Kotak fd rates

Kotak Mahindra Bank on Thursday launched the ActivMoney feature, which provides savings account holders fixed deposit-like interest rate of up to 7% per annum. According to a press release, ActivMoney automatically transfers surplus funds in the account above a predetermined level into a fixed deposit. Once a customer avails of the ActivMoney feature in the savings account, the balance above a certain threshold gets transferred to a fixed deposit of 180 days at an interest rate of 7% per annum. This feature is also available to 811 and current account holders. Jayakumar S Pillai takes charge as IDBI Bank’s Deputy Managing Director “In case a customer wishes to use the The default minimum threshold over which surplus funds earn a fixed deposit interest rate is Rs 25,000 for savings account, salary accounts and Kotak 811 accounts. It is Rs 50,000 for current accounts. Also read: “With ActiveMoney, we aspire to change the paradigm of the savings culture of Indians by offering customers As on March 31, around 35% of bank deposits were in savings accounts. Total bank deposits stood at Rs 187.4 trillion, according to data from the

Kotak Mahindra Bank has announced the launch of its ActivMoney feature, which provides users with FD-like interest rates of up to 7% per annum, according a press release by the bank. In order to help customers achieve a higher interest rate on their savings, ActivMoney automatically transfers surplus funds in the account above a predetermined level into a fixed deposit. According to the Kotak Mahindra Bank press release, “ActivMoney spruces up interest income on the savings account with a 7%* p.a. interest rate for 180 days as well as no premature withdrawal charges which otherwise are applicable to a Fixed Deposit, thereby offering the customer the best of both worlds.” How it works When a customer activates the ActivMoney feature in their Savings Account, it automatically transfers any balance above a certain threshold (specified by the account variety) in multiples of Rs 10,000/- to a 180-day FD with a current interest rate of 7%* p.a. If a consumer wants to use the funds, the entire balance in the Savings and FD is immediately available. As per the website, “With effect from 1 April 2016, the periodicity of payment of interest on Savings Bank Account will be quarterly. Thus, the Savings Bank interest calculated on daily product basis will be paid at quarterly intervals on 30th June, 30th September, 31st December & 31st March each year. Note : p.a. is "per annum"” FD interest rates Kotak Mahindra offers fixed deposit interest rate between 2.75% to 7.20% for tenure rangi...

Mumbai: In a move that could disrupt the market for savings bank deposits, Kotak Mahindra Bank has launched a sweep facility for savings accounts that will provide depositors with a return of 7%. The private lender on Thursday launched an ActivMoney feature, which gives customers the benefit of a fixed deposit (FD) -like interest of up to 7% per annum and the flexibility to access their funds at any time. With ActivMoney, excess funds in the account beyond a defined threshold are automatically swept into an FD. The feature will boost interest income on the savings account with a 7% per annum interest rate for 180 days and no premature withdrawal charges typically applicable to fixed deposits. “With ActivMoney, we aspire to change the savings culture of Indians by offering customers an FD-like interest rate on their savings account while retaining the flexibility to access funds anytime without any penalty on foreclosure,” said Virat Diwanji, group president and head of consumer banking at Kotak Mahindra Bank. Once a customer avails of the ActivMoney feature in the savings account, it automatically transfers the balance above the threshold (defined as per account variant) in multiples of Rs 10,000 to a fixed deposit of 180 days, currently offering an interest rate of around 7% per annum. The savings earn up to 7% per annum when they keep their savings in the fixed deposit through ActivMoney, while the balance in their savings account earns 3.5%. ActivMoney is also available...

