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Kotak Mahindra Fixed Deposit

A fixed deposit or an FD as it is often referred to, is a financial instrument provided by banks which provides investors with a higher rate of interest than that earned on a savings account. The FD interest rates are generally much higher than those offered by banks on other accounts, until the given maturity date. FDs may or may not require the creation of a separate bank account, varying from bank to bank. Money cannot be withdrawn from an FD before the maturity date unlike which can be done with  recurring deposits or demand deposits. Bank FD interest rates vary between 4% to 7.5% and the tenure of these fixed deposits can be as short as ten days or as extensive as ten years.

Eligibility

All citizens of the Republic of  India irrespective of their age are eligible to open FDs with banks. Aside from individuals, Hindu Unified Family (HUF), Private or Public Ltd. Co. and Partnership Firms are eligible to invest in a fixed deposit account.

Documents Required

Resident individuals, Hindu Undivided Families, Sole Proprietorship Concern require the following documents in order to invest in an FD:

  1. Proof of Identity
  2. PAN Card
  3. Voter ID Card
  4. Passport
  5. A recent photograph

Trusts require the following documents to open a fixed deposit account with Kotak Mahindra Bank:

  1. Copy of Trust Deed
  2. Copy of the registration certificate
  3. Copy of the Resolution of Trustees
  4. Authorising the concerned members to open and operate the account
  5. Photographs of the members operating the account

Associations and clubs that intend on opening a fixed deposit with Kotak Mahindra Bank require the following documents:

  1. By-laws of the Association
  2. Copy of the Resolution by the Board authorising the members concerned to open and operate the account
  3. Photographs of the members operating the account

Partnership Firms wishing to open an FD with Kotak Mahindra Bank will be required to provide the following documents:

  1. Partnership Deed
  2. Letter from partners approving the persons concerned to open a fixed deposit and operate the account
  3. Photographs of the persons operating the account

Kotak Mahindra Bank requires Private or Public Limited Companies opening a fixed deposit with the bank to provide the following documents:

  1. Board Resolution or Authority Letter
  2. Memorandum and Articles of Association
  3. Certificate of Incorporation
  4. Certificate of Commencement of Business (Public Limited Company)
  5. Form 32 in the case that the list of directors are not original subscribers to Memorandum and Articles of Association (in case of Public Limited Companies) duly acknowledged by ROC
  6. Governing Act/Rules and Regulations (PSUs) (certified true copy)

Features of Kotak Mahindra FDs

In the instance that one has excess funds, they must always consider investing in a fixed deposit. The Kotak Mahindra Fixed Deposit doesn’t just give the individual stable returns, financial safety and liquidity, but also the choice of when the individual wants the interest on their principal, be it monthly or quarterly, depending on the individual’s needs.

  • Account holders earn attractive interest rates with the Kotak Mahindra fixed deposit which will help them grow their money
  • A fixed deposit can be opened with Kotak Mahindra Bank with a deposit of as low as Rs. 5000
  • Individuals can avail of a fixed deposit with a booking period of 7 days to 10 years.
  • With a Kotak Mahindra FD, anindividual can choose to receive interest monthly, quarterly or keep it invested until maturity.
  • Customers of the Kotak Mahindra Bank can avail the facility of booking a fixed deposit online through Net Banking.
  • Account holders are permitted partial or premature removal of fixed deposit.
  • The nomination facility is available through Kotak Mahindra Fixed Deposits.
  • Kotak Fixed Deposit allows liquidity through Sweep-In facility.
  • Kotak fixed deposit gives individuals the flexibility to keep their financial portfolio diversified.
  • Individuals can avail overdraft facility against FD at Kotak Mahindra Bank.

 FD Interest Calculator

An FD interest rates calculator is an easy  to use, online tool which helps customers calculate the  interest they will receive on the fixed deposit after the particular time period. The FD calculator monthly interest is also available as is an annual or a full term calculator. An FD interest rates calculator calculates the interest earned on a fixed deposit through the following components:

  • Amount to be Deposited
  • Deposit Term
  • Interest Rate

Kotak Mahindra Bank has an FD calculator on their website which individuals may use to calculate their interest on the fixed deposit.

So, do not hesitate to invest in fixed deposits!

Related articles:

HDFC Bank Fixed Deposit

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Interest Rate
6%* p.a.
( 6.5% p.a. for Senior Citizens)(Open Kotak 811 and Book an FD to earn up to 7.00% interest)
Minimum Balance
0
Show Details
Features
  • You can now avail the benefits of the banking solutions with a single touch
  • Kotak 811 offers a virtual debit card (VDC) for the ease of online banking
  • Ideal for all your daily needs such as shopping, groceries, cab payments, and various others
  • Earn 7.00% interest on fixed deposits and Senior Citizens can earn upto 6.5% p.a. To know more click bit.ly/2KRtaSr
Interest Rate
6%
(Up to Rs. 1 Lakh)
Minimum Balance
Nil
Show Details
Features
  • Open an account only with the help of your Aadhar Card Can apply for this account at the micro ATM of IDFC Bank
  • Account offers Internet & mobile banking, free & unlimited ATM services, and various others.

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