Kotak Mahindra Bank Recurring Deposit – Check Kotak Bank RD, Kotak Bank RD Interest Rates, Kotak Mahindra RD Rates, Kotak Bank Recurring Deposit, Details.
Being one of the largest bank it delivers the customised solutions to every customer linked with this global Indian brand.
Further, the bank is a expert in accordance with the deposit schemes and especially recurring deposits.
Below is everything you need to know about the RD scheme under Kotak Mahindra Bank
FEATURES & BENEFITS OF RECURRING DEPOSIT SCHEME
- Savings can be done through fixed installments on returns equal to FD account rates.
- Premature withdrawals are allowed but partial withdrawals are not allowed under any circumstances.
- Savings can be done for Annual payment towards Insurance Premium/ Taxation.
- No interest shall be paid if the RD is withdrawn within a month. Only principle amount will be returned in such case.
- Maintaining the RD account is easy and manageable with kotak Net banking system
- The account can be opened for a minimum of Rs. 100 upto Rs. 25,000 per month.
- Senior citizens get additional 0.50% p.a rate of interest over other customers.
HOW TO OPEN RD ACCOUNT WITH KOTAK MAHINDRA BANK ?
- You can Book RD online via Kotak Net Banking.
- Else, one can Call 24 x 7 – 1860 266 2666
- For the offline RD booking, one need to visit the nearest Kotak Mahindra bank branch.
- Any individual resident (including Minor)
- HUF (Hindu Undivided Family)
DOCUMENTS REQUIRED FOR OPENING RD ACCOUNT WITH KOTAK MAHINDRA BANK
- ID proof
- Address proof
- Signature proof
- Latest passport size photograph
TENURE OF DEPOSIT
- Minimum period for which the account can be opened is 1 year and thereafter in multiple of 3 months (Quarterly) upto a maximum period of 10 years.
PENALTY FOR PREMATURE WITHDRAWAL
- On premature withdrawal of Recurring Deposit, the interest will be paid at the lower of rate prevailing on the date of deposit for the tenure the deposit remained with the bank or at the initially decided rate. On the lower of the above two interest rates, additional penal interest rate of 0.5% p.a will be reduced.
PENALTY FOR DELAY IN PAYMENT OF RD INSTALLMENT
- In case of delay in payment of any installment post grace period of 5 days, penal interest at the rate of RD interest rate (contracted rate of interest at the time of booking of the RD) + 2% p.a. or such other rate will be charged for the month of delay.
- Fraction of a month will be treated as full month
- The total penal interest chargeable shall be recovered from the total amount of interest payable by the bank and shall be recovered only at the time of maturity or premature closure of the account as the case may be.
Kotak Mahindra Bank Recurring Deposit Interest Rates
|Recurring Deposit rates effective from 18th Aug 2017 (Subject to change from time to time)|
|Tenure||Interest Rate (% p.a)||Senior Citizen Rates (% p.a)|
|3 years – less than 4 years||6.25||6.75|
|4 years – less than 5 years||6.25||6.75|
|5 years – 10 years||6.00||6.50|
- Interest rates are subject to periodic changes. The applicable interest rates will be offered based on the date and time of receipt of the funds by the bank.
- Recurring deposit advice will be dispatched to your registered mailing address with the bank within 3-4 working days of opening the RD account. Not available for non-resident indians / Persons of indian origin.