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Fincash » RD Interest Rates » Kotak Bank RD Rates

Kotak Bank RD (Recurring Deposit) Rates 2024

Updated on July 15, 2024 , 3792 views

The Kotak Recurring deposit is designed for customers to achieve their goals in their own terms. The RD scheme by Kotak gives individuals the freedom to choose a period and an amount you wish to invest every month and earn healthy returns at applicable interest rate.

Kotak-Bank-RD-Rates

A recurring deposit is an investment cum savings option for those who want to save regularly over a certain period of time and earn a higher interest rate. It is a type of term deposit which allows one to save a fixed amount of money every month systematically. If you are familiar with SIP in Mutual Funds, RD works similarly in banking. Every month, a fixed amount of money is deducted either from a savings or a current account. And, at the end of the maturity, investors are paid back their invested money with accrued interest.

A user willing to open an RD account with Kotak Bank can choose any amount and term according to your convenience.

Kotak Bank RD Interest Rates 2024

Here's the list of Kotak Bank RD Interest Rates for Resident Individuals & HUF only.

Period Interest Rate p.a. ( %) Senior Citizen Rates p.a. ( %)
6 Months 5.00% 6.00%
9 Months 5.75% 6.25%
12 Months 6.25% 6.75%
15 Months 6.40% 6.90%
18 Months 6.40% 6.90%
21 Months 6.40% 6.90%
24 Months 6.40% 6.90%
27 Months 6.40% 6.90%
30 Months 6.40% 6.90%
33 Months 6.40% 6.90%
3 years - less than 4 years 6.30% 6.80%
4 years - less than 5 years 6.25% 6.75%
5 years - 10years 6.20% 6.70%

Interest rates are subject to change from time to time. Kindly contact the bank branch to know the latest RD rates

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Features of Kotak RD Account

  • Even a minor can open an Recurring Deposit account with Kotak Bank
  • The bank provides nomination Facility to all its users
  • With a Kotak's RD account can choose a convenient deposit tenure ranging from 12 months to 120 months
  • The minimum amount deposited in the account can be in multiples of INR 5,000 or INR 10,000
  • Penalty for non-payment or delayed payment of the monthly deposit is calculated at 2 percent per annum

Penalty on Delay in RD Installment

If an user delays in the payment of any installment post grace period of five days, penal interest at the rate of Recurring Deposit interest rate (contracted rate of interest at the time of booking of the RD) + 2 percent (p.a.) or such other rate as may be specified by the bank from time to time, will be charged for the month of delay.

Premature Withdrawal of RD

A penal charge of 0.5 percent is applicable. 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 the penal charge. In case of premature closure of this deposit within a month, no interest shall be paid and only principal amount will be returned.

Kotak RD Calculator

A Recurring Deposit calculator is a good way of calculating maturity amount on RD. You can follow this method to estimate your RD amount on maturity.

Illustration-

RD Calculator INR
Monthly Deposit Amount 500
RD in month 60
Rate of Interest 7%
RD Maturity Amount INR 35,966
Interest Earned INR 5,966

RD Calculator

Monthly Deposit:
Tenure:
Months
Rate of Interest (ROI):
%

Investment Amount:₹180,000

Interest Earned:₹21,001

Maturity Amount: ₹201,001

Watch How your Money Grows with Recurring Deposit

Tenure Interest rates Interest rates 1000 3000 5000 10,000
Regular Sr Citizen Regular Sr Citizen Regular Sr Citizen Regular Sr Citizen
6 Months 7.10% 7.60% 6,125 6,134 18,374 18,401 30,624 30,668 61,247 61,336
9 Months 7.25% 7.75% 9,275 9,294 27,824 27,881 46,373 46,469 92,746 92,938
12 Months 7.40% 7.90% 12,489 12,523 37,467 37,568 62,445 62,613 124,890 125,226
24 Months 7.25% 7.75% 25,887 26,023 77,662 78,070 129,437 130,116 258,874 260,233
36 Months 7.10% 7.60% 40,200 40,517 120,601 121,550 201,001 202,583 402,002 405,165
48 Months 7.00% 7.50% 55,484 56,069 166,451 168,207 277,418 280,345 554,837 560,691
60 Months 6.50% 7.00% 70,991 71,933 212,972 215,798 354,954 359,664 709,908 719,328
120 Months 6.50% 7.00% 168,988 173,702 506,964 521,105 844,940 868,509 1,689,880 1,737,017

Disclaimer: Interest rates applicable are the same as that for Term Deposits, and are subject to change from time to time. Senior Citizens earn an additional 0.50%. Maturity amounts have been rounded off to the nearest rupee.

Documents to Open Kotak Bank RD Account

1. Proof of Identity

  • Passport
  • PAN Card
  • Driving license
  • Voter ID card
  • Government ID card
  • Photo ration card
  • Senior citizen ID card

2. Address proof

  • Passport
  • Electricity bill
  • Telephone bill
  • Bank statement with Cheque
  • Certificate/ ID card issued by Post Office

Why Investing in SIP is Beneficial?

  • Systematic Investment plan (SIP) is a way to put your money in mutual funds. Investment can be done on a periodic Basis - daily, weekly, monthly or quarterly

  • You need to deposit a small amount of money at every interval. The minimum amount can be as low as INR 500

  • SIPs can help in all kinds of investment goals, whether short- or long –term, depending on the frequency of investment, funds chosen and other factors

  • SIPs offer flexible instalment plans of daily, weekly, monthly, quarterly etc

  • Returns can be earned better here. The longer you invest via a SIP in mutual funds, especially in an Equity Fund, the higher are the chances to earn good returns

  • To Cancel SIP, the investors can simply close their investment and withdraw their money without any penal charges

Best Performing SIPs to Invest 2024

Here's a list of best performing equity SIPs for an investment horizon of five years and above

FundNAVNet Assets (Cr)Min SIP Investment3 MO (%)6 MO (%)1 YR (%)3 YR (%)5 YR (%)2023 (%)
IDFC Infrastructure Fund Growth ₹56.56
↓ -0.07
₹1,171 100 25.545.588.735.430.650.3
Franklin Build India Fund Growth ₹146.261
↓ -0.48
₹2,530 500 17.930.576.435.228.151.1
L&T India Value Fund Growth ₹109.789
↑ 0.36
₹12,373 500 18.625.259.827.825.139.4
Motilal Oswal Multicap 35 Fund Growth ₹57.0212
↓ -0.22
₹10,013 500 1724.856.318.617.131
L&T Emerging Businesses Fund Growth ₹86.6788
↑ 0.56
₹14,787 500 19.923.155.429.730.246.1
Note: Returns up to 1 year are on absolute basis & more than 1 year are on CAGR basis. as on 16 Jul 24

Disclaimer:
All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.
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