Marginal Cost of Funds based Lending Rate

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Interest rates for our personal banking products including terms deposits, loans and savings accounts. Select the type of product you're looking for.

Deposit Accounts

Savings Bank A/c
Nature	Rate of Interest
Nature	For balances up to Rs. 5 lakhs	For balances above Rs.5 lakhs and up to Rs.50 lakhs	For balances above Rs. 50 lakhs
A. Domestic (w.e.f. October 17, 2024)	3% p.a.	3.50% p.a.	4% p.a.
B. Non Resident (NRE/NRO) (w.e.f. October 17, 2024)	3% p.a	3.50% p.a.	3.50% p.a.
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 30^th June, 30th September, 31st December & 31^st March each year. Note : p.a. is "per annum" W.e.f Oct 17,2024, daily balances in Savings Account up to Rs. 5 lakhs will earn 3% interest p.a. Daily balances above Rs. 5 lakhs and up to Rs. 50 lakhs; and above Rs. 50 lakhs will continue to earn 3.50% and 4% interest p.a. respectively. These interest rates are applicable for Resident Accounts only. W.e.f Oct 17,2024, for Non Resident (NRE/ NRO), balances up to Rs. 5 lakhs will earn 3% interest p.a. and balances above Rs. 5 lakhs will continue to earn 3.50% p.a.

The bank offers floating rate linked savings deposit. Details of the same are as under :

Up to Rs. 5 Lakh	3.0% p.a.
Above Rs.5 lakhs and up to Rs. 50 Lakh	3.5% p.a.
Above Rs. 50 lakh and up to Rs 50 crore	4% p.a.
# Above Rs. 50 crore and up to Rs 600 crore*	MIBOR + 5.2 bps p.a.
# Above Rs. 600 crore and up to Rs 1000 crore*	MIBOR + 50 bps p.a.
# Above Rs. 1000 crore*	MIBOR +70 bps p.a.

*Note:

MIBOR Linked floating interest rate will be applicable on entire balance above Rs. 1 lakh (all rates applicable on the end of the day balances) if the balance exceeds Rs. 50 crore, 600 Cr or Rs. 1000 crore as the case may be.
For more details on MIBOR Linked Floating Interest rate please contact your relationship manager or visit your nearest Kotak Mahindra Bank Branch

#The above rates are effective from 17^th October’24

Fixed Deposit

Please note: The definition for retail deposit has been revised from Amt < ₹2 Cr to Amt < ₹3 Cr w.e.f. 14^th June 2024.

INTEREST RATES FOR DOMESTIC / NRO / NRE FIXED DEPOSITS - PREMATURE WITHDRAWAL ALLOWED

Disclaimer

^#Simple interest rate
^*Senior Citizens' rate is not applicable on NRO/NRE deposits
- No interest will be payable for NRE TDs staying less than 1 year.
- For Fixed Deposits with tenure below 181 days, interest will be calculated at maturity as Simple Interest.
- Standalone Fixed Deposits of tenure 181 days and above linked to saving / current account will be treated as per the regular sweep deposit functionality and penal charge will be applicable as below mentioned in premature withdrawal penalty section.
- For ActivMoney (2 way sweep deposits) Regular Fixed Deposit rates will be applicable for all customers including Senior Citizen's / Bank Staff
- Acceptance of deposits of Rs. 5 cr. and above is at the discretion of the Bank.
- Interest on Fixed Deposit can be paid for a period of less than a quarter (monthly interest payout) at the discounted interest rates as per RBI directives
- Above rates are applicable for mentioned dates only and are subject to change without prior notice
- The calculation of interest is basis 365 days in a non-leap year and 366 days in a leap (calendar) year.

INTEREST RATES FOR DOMESTIC / NRO / NRE FIXED DEPOSITS - PREMATURE WITHDRAWAL NOT ALLOWED

Disclaimer : Premature withdrawal Not Allowed Deposit

^#Simple interest rate
^*Senior Citizens' rate is not applicable on Domestic/NRO/NRE deposits
- Premature withdrawal of this deposit is not allowed till maturity.
- No interest will be payable for NRE TDs staying less than 1 year.
- For Fixed Deposits with tenure below 181 days, interest will be calculated at maturity as Simple Interest.
- ActivMoney/ Sweep in Facility is not available on this deposit
- Auto Renew option is not available.
- Acceptance of deposits of Rs. 5 cr. and above is at the discretion of the Bank
- Above rates are applicable for mentioned dates only and are subject to change without prior notice
- Bank will not extend any kind of facility including OD against Fixed Deposits booked under No Premature Withdrawal scheme;
- Bank will not book Fixed Deposits in respect of funds lying in Escrow account / arrangement
- The calculation of interest is basis 365 days in a year for deposits booked in a non-leap year and 366 days in a year for Fixed Deposits booked in a leap (calendar) year.

Important: Penal Charge on Pre-mature withdrawal of Fixed Deposits (Domestic / NRO / NRE)

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 the bank.
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 1st November, 2012 till 19th May,2022.

