Kotak

INTEREST RATES FOR DOMESTIC / NRO / NRE TERM DEPOSITS



# Simple interest rate
Kindly note that the above rates are applicable for today only.

† No interest is payable for NRE TD held for less than 1yr.

• Interest rate payable upon premature withdrawal of the NRE TD is dependent on the period for which the deposit was held in the Bank;

  Period for which held in the Bank	Interest payable on Pre-mature withdrawal of NRE TD
  Less Than 1 year	Nil
  More than 1 year	Deposit rate for the contracted tenor or Deposit rate corresponding to the period for which the deposit is held, whichever is lower. Card rates for date of deposit to be used as reference.

• Important: Penal charge on Pre-mature withdrawal of Term Deposit:
  As per the Terms & Conditions of Term Deposit Accounts of the Bank, the penal charge on premature closure of Term Deposits including partial closures, has been fixed by the bank as below on Term Deposits booked/ renewed on or after 1st November, 2012.

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

FCNR Deposits

• Minimum tenure to book FCNR (B) deposit is 1 year & 1 day
• No interest would be paid if the said deposit is pre-closed in less than a year.
• Premature penalty of 0.5% of FCNR (B) deposit would be charged on withdrawal of FCNR (B) deposit. For deposits booked for tenure of less than 3 years, the interest will be paid at the lower of the prevailing rate on the date of deposit if held till original maturity or for the tenure of the deposit, if withdrawn prior to maturity.
• No premature withdrawal in respect of FCNR (B) deposits booked for tenure of 3 year and above is allowed for period of 1 year and the deposit shall be locked-in for the said period of 1 year.
• In respect of such deposits; i.e., booked for tenure of 3 year and above, any premature withdrawal after the 1 year lock-in period, penal rates would apply for the balance period.
• The penalty will be computed at 7.5 percent p.a. plus the prevailing USD/INR swap rate in the market for the residual tenor of the original deposit, applied over the period for which the deposit is held. The Customer shall not challenge the calculation of penalty done by KMBL and such calculation shall be final and binding on the customer.

The amount (principal + interest) remitted to depositor for every $100 given as deposit under various scenarios is as under

Illustrative principal deposit booked for tenure 3 year and above value upon of premature withdrawal on $100 of deposit for 1235 days.

Period for which deposit held	Prevailing Swap Rates
	5.50%	6.50%	7.40%	8.00%	9.00%
365	90.26	89.19	88.23	87.58	86.50
450	87.74	86.38	85.15	84.33	82.95
550	84.65	82.93	81.37	80.32	78.56
650	81.41	79.31	77.39	76.10	73.93
756	77.82	75.28	72.96	71.39	68.75
850	74.49	71.53	68.83	67.00	63.91
950	70.79	67.36	64.22	62.10	58.50
1050	66.92	63.00	59.39	56.95	52.80
1150	62.89	58.44	54.33	51.54	46.80

• It may not be advisable to withdraw the deposit, which is placed for original maturity of 3 years and above, prematurely