Kotak Mahindra Bank’s NRE Fixed Deposit is a tax-free and fully repatriable Indian Rupee Deposit Account. It offers NRIs and PIOs high returns from income earned through foreign sources. In this blog, we will check out the latest Kotak Mahindra NRE FD rates.
Kotak Mahindra NRE FD Rates 2023
Given below are the Kotak Mahindra bank latest NRE FD rates. These rates are subject to change from time to time.
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 up to and inclusive of 10 years | 6.20% |
Kotak NRE FD Rates- Premature Withdrawal Allowed
Given below is the table showing NRE FD rates for the deposit amount of Rs. 2 crore and above. These rates are effective from 29th August 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 up to & 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 29th August 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 | 7.55% | 7.55% | 7.60% | 7.60% | 7.60% |
| 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 and above but less than 3 years | 7.20% | 7.25% | 7.25% | 7.25% | 7.25% |
Premature Withdrawal of Kotak Mahindra NRE FD
- The bank will pay interest based on the prevailing rate on the deposit date for the duration the deposit stayed with the bank, or at the contracted rate, whichever is lower. The interest will be paid after deduction of the applicable penal charge for premature withdrawal.
- The Kotak Mahindra bank has set the following penal charge for premature closure, including partial closure, of Fixed Deposits booked or renewed on or after May 20th, 2022.
| Tenure of Fixed Deposit | Penalty |
|---|---|
| 1 year and above | 1.00% |
Kotak Mahindra Bank NRE Fixed Deposit: Key Features
Given below are the key features of Kotak Mahindra Bank NRE fixed deposit:
| Tenure | 1-10 years |
| Currency | INR |
| Minimum Deposit Amount | Rs. 50,000 |
| Taxability | Principal amount and the interest earned is exempted from Income Tax in India |
| Repatriation | Fully and freely repatriable (Principal and Interest) |
| Premature Withdrawal Facility | Premature withdrawal permitted with penalty |
| Joint Account Facility | Allowed |
| Auto Renewal Facility | Allowed |
| Interest on NRE Deposits | Compounded quarterly |
Kotak Mahindra Bank NRE Fixed Deposit: Benefits
Kotak Mahindra Bank offers several benefits for Non-Resident External (NRE) fixed deposits. Some of the key benefits include:
- High-Interest Rates
- Kotak Mahindra Bank provides competitive interest rates on NRE fixed deposits, allowing NRIs to earn attractive returns on their investments.
- Tax-Free Interest
- The interest earned on NRE fixed deposits is not taxable in India.
- Repatriability
- NRE fixed deposits offer full repatriability, allowing you to freely transfer the principal amount and the interest earned to your foreign account without any restrictions.
- Flexible Tenure Options
- Kotak Mahindra Bank provides flexible tenure options for NRE fixed deposits, ranging from short-term to long-term periods. You can choose a tenure that suits your financial goals and liquidity needs.
- Automatic Renewal
- The bank offers the convenience of automatic renewal of NRE fixed deposits on maturity, ensuring that your funds continue to earn interest even after the maturity of the initial deposit.
- Joint Account
- The Kotak Mahindra NRE FD account can be jointly opened by NRIs/PIOs.
- Online Banking
- The bank offers convenient online banking services such as phone banking and net banking, allowing you to manage your NRE fixed deposits.
Eligibility for Kotak NRE Fixed Deposit
The given below can apply for NRE Fixed Deposit (FD) at Kotak Mahindra Bank:
- Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs) as per the FEMA definition.
- Seafarers of Indian origin working for overseas shipping companies.
- Indian government employees holding Diplomat passports.
- Students pursuing their studies abroad.
Documents Required for Kotak Mahindra NRE FD
To open an NRE (Non-Resident External) Fixed Deposit with Kotak Mahindra Bank, the following documents are required:
NRIs
- Photocopy of Passport pages with relevant information
- 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 passport size color photograph
PIOs
- Photocopy of Foreign Passport pages with relevant information
- Copy of valid Visa / Work / Residence Permit
- Additionally, applicant has to provide any of the below mentioned document, if the applicant’s place of birth is outside India:
- Indian passport of spouse (copy)
- Indian passport held by self or parents / grandparents at any time (copy)
- PIO/OCI card
- Proof of Mailing Address
- Latest passport size color photograph
The above documents need to be attested by any one of the following:
- An overseas bank official
- Any Branch of an Indian Scheduled Commercial Bank having overseas branch
- Notary Public
- The Indian diplomatic mission in the applicant’s country of residence
Note: In case of Self Attestation, all documents submitted should be signed by the account holders with the words ‘TRUE COPY’.
How to apply for Kotak Mahindra Bank NRE FD Account?
SBNRI is an online one-stop platform for expert services for 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 NRE 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
What is the interest rate for NRE fixed deposit in Kotak Mahindra Bank?
- You can find the latest interest rates for NRE FD and Savings Account in Kotak Mahindra Bank on our blog. The table is updated every month.
Is NRE FD a good investment?
- Unlike other investment options, NRI Fixed Deposit offers guaranteed returns that are not affected by market fluctuations. As a result, you earn guaranteed returns, even as your principal amount grows steadily, without risk. For NRIs seeking smart investment avenues, NRI FD is the best option.
Which bank gives the highest interest rate on NRE FD?
- You can check out the latest NRE FD and Savings Account Interest Rates and choose the best bank for yourself.
What are the current FD rates in Indian Kotak Mahindra Bank?
- You can find the latest interest rates for NRE FD and Savings Account in Kotak Mahindra Bank on our blog. The table is updated every month.
Can we have 2 NRE accounts?
- Yes. NRIs can open multiple NRE savings bank accounts.
