The Kotak Mahindra Bank offers schemes with a competitive rate of interest to Indian citizens and HUFs. The depositors can make a small deposit each month and get maximum returns from the RD plan. PAn card is required to be submitted by the applicant while applying for an Recurring Deposit account with Kotak Mahindra Bank. The payment must be made from the customer's savings account and the interest is paid to the depositor on the maturity of the RD scheme. Accounts can also be opened for minors as the primary applicant for a minimum tenure of 12 months. The RD tenure can be increased in the multiples of three and the maximum tenure is 10 years. The minimum amount that must be deposited while opening an RD account is 100 rupees and it can go up to 50,000 each month for tenures less than 10 years. For tenures up to 36 months, the minimum amount that must be deposited each month is 50,001-1,00,000 rupees.
|Tenure||Interest Rate P.A. ( %)|
|3 years - less than 4 years||6.25|
|4 years - less than 5 years||6.25|
|5 years - 10 years||6|
Customers may open RD accounts with short tenures, ranging from 12-18 months. The interest rate offered on such accounts is 7.5% and for tenures of 15-18 months is 7.5%
Kotak Mahindra Bank offers tenures ranging from 21 months to 4 years and the interest rates offered on such deposit terms is 7.25%. The long-term tenures available are 4-10 years. For a tenure of 4-5 years, the interest rate applicable is 7.25% and for the tenures ranging from 5-10 years, the interest rate applicable is 7%.
A higher interest rate can be enjoyed by senior citizens on RD with Kotak Mahindra Bank. An additional interest rate of 0.5% is applicable on senior citizen Rd accounts. For deposits for the tenure of 12 months and 15-33 months, the interest rate applicable is 8 %. For tenures ranging from 3-4 years, the interest rate applicable is 7.75% and for long-term RD for a tenure ranging from 5-10 years, the interest rate applicable is 7.5%