Hi Sharad,
The Kinetis Port pins are only 5V tolerant as inputs. The outputs are not 5V tolerant, and that includes pins configured as open-drain outputs(Don't pullup to 5V).
Output pins(TXD) would only be driven to 3.3V. If the 5V device will recognize that as a high, then it's ok.
Best Regards,
Robin
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