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 Money cannot be withdrawn from an FD before the maturity date unlike which can be done with recurring deposits or demand deposits.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.
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.
Resident individuals, Hindu Undivided Families, Sole Proprietorship Concern require the following documents in order to invest in an FD:
Trusts require the following documents to open a fixed deposit account with Kotak Mahindra Bank:
Associations and clubs that intend on opening a fixed deposit with Kotak Mahindra Bank require the following documents:
Partnership Firms wishing to open an FD with Kotak Mahindra Bank will be required to provide the following documents:
Kotak Mahindra Bank requires Private or Public Limited Companies opening a fixed deposit with the bank to provide the following documents:
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.
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:
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!
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