How To Online Close or Cancel RD Account In Kotak Mahindra Bank?

Finance Guru Speaks:  This article will provide details on how you can online close or cancel your RD (Recurring Deposit) account through Kotak Mahindra Bank Internet Banking.

You can also refer to our article on How To Open Recurring Deposit (RD) Account in Kotak Mahindra Bank Using Internet Banking? 

Follow below steps to close or cancel your RD account through Kotak Mahindra Bank Online Banking:-

1. Open Kotak Mahindra Bank Online Banking Website.

Kotak Mahindra Bank Login Page

2. Provide your login details like CRN (Customer Relationship Number) and Password. Click on SECURE LOGIN button.

3. On the next page, provide the generated OTP. It will be sent to your registered Email ID and Mobile Number. Click on SECURE LOGIN:-

Kotak Mahindra Bank Login

4. Once the Home Page gets opened, go to Banking -> Deposits -> Deposit Summary link as shown below.

Kotak Mahindra Bank - Close RD Account

5. Once the page opens, select Recurring Deposit and action as Premature Withdrawal of Deposit. Click on GO button:-

(Click to enlarge) Kotak Mahindra Bank - Close RD Account

6. On the Next Screen, select your Bank Account to be Credited with the RD Withdrawal Amount. Click on Submit button:-

(Click to enlarge) Kotak Mahindra Bank - Close RD Account

7.  On the next screen, check all the details carefully and click on Confirm button to close your online RD Account:-

Kotak Mahindra Bank - Close RD Account

8. You will get a message that Withdrawal Request is submitted successfully.

Kotak Mahindra Bank - Close RD Account

Congratulations!! You have closed your online RD Account successfully using Kotak Mahindra Bank Internet Banking facility. You will receive SMS and EMail regarding the same.

Kotak Mahindra Bank - Close RD Account

Important instructions shared by Kotak Mahindra Bank:-

• Partial withdrawal of Recurring Deposit will not be permitted.
• In case of premature closure of Recurring Deposit within a month, no interest shall be paid and only principal amount will be returned.
• On premature withdrawal of RD, the interest will be paid at the rate prevailing on the date of deposit for the tenure the deposit remained with the bank or at the contracted rate, whichever is lower post deducting penal charge of 0.5% on premature withdrawal of deposit

Also Read:

More Articles on Kotak Mahindra Bank

How To Open Online Recurring Deposits (RD) In Kotak Mahindra Bank Through NetBanking?

Images Courtesy: Kotak Mahindra Bank Website