Senior Citizen Fixed Deposit - Required Documents for Senior Citizen FD by Kotak Mahindra Bank

Senior Citizen Fixed Deposit - Required Documents for Senior Citizen FD by Kotak Mahindra Bank

Apply Now

Fixed Deposit - Senior Citizen Fixed Deposit - Kotak Mahindra Bank

The following can apply for Senior Citizen Fixed Deposits with the requisite documentation

(Original for verification and self-attested copies for submission)

Documents
Resident Individuals, Hindu Undivided Family, Sole Proprietorship Concern	A valid passport or a valid driving license An introduction by any other bank or an introduction by a Kotak Bank Savings Account holder for the last six months A photograph
Trusts	Copy of the Trust Deed Copy of the registration certificate Copy of the Resolution of The Trustees Authorising the members concerned to open and operate the account Photographs of the members operating the account
Associations / Clubs	By-laws of the Association Copy of the Resolution by the board authorising the members concerned to open and operate the account Photographs of the members operating the account
Partnership Firm	Partnership Deed Letter from partners approving the persons concerned to open and operate the account Photographs of the persons operating the account
Limited Companies	Retain only for residents individuals
Note	Effective 1st April 2010, PAN is mandatory to book Fixed Deposits if the total Fixed Deposit holding per customer ID per branch exceeds Rs. 50,000/- An initial deposit of Rs. 10,000/- is required to open a Fixed Deposit Senior citizens' Fixed Deposit is available to resident individuals above the age of 60 years

Frequently Asked Questions

How can I calculate the interest on my fixed deposit?

Access our online FD calculator and enter the amount and fixed interest rate offered to you. You will get the results within seconds.

Was this information helpful to you? Yes No

What is the rate of interest for fixed deposits with Kotak Bank?

The interest rate for fixed deposits with Kotak Bank varies with maturity period, deposit amount, type of depositor, etc. For instance, the rates on fixed deposits are higher for resident senior citizen individuals (age 60 years & above) compared to residing Indians under the age of 60 years, exception being FDs made through the feature of ActivMoney or Non-withdrawable FD, whereby senior citizen rate benefit is not offered)

Was this information helpful to you? Yes No

What are the minimum amount and maximum amount I can deposit in a fixed deposit?

At Kotak, you can start a fixed deposit with a minimum amount of Rs. 5,000.There isn’t any maximum limit for the fixed deposit amount.

Was this information helpful to you? Yes No

Can I withdraw my FD before maturity?

Yes, we have an option for premature withdrawal from fixed deposit (Except for tax saving or Non-withdrawable FD)

However, As per the Terms & Conditions of the bank for premature withdrawal, interest will be paid at the rate prevailing on the date of deposit for the tenure the deposit or the withdrawn amount remained with the bank or at the contracted rate, whichever is lower, after deducting applicable penal charge for premature withdrawal

As per Terms & Conditions of Fixed Deposit Accounts of the Bank, the penal charge on premature closure of Fixed Deposits including partial closure has been fixed by the bank as below on Fixed Deposits booked/ renewed on or after 20th May, 2022.

Tenure of Fixed Deposit	Penalty
Less than equal to 180 days	Nil
Greater than 180 days to less than or equal to 364 days	0.50%
Greater than or equal to 365 days	1.00%

Was this information helpful to you? Yes No

Does any change or enhancement in my deposit portfolio affect TDS liability?

TDS is deducted every time the Bank pays/re-invests interest during the financial year. TDS is also deducted on unpaid interest accrued at the end of financial year viz. 31st March.

Was this information helpful to you? Yes No