Kotak NRI FD Rates 2023: NRI Fixed Deposits are one of the best investment options for Non-Resident Indians to multiply their savings. Kotak Mahindra Bank offers primarily three types of NRI Fixed Deposits – NRE, NRO and FCNR – for its NRI customers. These FD accounts offer greater returns at attractive NRI interest rates. Here is the full description of prevailing Kotak Mahindra Bank NRI FD interest rates 2023.
In this Article:
- Kotak Mahindra Bank NRI Fixed Deposit Interest Rates 2023
- Types of NRI FDs by Kotak Mahindra Bank
- Documents required for Kotak Mahindra Bank NRI FD account application
- How to apply for Kotak Mahindra Bank NRI Fixed Deposit Account
- Kotak Mahindra Bank NRI Fixed Deposit Calculator
- FAQs
Kotak Mahindra Bank NRI Fixed Deposit Interest Rates 2023
Customers can check out the current Kotak Mahindra Bank NRI FD rates for different FD accounts as under:
Kotak NRE FD Rates – Premature Withdrawal Allowed
Given below is the table showing NRE FD rates for the deposit amount less than Rs. 2 crore. These rates are effective from 11th May 2023.
| Maturity period | Less than Rs. 2 cr |
|---|---|
| 365 Days to 389 Days | 7.10% |
| 390 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 – less than 4 years | 6.50% |
| 4 years – less than 5 years | 6.25% |
| 5 years and above upto and inclusive of 10 years | 6.20% |
Given below is the table showing NRE FD rates for the deposit amount of Rs. 2 crore and above. These rates are effective from 21st June 2023.
| Maturity Period | 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 Cr & above but below 100 cr | Rs. 100 Cr and above |
|---|---|---|---|---|---|
| 365 days ‐ Less Than 15 Months | 7.25% | 7.35% | 7.35% | 7.35% | 7.35% |
| 15 months – less than 18 months | 7.25% | 7.30% | 7.30% | 7.30% | 7.30% |
| 18 months – less than 2 Years | 7.25% | 7.10% | 7.10% | 7.10% | 7.10% |
| 2 years and above but less than 3 years | 7.00% | 7.10% | 7.10% | 7.10% | 7.10% |
| 3 years and above but less than 4 years | 6.50% | 6.50% | 6.50% | 6.50% | 6.50% |
| 4 years and above but less than 5 years | 6.25% | 6.40% | 6.40% | 6.40% | 6.40% |
| 5 years and above upto & inclusive of 7 years | 6.25% | 6.25% | 6.25% | 6.25% | 6.25% |
Kotak NRE FD Rates – Premature Withdrawal Not Allowed
Given below is the table showing NRE FD rates for the deposit amount of Rs. 2 crore and above where premature withdrawal is not allowed. These rates are effective from 21st June 2023.
| 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 to Rs. 100 cr | RS. 100 cr and above |
|---|---|---|---|---|---|
| 1 year – less than 15 months | 7.55% | 7.55% | 7.55% | 7.55% | 7.55% |
| 15 months – less than 18 months | 7.50% | 7.50% | 7.50% | 7.50% | 7.50% |
| 18 months – less than 2 years | 7.40% | 7.30% | 7.30% | 7.30% | 7.30% |
| 2 years – less than 3 years | 7.20% | 7.25% | 7.25% | 7.25% | 7.25% |
Kotak NRO FD Rates – Premature Withdrawal Allowed
Given below is the table showing NRO FD rates for the deposit amount less than Rs. 2 crore. These rates are effective from 11th May 2023.
| Maturity period | Less than Rs. 2 cr |
|---|---|
| 7-14 Days | 2.75% |
| 15-30 Days | 3.00% |
| 31-45 Days | 3.25% |
| 46-90 Days | 3.50% |
| 91-120 Days | 4.00% |
| 121-179 Days | 4.25% |
| 180 Days | 7.00% |
| 181- 269 Days | 6.00% |
| 270 Days | 6.00% |
| 271- 363 Days | 6.00% |
| 364 Days | 6.50% |
| 365 Days to 389 Days | 7.10% |
| 390 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 – less than 4 years | 6.50% |
| 4 years – less than 5 years | 6.25% |
| 5 years and above upto and inclusive of 10 years | 6.20% |
Given below is the table showing NRO FD rates for the deposit amount of Rs. 2 crore and above. These rates are effective from 21st June 2023.
