Synopsis Kotak Mahindra Bank has revised the recurring deposits (RD) interest rates. The interest rates have been revised from December 9, 2022 Getty Images The private sector bank is offering 5 per cent per annum for RD tenure of 6 months, 5.75 per cent for RD tenure of 9 months. The Kotak Mahindra Bank has revised the recurring deposits (RD) interest rates. The interest rates have been revised from December 9, 2022. Post revision, the private sector bank is offering 5 per cent interest per annum for RD tenure of 6 months, and 5.75 per cent interest for RD tenure of 9 months. The highest RD interest rate of 6.50 per cent is available on the tenure of 15 months, 18 months, and 21 months. Senior citizens planning to open recurring deposit accounts will be eligible for higher interest rates in Kotak Mahindra Bank. The highest interest rate offered on senior citizen RD accounts is 7 per cent. The interest rate is applicable if a senior citizen opts for RD tenure of either 15 months, 18 months, or 21 months. The bank is offering a maximum RD tenure of 10 years and a minimum of 6 months. Kotak Mahindra Bank RD interest rate from Dec 9, 2022 Tenure Interest rate per annum (%) Senior citizens interest rate per annum (%) 6 months 5.00 6.00 9 months 5.75 6.25 12 months 6.25 6.75 15 months 6.50 7.00 18 months 6.50 7.00 21 months 6.50 7.00 24 months 6.40 6.90 27 months 6.40 6.90 30 months 6.40 6.90 33 months 6.40 6.90 3 years- less than 4 years 6.30 6.80 4 years – less than 5 years 6.25 6.75 5 years- 10 years 6.20 6.70 Source: Kotak Mahindra Bank Website Types of penalty on RD account There are two types of penalties applicable to recurring deposits. Banks levy a penalty if an investor delays payment of scheduled RD instalment. A penalty will also be applicable for premature withdrawal of the recurring deposit. According to the bank’s website, a delay in payment of RD instalment, will attract a penal interest. The penal interest will be the interest rate applicable on the RD account plus 2 per cent per annum. However, this penal interest will be levied if the RD account holder fails to make the RD payment within the grace period of 5 days. The bank will also levy a standing instruction failure charge from the bank account on which standing instructions are given. The penal interest will be recovered from the total amount of interest payable on the RD account at the time of maturity or in case of premature withdrawal. The rule of premature withdrawal of RD depends on when it is withdrawn. If the RD account is prematurely closed within a month of deposit, then no interest will be payable. If the RD account is prematurely closed after one month but before the maturity date, then the lower interest of the following will be payable: 1. Interest rate prevailing on the date of deposit for the tenure the deposit remained with the bank, or 2. Contracted rate. A penal charge of 0.5 per cent will be levied on the interest rate before choosing the lower interest rate. Friday, 09 Dec, 2022 Experience Your Economic Times Newspaper, The Digital Way! Read Complete Print Edition » Front Page Pure Politics Economy ET Markets More Captain Modi Leads BJP to Record 7th Gujarat Poll Cup Win The BJP, riding on the back of Prime Minister Narendra Modi’s popularity, posted a record win in Gujarat on Thursday securing 156 seats — the highest-ever tally by any party in the state surpassing Congress’ 149 in 1985. Revised Telecom Draft to Clear Air on OTT, DTH The Department of Telecommunications (DoT) is likely to unveil a revised draft of the telecommunications bill in less than a month, to address issues around regulating content of over-the-top (OTT) apps and broadcasting services such as direct-to-home (DTH). RBI Buys Estimated $8b from Market in Week The Reserve Bank of India (RBI) is estimated to have bought about $8 billion equivalent of foreign currency for the week ending December 2, in one of the biggest such weekly additions to its stockpile. Read More News on kotak rd interest rate rd interest rate kotak mahindra rd interest rate recurring deposit kotak rd calculator kotak fd interest rate kotak mahindra bank (Your legal guide on estate planning, inheritance, will and more.) Download The Economic Times News App to get Daily Market Updates & Live Business News. … more less ETPrime stories of the day Insolvency Bad banks: How the good Samaritans for corporates came under the scanner 12 mins read Tech and Gadgets Big Tech and governments are fighting the fake reviews ‘industry’. India is gearing up too. 7 mins read Investing Rising retail accounts: How mutual funds can benefit by serving curated schemes 5 mins read Subscribe to ETPrime
Published on : 2022-12-09 07:31:27
Source :economictimes_indiatimes
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