How to Open Kotak Mahindra Bank Fixed Deposit Account

Fixed Deposits (FDs) are investment tools that allow you to deposit money with a bank for a set period. Customers of certain deposit-taking Non-Banking Finance Companies (NBFC) have access to a fixed deposit option. Initially, an NBFC, Kotak Bank evolved through time and became a commercial bank after receiving a banking licence from the RBI in 2003.

FDs offer a higher rate of interest than savings accounts. Among other commercial banks, Kotak Bank offers some of the highest fixed deposit interest rates. You can learn more about Kotak Fixed Deposits in this article.

• If you already hold a Savings or Current Account with Kotak, a Fixed Deposit can be opened using the below procedure.
   

1. Using Kotak Bank Mobile Application (App):
   Login to the Kotak Bank Application, Go to the Banking section in the App, Click on the Fixed/Recurring Deposits option, then click Open Fixed Deposits. By this, you will get an online form in which you will be required to select the FD tenure and insert the deposit amount. After filling out the form, once can submit the details and create an FD.
    
2. Using Kotak Bank Internet banking website:
   Login to the Kotak Internet Banking website and go to the “Deposits” tab. Click on Fixed Deposit. By this, you will get an online form in which you will be required to select the FD tenure and insert the deposit amount. After filling out the form, once can submit the details and create an FD.
    

• If you are a new customer of Kotak and do not hold any account, you can visit the nearest Kotak Bank with the Original PAN & Aadhar and the soft copy of the same. The bank official will help you to directly open an FD without having any savings / current account.
• Also, there is an option to create a savings/ current account with the bank and then open an FD using a Mobile application or Internet Banking Facility.

Resident Indians, senior citizens, members of HUF, and NRIs are eligible to open their fixed deposit accounts with Kotak Mahindra Bank.
One can start a fixed deposit with a minimum of Rs. 5,000. (if it's your first Fixed Deposit, the minimum amount is Rs. 10,000/-). There isn't any maximum limit for the fixed deposit amount.

Banks require the below-listed documents for completing the Mandatory Know Your Customer (KYC) procedure before opening an account for its customer

• For Identity Proof and Signature Proof – PAN Card, Driving License, Passport, Voter’s ID or Aadhar Card.
• For Address proof - PAN Card, Driving License, Passport, Voter’s ID or Aadhar Card, Utility Bill, Bank account Passbook (Updated and should not be more than 3 months old)