Tenure of Fixed Deposit	Penalty
Less than 181 days	Nil
181 days and above	0.50%

For erstwhile ING Vysya Bank customers the above premature withdrawal penalty slabs will be applicable for Fixed Deposits booked/ Renewed on or after 1st April 2015 till 19th May, 2022.

Important: Penal Charge on Pre-mature withdrawal of Fixed Deposits (Domestic / NRO / NRE) with effective from 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%

Floating Rate Linked Term Deposits

The bank offers Floating Rate Linked Term Deposit for amount Rs. 5cr and above, details of the same are as under :

Maturity Periods	Rate
90 - 180 days	Repo + 25 bps
181 – 364 days	Repo + 50 bps
365 – 730 days	Repo + 85 bps

Note:

Repo Linked floating interest rate will be applicable on amount Rs. 5 crore and above.
For more details on Repo Linked Floating Interest rate please contact your relationship manager
The above rates are effective from 2^nd January ‘23

Recurring Deposits

INTEREST RATES FOR RECURRING DEPOSITS (For Resident Individuals & HUF only)

Disclaimer

Note: Interest rates are subject to periodic changes. The applicable interest rates will be offered based on the date and time of receipt of the funds by the bank.
^*Recurring Deposit Advice will be dispatched to your registered mailing address with the bank within 3 - 4 working days of opening the RD account
Not available for Non Resident Indians / Persons Of Indian Origin

Penalty on delay in payment of RD installment

In case of delay in payment of any installment post grace period of 5 days, penal interest at the rate of RD interest rate (contracted rate of interest at the time of booking of the RD) + 2% p.a. or such other rate as may be specified by Bank from time to time, will be charged for the month of delay.

Fraction of a month will be treated as full month for the purpose of calculating such interest.
Even if the payment for the month is honoured, but the standing instruction towards installment recovery has failed, the Bank will recover a standing instruction failure charge from the current / savings bank account as per General Features and Schedule of Charges (GFSC)
The total penal interest chargeable shall be recovered from the total amount of interest payable by the bank and shall be recovered only at the time of maturity or premature closure of the account as the case may be.

Premature Withdrawal of RD

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

FCNR Deposit

FCNR(B) Deposit Interest Rates – w.e.f 1^st November’24 to 30^th November’24
FCNR (B) Deposit	USD (< 0.5 mio)	USD (>= 0.5 mio)	GBP	EURO	AUD	SGD
>=1 Year - Less than 2 Year	5.05%	5.05%	5.10%	3.20%	5.10%	3.40%
2 Year - Less than 3 Year	4.35%	4.35%	4.40%	2.55%	4.45%	2.85%
3 Year - Less than 4 Year	3.95%	3.95%	4.00%	2.20%	4.10%	No Quote
4 Year - Less than 5 Year	3.30%	3.30%	No Quote	No Quote	No Quote	No Quote
5 Year Only	3.25%	3.25%	No Quote	No Quote	No Quote	No Quote

Penalty on premature withdrawal of FCNR(B) deposits (withdrawn after one year), as per table below:

Premature Penalty	USD		GBP	EURO	YEN	AUD	SGD
	< 0.5 mio	>=0.5 mio
	0.25%	0.25%	0.25%	0.00%	0.00%	0.25%	0.10%

RFC Deposit

RFC Deposit Interest Rates – w.e.f 1^st November’24 to 30^th November’24
RFC Deposit	USD (< 0.5 mio)	USD (≥ 0.5 mio)	GBP	EURO	AUD	SGD
30 days - Less than 6 months	0.75%	0.75%	0.75%	No Quote	0.01%	0.01%
6 months - Less than 1 Year	1.50%	1.50%	1.50%	No Quote	0.01%	0.01%
>=1 Year - Less than 2 years	5.05%	5.05%	5.10%	3.20%	5.10%	3.40%
2 year - Less than 3 Year	4.35%	4.35%	4.40%	2.55%	4.45%	2.85%
3 Years Only	3.95%	3.95%	4.00%	2.20%	4.10%	No Quote

Eligibility for RFC Deposit:

NRI who has returned to India on or after 18th April, 1992.
Customer is resident outside India for a continuous period of not less than 1 year prior to his return.
Customer has been permanently settled in India since return.

Please Note : For all RFC deposits [for maturity of less than and greater than 1 year], 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 the bank.

Loans

	Rate of Interest			Processing Fees (excluding GST)
	Customer Type	Effective Rate Of Interest	RR + Spread
Housing Loan*	Floating Category (Repo Rate: 6.50%)
	For Salaried individuals	8.75% - 9.00%	-	Upto 0.50%
	For Self Employed	8.75% - 9.00%	-	Upto 1.00%
Business Loan		16.00 % to 19.99%	-	Upto 2.00%
Personal Loan	For Salaried Individuals	10.25% to 24%	Fixed Rate	Upto 2.00%
Disclaimer: View the latest MCLR rates here *Terms and Conditions Apply
6. Click here for Master Facility Agreement Document
7. Click here Interest Rate Range of Contracted Loans for the past quarter to Individual Borrowers
The Annual Percentage Rate (APR) is a method to compute annualized credit cost, which includes interest rate and processing fee. To calculate the same, please click here to download the APR calculator.