| Maturity Period | 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 Cr & above but below 100 cr | Rs. 100 Cr and above |
|---|---|---|---|---|---|
| 7-14 Days | 4.00% | 4.50% | 4.50% | 4.50% | 4.50% |
| 15-30 Days | 4.00% | 4.75% | 4.75% | 4.75% | 4.75% |
| 31-45 Days | 4.50% | 5.50% | 5.50% | 5.50% | 5.50% |
| 46 – 60 Days | 4.75% | 5.75% | 5.75% | 5.75% | 5.75% |
| 61 – 90 Days | 5.25% | 6.25% | 6.25% | 6.25% | 6.25% |
| 91 – 120 Days | 5.50% | 6.75% | 6.75% | 6.75% | 6.75% |
| 121 – 179 Days | 6.00% | 7.00% | 7.00% | 7.00% | 7.00% |
| 180 Days | 7.00% | 7.00% | 7.00% | 7.00% | 7.00% |
| 181 Days to 270 Days | 6.50% | 7.05% | 7.10% | 7.10% | 7.10% |
| 271 Days to 279 Days | 5.50% | 5.75% | 5.75% | 5.75% | 5.75% |
| 280 Days ‐ 364 days | 6.75% | 7.10% | 7.10% | 7.10% | 7.10% |
| 365 days ‐ Less Than 15 Months | 7.25% | 7.35% | 7.35% | 7.35% | 7.35% |
| 15 months – less than 18 months | 7.25% | 7.30% | 7.30% | 7.30% | 7.30% |
| 18 months – less than 2 Years | 7.25% | 7.10% | 7.10% | 7.10% | 7.10% |
| 2 years and above but less than 3 years | 7.00% | 7.10% | 7.10% | 7.10% | 7.10% |
| 3 years and above but less than 4 years | 6.50% | 6.50% | 6.50% | 6.50% | 6.50% |
| 4 years and above but less than 5 years | 6.25% | 6.40% | 6.40% | 6.40% | 6.40% |
| 5 years and above upto & inclusive of 7 years | 6.25% | 6.25% | 6.25% | 6.25% | 6.25% |
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 NRO FD Rates – 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 To below rs. 100 CR | Rs. 100 CR and above |
|---|---|---|---|---|---|
| 91 – 120 days | NA | 7.10% | 7.10% | 7.10% | 7.10% |
| 121 – 179 days | NA | 7.20% | 7.20% | 7.20% | 7.20% |
| 180 days | NA | 7.20% | 7.20% | 7.20% | 7.20% |
| 181 – 270 days | 6.80% | 7.30% | 7.35% | 7.35% | 7.35% |
| 271 – 279 days | 6.00% | 6.25% | 6.25% | 6.25% | 6.25% |
| 280 days – less than 12 months | 7.15% | 7.35% | 7.35% | 7.35% | 7.35% |
| 1 year – less than 15 months | 7.55% | 7.55% | 7.55% | 7.55% | 7.55% |
| 15 months – less than 18 months | 7.50% | 7.50% | 7.50% | 7.50% | 7.50% |
| 18 months – less than 2 years | 7.40% | 7.30% | 7.30% | 7.30% | 7.30% |
| 2 years – less than 3 years | 7.20% | 7.25% | 7.25% | 7.25% | 7.25% |
Penal Charges for Premature Withdrawal of Kotak Mahindra Bank NRO FD
| FD Tenure | Penalty |
|---|---|
| Less than 180 days | Nil |
| 181 days & above | 0.50% |
Kotak FCNR (B) FD Rates
| Maturity/currency | USD (<0. 5 mio) | USD (>=5 mio) | GBP | EURO | AUD | SGD |
|---|---|---|---|---|---|---|
| 1 year – less than 2 years | 5.40% | 5.40% | 5.40% | 3.60% | 4.20% | 3.85% |
| 2 years – less than 3 years | 4.35% | 4.35% | 4.80% | 2.95% | 3.75% | 3.10% |
| 3 years – less than 4 years | 3.65% | 3.65% | 4.25% | 2.45% | 3.35% | NA |
| 4 years – less than 5 years | 3.40% | 3.40% | NA | NA | NA | NA |
| 5 years only | 3.25% | 3.25% | NA | NA | NA | NA |
Penal rates for Premature Withdrawal of Kotak Mahindra Bank FCNR FD Account
For premature withdrawal of FD after 1 year, customers will have to pay penalty as under:
| USD (<0. 5 mio) | USD (>=5 mio) | GBP | EURO | YEN | AUD | SGD |
|---|---|---|---|---|---|---|
| 0.25% | 0.25% | 0.25% | 0.00% | 0.00% | 0.25% | 0.10% |
Note: All the interest rates mentioned above are subject to change without prior notice. We update the latest interest rates on NRE FD and Savings Bank Account as well as the interest rates for FCNR Deposit every month with the banks on our blog. You can head there to check out the latest rates. (The above tables were updated on 15/03/2023)
Types of NRI FDs by Kotak Mahindra Bank
Kotak Mahindra Bank offers fixed deposit accounts under three categories for Non-Resident Indians.
