The bank has changed the interest rates of savings deposits. The interest rate has been reduced. Let’s find out how much return the bank is offering?
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Bank interest rates reduced: Private sector Kotak Mahindra Bank has changed the interest rates of savings account. The interest rate of savings account has been reduced by 50 bps. The new rates for deposits of Rs 5 lakh to Rs 50 lakh have come into effect from February 17, 2025.
RBI has cut the repo rate by 25 bps. Currently the rates are 6.25%. After the decision of the Reserve Bank of India, many banks have also started revising the interest rates of fixed deposits and savings accounts. Earlier, Kotak Mahindra Bank and RBL had also changed the interest rates of savings accounts.
How much interest is being given?
The bank is offering 3% annual interest on balances up to Rs 5 lakh. The bank is also offering 3% annual interest rate on balances above Rs 5 lakh and up to Rs 50 lakh. At the same time, 3.5% interest is being given on amounts above Rs 50 lakh. The rates are effective for both domestic and non-resident customers.
What is the floating interest rate?
Up to Rs 50 lakh – 3%
More than Rs 50 lakh and up to Rs 50 crore – 3.5%
More than Rs 50 crore and up to Rs 600 crore – MIBOR + 5.2 bps
Rs 600 crore to Rs 1000 crore – MIBOR + 50 bps
More than Rs 1000 crore – MIBOR + 70 bps
How much return is the bank giving on FD?
The bank has changed the interest rates of FD in June 2024. On investing less than Rs 3 crore, it is offering interest ranging from 2.75% to 7.40% on tenures ranging from 7 days to 10 years. Senior citizens are getting interest ranging from 3.25% to 7.90%.
