
- Kotak bank offers attractive interest rates on opening FD with them. It is currently at the top compared to most of the private banks in India.
- You can make an FD for a minimum of Rs 10000.
- The minimum tenure is starting from 7 days.
- You will be getting the flexibility to receive interest on a monthly, quarterly or yearly basis.
- You can quickly open an FD account using Internet banking and paperless process.
- Partial and premature withdrawal is allowed.
Types of FD Accounts by Kotak Bank:
- Fixed deposit: It is a standard FD account in which customer will receive the interest in regular intervals.
- Quarterly/monthly deposit: The customers are allowed to choose interest rates like whether they want to receive monthly, quarterly or yearly.
Read More – Kotak Mahindra Credit Card Status Process Online
How to Open a Fixed Deposit Account with Kotak Bank?
Kotak bank is currently the digital bank of India and since it is digital. You can open a paperless Fixed deposit account in Kotak bank using the internet and mobile banking facility. You only need to log on to the Internet banking portal and apply for the Fixed deposit account. That’s it.
Alternatively, you can visit the nearest Kotak bank branch if you are not much familiar in using internet banking facility. However, this process requires your documents as well.
Conclusion:
Fixed deposits are currently the best way to invest money legally on the bank’s account. You get not only the attractive interest rates but also the assurance that your money is safe. However, If you wish to open a Fixed deposit account in Kotak bank, then you can refer to this article for more information.
