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Senior Citizens Fixed Deposit Interest Rates in Kotak Mahindra Bank

Updated 15 Dec 2023

Kotak Mahindra Bank has attractive and competitive interest rates for its senior citizen customers. Financial security is most important for those crossing the age of 60s since finding jobs or income generation becomes harder. Investment modes such as FDs are very helpful for their customers, thereby introducing higher rates of interest in comparison to the general public.

Features of Senior Citizen FD

  • Enhanced Interest Rates: Senior citizens typically receive a bonus interest rate on top of the regular FD rates. The specific rate hinges on the bank's current offerings.
  • Qualification: Only individuals 60 or older can establish a senior citizen FD account.
  • Duration: Depositors can choose from a diverse range of FD durations, usually between 7 days and 10 years.
  • Early Withdrawal: Although penalties may apply, senior citizens often benefit from more accommodating terms for premature FD closures.
  • Borrowing Options: Like other depositors, senior citizens have the privilege of securing loans against their FDs.
  • Beneficiary Assignment: The bank allows a beneficiary to inherit the FD funds after the account holder's passing.
  • Tax Deduction at Source (TDS) Implications: Earnings from interest are taxable under Indian tax regulations. Yet, by submitting Form 15H, eligible senior citizens can avoid TDS deductions.
  • Automatic Renewal: IDBI, among other banks, possibly features an automatic renewal mechanism, ensuring the FD's continuation post-maturity unless directed otherwise.
  • Deposit Limits: The deposit range for a senior citizen FD can differ. While a minimum threshold is often set, a maximum limit might be absent.
  • Unique Offerings: Periodically or based on bank initiatives, exclusive perks or attributes tailored for senior citizens may be presented.

Senior Citizen Interest Rates in Kotak Mahindra

Interest Rates for Domestic / NRO / NRE FIXED DEPOSITS effective from 22nd Mar 2023

Maturity Periods
(Pre-Mature Withdrawal Allowed)
Less than Rs. 2 Crore (Senior Citizen)
7 - 14 Days3.25%
15 - 30 Days3.50%
31 - 45 Days3.75%
46 - 90 Days4.00%
91 - 120 Days4.50%
121 - 179 days4.75%
180 Days7.00%
181 Days to 269 Days6.50%
270 Days6.50%
271 Days to 363 Days6.50%
364 Days6.75%
365 Days to 389 Days7.50%
390 Days (12 months 25 days)7.70%
391 Days - Less than 23 Months7.70%
23 Months7.70%
23 months 1 Day- less than 2 years7.70%
2 - 3 years7.50%
3 - 4 years7.00%
4 - 5 years6.75%
5 - 10 years6.70%

Eligibility Criteria

Senior Citizen FDs are eligible to be opened when the account holder (Residents and HUFs) is or above the age of 60. The documents required are as follows:

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
  • 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 Resident individuals

Documents Required

The documentation required is similar to that of a normal FD account opening. One metric being essential is your age proof.


Identity Proofs

  • Aadhar Card 
  • Passport
  • Driver’s License


Address Proof

  • Gas Bill 
  • Utility Bill 
  • Bank Statement 
  • Cancelled Cheque

Age proof is mandatory to avail of a Senior Citizen FD account.


Who qualifies as a senior citizen for FDs at Kotak Mahindra Bank?

An individual aged 60 years and above is typically considered a senior citizen.

Do senior citizens receive higher interest rates on FDs at Kotak Mahindra?

Yes, senior citizens are usually offered an additional interest rate over the regular rates provided to other customers.

What is the additional interest rate offered to senior citizens?

While the specific rate may vary, senior citizens generally get an extra 0.25% to 0.50% as of my last update. However, it's best to check the current rates directly with the bank.

Can senior citizens avail of special FD schemes at Kotak Mahindra?

Many banks, including Kotak Mahindra, may offer specialized FD schemes for senior citizens.

Is the additional interest applicable to tax-saving FDs for senior citizens?

Typically, yes. Senior citizens can avail of the additional interest rate even on tax-saving FDs.


Disclaimer: Wint Wealth makes no guarantee or warranty on the accuracy of the data provided on this site, the information displayed is subject to change and are provided on an as-is basis. Nothing contained herein is intended to or shall be deemed to be investment advice, implied or otherwise. You are advised to make your own enquiries, consult a professional advisor and verify the information prior to taking any investment decisions. We accept no liability for any loss arising from the use of information contained on this website.

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