What is the premature withdrawal penalty in Recurring Deposit

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In case of premature closure of this Deposit within a month, no interest shall be paid and only principal amount will be returned.

On premature withdrawal of RD. The interest will be paid at the rate prevailing on the date of deposit for the tenure the deposit remained with the bank or at the contracted rate, whichever is lower post deducting penal charge of 0.5% on premature withdrawal of RD booked for tenure between 6 months to less than 12 months and 1 % for RD booked with tenure 12 months & above, effective 20th May, 2022

You can place a request for premature withdrawal of Recurring Deposit by following few simple steps:

1. On Mobile Banking

1) Go to Banking

2) Select Fixed/Recurring Deposits

3) Select Premature withdrawal

2. On Net Banking

1) Go to Investment -> Deposits

2) Select Premature Withdrawal of Deposit

(Amount will be credited your account instantly).

3. Alternatively, you can also place a request at the nearest Kotak Branch. (Amount will credited your account within 24-48 hours).

Please click https://www.kotak.com/en/personal-banking/Deposits/Recurring-Deposits.html?cid=answer&source=keya&medium=faq to know more on Recurring Deposit.

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What is the premature withdrawal penalty in Recurring Deposit?