This bank cuts savings account interest rate by 50 bps on these balances: Check latest interest rate The new rates are applicable from February 17, 2025, according to the Kotak Mahindra Bank website
Kotak Mahindra Bank has reduced the interest rate on savings accounts with balances between Rs 5 lakh and Rs 50 lakh. The bank offers different interest rates on savings accounts based on the account balance. The new rates are applicable from February 17, 2025, according to the Kotak Mahindra Bank website.Trump-Modi Meet
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Also read: Savings account interest rate after RBI’s repo rate cut: Quick comparison of latest interest rate on HDFC, SBI, ICICI, PNB savings accountThis has come after the Reserve Bank of India's (RBI) decided to cut the repo rate by 25 basis points (bps) from 6.50% to 6.25% at its MPC meeting on February 7, 2025.
Latest Kotak Mahindra Bank savings account interest rate
The interest rate for daily savings accounts with balances up to Rs. 50 lakh will be 3% per annum. The bank has cut the rate by 0.50 basis points (bps) on balances above Rs.5 lakh and up to Rs. 50 lakh from 3.50% to 3%. The bank has also reduced savings account interest rate from 4% to 3.50% for balances above Rs 50 lakh.Also read: After RBI rate cut, this bank slashes FD interest rates by up to 65 bps
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| Savings Bank A/c | |||
| Nature | Rate of Interest | ||
| For balances up to Rs. 5 lakhs | For balances above Rs.5 lakhs and up to Rs.50 lakhs | For balances above Rs. 50 lakhs | |
| A. Domestic (w.e.f. 17th Feb’25) | 3.00% p.a. | 3.00% p.a | 3.50% p.a. |
| B. Non Resident (NRE/NRO) (w.e.f. 17th Feb’25) | 3.00% p.a | 3.00% p.a. | 3.50% p.a. |
Earlier, for balances up to Rs 5 lakh, the applicable interest rate was 3.00%. For balances between Rs 5 lakh and Rs 50 lakh, the interest rate was 3.50%. For balances above Rs 50 lakh, the interest rate being offered was 4.00%.
How is savings account interest rate calculated?
Interest payments on savings bank accounts will now be made on a quarterly basis as of April 1, 2016. As a result, the Savings Bank interest that is determined on a daily product basis will be paid quarterly on June 30, September 30, December 31, and March 31 of each year. Note that p.a. stands for "per annum".Kotak Mahindra Bank FD interest rates
The bank has not revised the fixed deposit rates. The bank offers interest rates between 2.75% to 7.40% for general citizens and 3.25% to 7.90% for senior citizens. These rates are effective from June 14, 2024.| Regular | Senior Citizen* | |
| Maturity Periods - Premature Withdrawal Allowed | Less than Rs.3 Crore# | Less than Rs.3 Crore# |
| 7 - 14 Days | 2.75% | 3.25% |
| 15 - 30 Days | 3.00% | 3.50% |
| 31 - 45 Days | 3.25% | 3.75% |
| 46 - 90 Days | 3.50% | 4.00% |
| 91 - 120 Days | 4.00% | 4.50% |
| 121 - 179 days | 4.25% | 4.75% |
| 180 Days | 7.00% | 7.50% |
| 181 Days to 269 Days | 6.00% | 6.50% |
| 270 Days | 6.00% | 6.50% |
| 271 Days to 363 Days | 6.00% | 6.50% |
| 364 Days | 6.50% | 7.00% |
| 365 Days to 389 Days | 7.10% | 7.60% |
| 390 Days (12 months 25 days) | 7.40% | 7.90% |
| 391 Days - Less than 23 Months | 7.40% | 7.90% |
| 23 Months | 7.30% | 7.85% |
| 23 months 1 Day- less than 2 years | 7.30% | 7.85% |
| 2 years- less than 3 years | 7.15% | 7.65% |
| 3 years and above but less than 4 years | 7.00% | 7.60% |
| 4 years and above but less than 5 years | 7.00% | 7.60% |
| 5 years and above upto and inclusive of 10 years | 6.20% | 6.70% |
This story originally appeared on: India Times - Author:Faqs of Insurances
