Fixed Deposit or FD is a good interest rate investment option. Kotak Mahindra Bank offers a Fixed Deposit Account with a high interest rate. Fixed Deposit can open for the duration of a minimum of 7 days and a maximum of ten years. Fixed Deposit gives you a high-interest rate on your deposit amount. The Deposit minimum amount is depending upon the bank.
Benefits of Allahabad Bank Fixed Deposit
- You get a higher interest rate on your fixed Deposit while comparing with saving accounts.
- Multiple fixed deposits can open.
- Kotak Mahindra Bank also gives a loan on your fixed Deposit so that, you don’t need to break your Deposit for your need.
- You can get an Rs.1.5 lakh exemption under Section 80 C of the Income Tax Act, 1961.
- If you are a senior citizen, then you will get a high-interest rate on your Fixed Deposit account.
Fixed Deposit Eligibility
- Fixed Deposits can open the name of Individual, Joint, Society, Company, Partnership, etc.
- The applicant must have a savings account in the bank.
Income Tax Facts on Kotak Mahindra Bank Fixed Deposit Interest
If you are looking for income tax fact on Fixed Deposit interest, then you can check below:
- If Fixed Deposit interest is less then Rs. 40, 000/-, then the Kotak Mahindra Bank will deduct TDS on interest.
- Interest earned on Fixed Deposit is taxable. It will treat as Income from Other Sources.
- If you don’t want to pay any TDS on Fixed Deposit, then you have to submit Form 15G and Form 15H in Kotak Mahindra Bank.
Kotak Mahindra Bank Tax Benefit Fixed Deposit
- Interest Rate is 6.5% for 5 years term deposits.
- The amount can not withdraw before five years.
- The deposit account can not transfer to another bank.
Kotak Mahindra Bank Fixed Deposit Interest Rate
| Maturity Periods – Premature Withdrawal Allowed | Less than Rs.2 Crore# | Annualised Yield |
| 7 – 14 Days | 3.50% | 3.50% |
| 15 – 30 Days | 4.00% | 4.00% |
| 31 – 45 Days | 4.50% | 4.50% |
| 46 – 90 Days | 5.10% | 5.10% |
| 91 – 120 Days | 5.25% | 5.25% |
| 121 – 179 days | 5.40% | 5.40% |
| 180 Days | 5.75% | 5.75% |
| 181 Days to 269 Days | 5.80% | 5.88% |
| 270 Days | 5.80% | 5.88% |
| 271 Days to 363 Days | 6.05% | 6.14% |
| 364 Days | 6.05% | 6.14% |
| 365 Days to 389 Days | 6.20% | 6.35% |
| 390 Days (12 months 25 days) | 6.20% | 6.35% |
| 391 Days – Less than 23 Months | 6.20% | 6.35% |
| 23 Months | 6.20% | 6.35% |
| 23 months 1 Day- less than 2 years | 6.20% | 6.35% |
| 2 years- less than 3 years | 6.20% | 6.35% |
| 3 years and above but less than 4 years | 6.10% | 6.24% |
| 4 years and above but less than 5 years | 6.10% | 6.24% |
| 5 years and above upto and inclusive of 10 years | 6.00% | 6.14% |
Fixed Deposits Interest Rates for Domestic
| Maturity Period – Premature Withdrawal Allowed | Rs. 2 Crore & above but below Rs. 5 Crores # | Rs. 5 Crores & above but below Rs. 10 Crores # | Rs. 10 Crores & above but below 25 Crores # | Rs. 25 Crores & above # |
| 7 – 14 Days | 4.00% | 3.80% | 3.80% | 3.80% |
| 15 – 30 Days | 4.00% | 4.00% | 4.00% | 4.00% |
| 31 – 45 Days | 4.50% | 4.50% | 4.50% | 4.50% |
| 46 – 60 Days | 5.00% | 5.00% | 5.00% | 5.00% |
| 61 – 90 Days | 5.00% | 5.00% | 5.00% | 5.00% |
| 91 – 120 Days | 5.10% | 5.30% | 5.30% | 5.30% |
| 121 – 179 Days | 5.20% | 5.30% | 5.30% | 5.30% |
| 180 Days | 5.50% | 5.50% | 5.50% | 5.50% |
| 181 Days to 270 Days | 5.80% | 5.60% | 5.60% | 5.60% |
| 271 Days to 279 Days | 4.35% | 4.25% | 4.25% | 4.25% |
| 280 Days to Less than 12 Months | 5.85% | 5.60% | 5.60% | 5.60% |
| 12 months – less than 15 months | 6.00% | 5.60% | 5.60% | 5.60% |
| 15 months – less than 18 months | 6.00% | 5.60% | 5.60% | 5.60% |
| 18 months – less than 2 Years | 6.00% | 5.60% | 5.60% | 5.60% |
| 2 years and above but less than 3 years | 6.00% | 5.60% | 5.60% | 5.60% |
| 3 years and above but less than 4 years | 5.90% | 5.60% | 5.60% | 5.60% |
| 4 years and above but less than 5 years | 5.90% | 5.60% | 5.60% | 5.60% |
| 5 years and above upto & inclusive of 7 years | 5.90% | 5.60% | 5.60% | 5.60% |
INTEREST RATES FOR DOMESTIC
| Maturity Period – Premature Withdrawal Not Allowed | Rs. 2 Crore & above but below Rs. 5 Crores # | Rs. 5 Crores & above but below Rs. 10 Crores # | Rs. 10 Crores & above But below 25 Crores # | Rs. 25 Crores & Above # |
| 91 – 120 Days | NA | 5.40% | 5.40% | 5.40% |
| 121 – 179 Days | NA | 5.40% | 5.40% | 5.40% |
| 180 Days | NA | 5.60% | 5.60% | 5.60% |
| 181 Days to 270 Days | 5.90% | 5.70% | 5.70% | 5.70% |
| 271 Days to 279 Days | 4.45% | 4.35% | 4.35% | 4.35% |
| 280 Days to Less than 12 Months | 5.95% | 5.70% | 5.70% | 5.70% |
| 12 months – less than 15 months | 6.10% | 5.70% | 5.70% | 5.70% |
| 15 months – less than 18 months | 6.10% | 5.70% | 5.70% | 5.70% |
| 18 months – less than 2 Years | 6.10% | 5.70% | 5.70% | 5.70% |
| 2 years and above but less than 3 years | 6.10% | 5.70% | 5.70% | 5.70% |