Loan Against Property

SLAB	Women Borrower as Main Applicant	MCLR + Mark Up	Others	MCLR + Mark Up
Less than 2 cr	9.5 - 11.55	6mclr + (1.15 + 3.20)	9.6 - 11.65	6mclr + (1.25 + 3.30)
More than 2cr	9.55 - 11.60	6mclr + (1.20 + 3.25)	9.65 - 11.70	6mclr + (1.30 + 3.35)

SLAB	Women Borrower as Main Applicant	EBLR + Mark Up	Others	EBLR + Mark Up
Less than 2 cr	9.5 - 11.55	RR + (4.35 + 6.40)	9.6 - 11.65	RR + (4.45 + 6.50)
More than 2cr	9.55 - 11.60	RR + (4.40 + 6.45)	9.65 - 11.70	RR + (4.50 + 6.55)

Commercial Business

Business	Rate of Interest
CV (Commercial Vehicle) Group	24%
CE (Construction Equipment)	24%
TFE (Tractor and Farm Equipment)	26%
GLN (Gold Loan)	8% to 17% depending on purpose & profile and discretion of bank

Fee Based Services

Drafts/TT/MT

For Savings Accounts	Issue (INR)	Rs. 2.5 per 1000 Min Rs. 50 Max Rs. 10, 000
For Savings Accounts	Cancellation (INR)	Rs. 100
For Current Accounts	Issue (INR)	At Branch Locations - Re 1/1000 (Min 40 Max 5000) & at Non - branch locations Rs. 2/1000 (Min 40 Max 5000); Foreign Currency DD - Rs 500 per DD + Foreign Currency Conversion Charge.
For Current Accounts	Cancellation (INR)	Rs 100 per INR DD; for Foreign currency DD Rs 500 + Foreign currency conversion charge

Outstation Cheque Collection (INR)

Savings Account	For Branch Locations (Non-Speed clearing locations): Free
	For Non Branch Locations (Non- Speed clearing locations) : Free
Current Account	INR cheques upto Rs. 10000: Rs. 50 per cheque; Rs. 10001 - Rs. 100000: Rs. 100 per cheque; Rs. 100001 & above: Rs. 150 per cheque. For foreign currency cheques Rs 500 per cheque
Charges for Outstation INR Cheque Collection are exclusive of service tax.

NEFT Money Transfer

For Savings Accounts	Inward	Free
For Savings Accounts	Outward	Free (Through MobileBanking & Net Banking) and Through Branch - Up to 10000: 2.50, 10001 to 100000:5; 100001 to 200000:15; > 200000 : 25 (Small account holder can do NEFT upto 10000)
For Current Accounts	Inward	Free
For Current Accounts	Outward	Upto Rs. 1 Lakh: Rs. 5 per Txn; Rs. 1 Lakh & above: Rs. 25 per Txn
Charges for NEFT are exclusive of service tax.

RTGS Money Transfer

Savings Accounts	Inward	Free
Savings Accounts	Outward	Free (Through MobileBanking & Net Banking) and Through Branch - Rs. 200001- 500000: Rs 25 per Txn; > 500000: Rs 50 per Txn;
Current Accounts	Inward	Free
Current Accounts	Outward	Free (If done through Net banking); Charged - if done through branch @ Rs. 1- 5 Lakhs: Rs 25 per Txn; Rs. 5 Lakhs & Above: Rs 50 per Txn;
Charges for NEFT are exclusive of service tax.

Cheque Return Charges	Outward Returns	Inward Returns
For Savings Account (INR)	Rs. 100/- per instance	Rs. 500/- per instance
For Current Accounts / Overdraft, Cash Credit Accounts	Rs.100/ cheque. For out-station cheques, corr bank charges shall be extra	Financial Reason: upto 3 returns - 350 /instance; 4th return onward 750/instance

Cheque Book Issuance

Savings Account	For BSBDA & Small Account, first cheque book of 5 leaves Free, thereafter charged @ Rs. 5 per cheque leaf. Edge, Nova and Synergy Savings Account 25 leaves per quarter Free thereafter it is charged @ Rs. 1.5 per leaf. For all other Accounts it is Free.
Current Account	Free for all accounts except Neo, Edge & Synergy A/c where beyond free limit it is charged @ Rs.2/- per leaf. Default cheque book is at-par cheque book.

Marginal Cost of Funds based Lending Rate

Rupee Floating Rate personal loans, retail loans and loans to Micro and Small Enterprises [MSE] - sanctioned and / or renewed on or after October 1, 2019 and loans to Medium Enterprises sanctioned and/or renewed on or after April 1, 2020 will be linked to the RBI Policy Repo Rate. Other Rupee Floating rate loans [excluding exceptions permitted by RBI] will, at the discretion of the Bank, be linked to either internal benchmark rate/s [K-MCLRs] or the external benchmarks [as per loan categories]

Base Rate

Base Rate of Kotak Mahindra Bank Ltd with effect from Nov 16, 2024 : 9.10%
The 'Benchmark PLR' of Kotak Mahindra Bank Ltd with effect from Nov 16, 2024 : 17.85%