- Kotak Mahindra NRE FD
- Kotak Mahindra NRO FD
- Kotak Mahindra FCNR FD
Kotak Mahindra Bank Non-Resident External (NRE) Fixed Deposit
NRIs and PIOs can invest in NRE FDs to earn high returns from their income earned in foreign countries.
Kotak Mahindra Bank NRE FD Key Highlights
| Flexible tenure | 1 to 10 years |
| Currency | INR |
| Eligibility | NRIs, PIOs & Students |
| Min deposit amount | INR 50,000 |
| Taxability | Interest earned not taxable in India |
| Premature withdrawal | Allowed with penalty |
| Repatriation | Full repatriability (principal + interest) |
| Other benefits | – Auto-renewable of FD on maturity – Interests are compounded quarterly – NRE account can be opened jointly by eligible NRIs/PIOs |
Kotak Mahindra Bank Non-Resident Original (NRO) Fixed Deposit
By investing in Kotak Mahindra NRO deposits, NRIs and PIOs can enjoy safe and guaranteed returns from their income earned through foreign or domestic sources.
Kotak Mahindra Bank NRO FD Key Highlights
| Flexible tenure | 7 days to 10 years |
| Eligibility | NRIs, PIOs & Students |
| Min deposit amount | INR 50,000 |
| Taxability | Interest earned is subject to a tax(30)% |
| Premature withdrawal | Allowed with penalty |
| Repatriation | Interest earned is fully repatriable after payment of tax |
| Other benefits | – Interests are compounded quarterly – Principal amount of the deposit is exempt from tax in India. – Auto-renewal facility on maturity – NRO account can be opened jointly by eligible NRIs/PIOs and resident Indian |
Kotak Mahindra Bank Foreign Currency Non-Resident (FCNR) Fixed Deposits
Kotak Mahindra FCNR FD allows NRI customers to deposit their foreign income in up to 6 currencies. Customers can book FCNR deposits by debiting funds from their NRE account.
Kotak Mahindra Bank FCNR (B) FD Key Highlights
| Tenure | 1 – 5 years |
| Deposit amount | Deposit of USD 1 mio and above is at the discretion of the bank |
| Currency | USD, EURO, GBP, YEN, AUD and SGD |
| Taxation | Both principal and interest earned are exempted from tax in India |
| Premature withdrawal | Allowed; penalty applicable to USD, GBP, AUD and SGD |
| Benefits | – Auto-renewal on maturity – Both principal and interest fully and freely repatriable – Interest is compounded on 180 days – No foreign currency exchange risk – Account can be opened jointly by NRIs/PIOs |
Documents required for Kotak Mahindra Bank NRI FD account application
Here is the checklist of documents that NRIs have to provide while submitting the account opening form:
- Duly filled FD account opening form
- Self-attested colored photographs
- Photocopy of current passport
- Photocopy of valid visa (work permit or resident permit )
- Indian address proof (whenever applicable)
- PIO or OCI card (if applicable)
- Nominee application (if applicable)
- Specimen signature of the account holder
How to apply for Kotak Mahindra Bank NRI Fixed Deposit Account
SBNRI is an online one-stop platform for expert services and advisory on all major NRI specific products including FD accounts for NRIs.
To get end-to-end assistance with NRI Account Opening and booking other Fixed Deposits and info about the latest Kotak NRI FD Rates, you can connect with our expert using the button at the end of the article. You can also browse through the NRI Account Opening grid that we have prepared specially for NRIs and get expert advisory and assistance seamlessly and complete the entire process at the comfort of your homes.
Kotak Mahindra Bank NRI 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.
FAQs
Yes, existing customers of Kotak Mahindra Bank can enjoy preferential NRI interest rates, faster processing, doorstep services, etc.
No, a user can have only one account either a Non-Resident (NRE/ NRO) account or a Resident savings account.
Kotak Mahindra Bank NRE FD rates vary based on NRE FD tenure and amount, ranging from 3.90% to 4.25% per annum.
Customers are required to maintain these accounts for a minimum tenure of 1 year so as to get interests on the deposit.
