Bank Interest Rate Cut: This bank reduced interest rates on savings a/c by 50bps, know the new rates

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New Delhi: After the reduction in repo rate by the Reserve Bank of India (RBI), now commercial banks are moving towards reducing the interest rates on savings accounts.

Some banks have revised the savings account interest rates, but there are still many banks that have not done so. However, these banks can also revise the interest rates in the coming days. In this sequence, Kotak Mahindra Bank has revised the interest rates of fixed savings account. Let us know about the new interest rates in detail.

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New interest rates applicable from today

According to the report of ET Bureau, private sector bank Kotak Mahindra Bank has reduced the interest rate on savings accounts with daily balance of Rs 5 lakh to Rs 50 lakh. The new interest rates have come into effect from today i.e. 17 February 2025.

Interest rates cut by 50bsp

According to the revised interest rates, the bank will pay interest at the rate of 3 per cent per annum on savings accounts with a daily balance of up to Rs 50 lakh. Kotak Mahindra Bank has reduced interest rates by 0.50 basic points (BPS) on daily balances of more than Rs 5 lakh and up to Rs 50 lakh, from 3.50% to 3%. The bank has also reduced the interest rate on savings accounts for balances above Rs 50 lakh from 4% to 3.50%. The bank

said on its official website, “Effective from February 17, 2025, savings accounts will earn 3% per annum interest on daily balances up to Rs 50 lakh and 3.50% interest on more than Rs 50 lakh respectively. These interest rates are applicable to both resident and non-resident accounts (NRI/NRO).”

FD interest rates unchanged

Let us tell you that Kotak Mahindra Bank has not made any change in the interest rates on fixed deposits. The company is offering annual interest between 2.75% to 7.40% for general citizens on FD schemes, while for senior citizens it is offering returns between 3.25% to 7.90%. These interest rates are effective from June 14, 2024.

RBI removed the ban a few days ago

Last week, the Reserve Bank of India lifted the ban on Kotak Mahindra Bank. After which customers can open online accounts and apply for credit cards. RBI said in its order, the ban imposed on the bank in April last year on opening new accounts and issuing credit cards through online and mobile applications after several serious deficiencies were exposed in the bank’s IT systems such as IT inventory management, security, data leak prevention, vendor risk management, and disaster recovery has now been lifted.

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