At Kotak Mahindra Bank, we offer you attractive fixed deposit interest rates along with a range of terms to choose from, for you to achieve your money saving goals faster with more flexibility and security. Whether you want to save for a grand vacation or your child’s education, investing in a Kotak Mahindra Bank Fixed Deposit is a secure and effective way to transform all your dreams into fruition. Moreover, a comprehensive procedure leading to completion of your online application for opening a Fixed Deposits account with us has become easier than ever before! A fixed deposit is a secured and convenient investment option for instrument wherefrom investors to earn assured returns against a fixed rate of interest. Fixed deposit accompanies a higher interest yield compared to a savings account, and therefore, the money grows at an accelerated rate throughout the tenure. Since FDs assure fixed returns after maturity, you can fulfill any short or long-term financial goal without investment risks. The depositor needs to open a fixed deposit account with at least a minimum amount for Fixed Deposit, which is Rs. 5,000 for Kotak Mahindra Bank. The amount remains fixed for a pre-determined time period against the promise of a specific interest rate. There are multiple interest withdrawal options for a fixed deposit. With Kotak Mahindra Bank, you choose among cumulative, monthly, or quarterly pay-out options of the FD interest amount. We also allow depositors to withdraw fixed depo...

Kotak Mahindra Bank offers FD interest rates of 2.75-7.20% p.a. to the general public and 3.25-7.70% p.a. to senior citizens on tenures ranging from 7 days to 10 years. The interest rate on Kotak Mahindra Bank Tax Saving FDs is 6.20% p.a. for the general public and 6.70% p.a. for senior citizen depositors for tenures of 5 years to 10 years. The bank also offers various fixed deposit products for NRIs, such as NRO, NRE, and FCNR fixed deposits. Kotak Mahindra Bank accepts FCNR fixed deposits in US Dollars (USD), British Pound Sterling (GBP), Euro, Japanese Yen (YEN), Australian Dollar (AUD), and Singapore Dollar (SGD). Kotak Mahindra Bank Fixed Deposit (FD) Interest Rates (p.a.) Highlights 2023 Highest slab rate 7.20% (for 12 months 25 days to less than 2 years) For 1 year 7.10% For 2 years 7.00% For 3 years 6.50% For 4 years 6.25% For 5 years 6.20% Tax-Saving FD 6.20% The interest rates are updated as of 1 June 2023 Kotak Mahindra FD Interest Rates 2023 Kotak Mahindra FD Rates on Domestic/NRO/NRE deposits of less than Rs 2 crore w.e.f. 11 May 2023 Tenure Interest Rates (% p.a.) Regular Individuals Senior Citizens 7 – 14 days 2.75 3.25 15 – 30 days 3.00 3.50 31 – 45 days 3.25 3.75 46 – 90 days 3.50 4.00 91 – 120 days 4.00 4.50 121 – 179 days 4.25 4.75 180 days 7.00 7.50 181 days to 269 days 6.00 6.50 270 days 6.00 6.50 271 days to 363 days 6.00 6.50 364 days 6.50 7.00 365 days to 389 days 7.10 7.60 390 days (12 months 25 days) 7.20 7.70 391 days to less than 23 months 7.20 ...

Kotak Mahindra Bank on Thursday announced the launch of its ActivMoney feature which gives customers the benefit of fixed deposit (FD)-like interest rates of up to 7% per annum with no charges on premature withdrawal. Through ActivMoney, excess funds in the account, beyond a defined threshold, are automatically transferred to an FD, thereby offering you the chance to earn a higher interest on your savings. Default minimum threshold over which the surplus funds earn FD like higher interest rate is Rs 25,000 for savings/salary/811 accounts and Rs 50,000 for current accounts. According to Reserve Bank of India (RBI) data, as of March, the cumulative savings account deposit of all scheduled commercial banks in India was Rs 62.9 lakh crore that earns an industry average of 3.5% interest per annum, as against other instruments like FD, liquid funds etc. which gives them higher interest for a duration of six months to one year. ActivMoney spruces up interest income on the savings account with a 7% per annum interest rate for 180 days as well as no premature withdrawal charges, which are otherwise applicable to FDs. Virat Diwanji, Group President and Head, Consumer Banking, Kotak Mahindra Bank, said, “Customer centric products and services is at the core of our business strategy. With ActivMoney, we aspire to change the paradigm of savings culture of Indians by offering customers FD like interest rate on their savings account while retaining the flexibility to access funds anyti...