Kotak FD

[shukla]

If I'm opening a FD from kotak mahindra bank with interest rate of 7.40%.
First I want to know if it is safe and if answer is yes, what will be the deduction in premature withdrawal.
If the FD breaking procedure simple or having issues like error from bank or something else

 

[wcgxlr8]

There are different kinds of FDs , depend on the one you are choosing . Some have premature withdrawal charges, some don’t . Read the T&Cs. Other banks might offer you better interest rates if you’re not particular about using Kotak - however this will depend on the FD tenure.

 

[Skylar]

If I'm opening a FD from kotak mahindra bank with interest rate of 7.40%.
First I want to know if it is safe and if answer is yes, what will be the deduction in premature withdrawal.
If the FD breaking procedure simple or having issues like error from bank or something else

Use active money option!
- No premature withdrawal charges, money can be taken out anytime.
- If you are not touching the money for 180days you'll get 3.5% interest. (6 months 3.5% same if kept for an year 7%)
.
What risk are you talking about?
- DICGC - Each depositor in a bank is insured up to a maximum of 5,00,000 (Rupees Five Lakhs) for both principal and interest amount held by him.