NRO fixed deposit is one of the most popular financial products offered by Kotak Mahindra Bank to Non-Resident Indians (NRIs) and Overseas Citizens of India (OCIs). NRIs can open an NRO fixed deposit account to save their earnings in India and earn attractive interest on it. Latest Kotak Bank NRO fixed deposit rates range from 2.70% to 7.20% p.a.
Kotak Mahindra Bank NRO Fixed Deposit Rates
Kotak NRI FD rates for NRE and NRO fixed deposits vary based on maturity period, amount and whether premature withdrawal is allowed or not. Here are Kotak NRO fixed deposit rates effective from 4th April 2023.
FD Rates – Premature Withdrawal Allowed
| Maturity period | Up to Rs. 2 Cr |
|---|---|
| 7 – 14 days | 2.75% |
| 15 – 30 days | 3.00% |
| 31 – 45 days | 3.25% |
| 46 – 60 days | 3.50% |
| 61 – 90 days | 3.50% |
| 91 – 120 days | 5.50% |
| 121 – 179 days | 4.25% |
| 180 days | 6.50% |
| 181 – 269 days | 6.00% |
| 270 days | 6.00% |
| 271 days – 363 | 6.00% |
| 364 days | 6.25% |
| 365 Days to 389 Days | 7.00% |
| 390 Days (12 months 25 days) | 7.20% |
| 391 Days – Less than 23 Months | 7.20% |
| 23 Months | 7.20% |
| 23 months 1 Day- less than 2 years | 7.20% |
| 2 years- less than 3 years | 7.00% |
| 3 years and above but less than 4 years | 6.50% |
| 4 years and above but less than 5 years | 6.25% |
| 5 years and above up to and inclusive of 10 years | 6.20% |
Note: Kotak NRO interest rates are effective from 4th April 2023. Rates are subject to change from time to time.
Kotak Mahindra NRO Fixed Deposit above Rs. 2 cr to Rs. 25 cr.
| Maturity period | Rs. 2 Cr to below Rs. 5 Cr | Rs. 5 Cr to below Rs. 10 Cr | Rs. 10 Cr to Rs. 25 Cr |
|---|---|---|---|
| 7 – 14 days | 4.00% | 4.50% | 4.50% |
| 15 – 30 days | 4.75% | 4.75% | 4.75% |
| 31 – 45 days | 4.50% | 5.50% | 5.50% |
| 46 – 60 days | 4.75% | 5.75% | 5.75% |
| 61 – 90 days | 5.25% | 6.00% | 6.00% |
| 91 – 120 days | 6.60% | 6.60% | 6.80% |
| 121 – 179 days | 6.00% | 6.60% | 6.60% |
| 180 days | 7.00% | 6.65% | 6.65% |
| 181 – 270 days | 6.50% | 6.75% | 6.75% |
| 271 days – 279 days | 5.50% | 5.50% | 5.50% |
| 280 Days ‐ 364 days | 6.75% | 6.90% | 6.90% |
| 365 days ‐ Less Than 15 Months | 7.25% | 7.30% | 7.35% |
| 15 months – less than 18 months | 7.25% | 7.30% | 7.35% |
| 18 months – less than 2 Years | 7.25% | 7.30% | 7.30% |
| 2 years and above but less than 3 years | 7.00% | 6.80% | 6.80% |
| 3 years and above but less than 4 years | 6.50% | 6.50% | 6.50% |
| 4 years and above but less than 5 years | 6.25% | 6.40% | 6.40% |
| 5 years and above up to & inclusive of 7 years | 6.25% | 6.25% | 6.25% |
Note: NRO interest rates are effective from 4th April 2023. Rates are subject to change from time to time.
Penal charges for premature withdrawal of Kotak Mahindra Bank NRE FD
| FD Tenure | Penalty |
|---|---|
| Less than 1 year | Nil |
| 1 year & above | 1.00% |
Kotak Mahindra NRO FD Rate: Premature Withdrawal Not Allowed
| Maturity period | Rs. 2 Cr to below Rs. 5 Cr | Rs. 5 Cr to below Rs. 10 Cr | Rs. 10 Cr to below Rs. 25 Cr | Rs. 25 Cr & above |
|---|---|---|---|---|
| 91 – 120 days | NA | 6.85% | 7.00% | 7.00% |
| 121 – 179 days | NA | 6.90% | 7.00% | 7.25% |
| 180 days | NA | 7.15% | 7.25% | 7.25% |
| 181 – 270 days | 6.80% | 7.25% | 7.40% | 7.40% |
| 271 – 279 days | 6.00% | 6.00% | 6.00% | 6.00% |
| 280 days – less than 12 months | 7.15% | 7.45% | 7.40% | 7.40% |
| 1 year – less than 15 months | 7.60% | 7.55% | 7.75% | 7.75% |
| 15 months – less than 18 months | 7.50% | 7.55% | 7.65% | 7.65% |
| 18 months – less than 2 years | 7.50% | 7.40% | 7.55% | 7.55% |
| 2 years – less than 3 years | 7.25% | 7.20% | 7.25% | 7.30% |
Note: NRO interest rates are effective from 4th April 2023. Rates are subject to change from time to time.
Penal charges for premature withdrawal of Kotak Mahindra Bank NRO FD
| FD Tenure | Penalty |
|---|---|
| Less than 180 days | Nil |
| 181 days & above | 0.50% |
Features and Benefits of Kotak NRO Fixed Deposits
- You can open a Kotak NRO fixed deposit account with a minimum of Rs. 50,000
- Interest earned is fully repatriable after payment of tax
- Interest on NRO fixed deposits by Kotak Mahindra Bank is compounded quarterly
- The principal amount is exempt from taxes in India, but interest earned is subject to a tax of 30%
Who can Invest in Fixed Deposits
To invest in NRO fixed deposits, you need to meet the following criteria:
- Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs)
- Seafarers of Indian nationality / origin employed by overseas shipping companies, or
- Indian government personnel with diplomatic passports
- Indian students studying abroad
Documents Required for Kotak NRO Fixed Deposits
Documents for NRIs when submitting the account opening form at a Kotak bank branch in India:
- Passport – Photocopy of a valid passport containing your name, photograph, place of birth, date of issue/ expiry, etc. is mandatory for identification and proof of nationality.
- Copy of valid visa – A copy of valid visa/ work permit is required to confirm the NRI status.
- Proof of overseas address – This can be a copy of the latest utility bill or bank statement.
- Proof of Indian address – This can be a copy of the latest utility bill, bank statement, or any other government-issued identity card.
- Latest color passport-size photographs – Typically, two passport-size photographs are required.
Documents for NRIs when submitting the account opening form at a Kotak bank branch in India:
- Photocopy of passport pages having your name, photograph, date and place of birth, specimen-signature, date of issue / expiry and address details
- Copy of valid visa / work / residence permit
- Proof of mailing address (local or overseas address as selected for communication on the account opening form)
- Latest color photograph (passport sized)
Kotak Mahindra Bank NRO Fixed Deposit Calculator
You can take the help of an expert to compute returns on your Kotak NRI FD and much more. At SBNRI, you get direct access to field experts who will take care of your individual process personally and assist you throughout the way. Just click on the button below to get in touch with our expert now. Also, visit our blog and YouTube Channel for more details.
