Kotak Mahindra Bank: Kotak Bank has reduced interest on savings account. Kotak Bank has reduced interest rates on savings accounts by 25 basis points (bps) for certain balance slabs from April 25, 2025. Now accounts with amounts ranging from Rs 5 lakh to Rs 50 lakh will get 4.75% interest per annum
Kotak Mahindra Bank: Kotak Bank has reduced interest on savings account. Kotak Bank has reduced interest rates on savings accounts by 25 basis points (bps) for some balance slabs from April 25, 2025. Now accounts with amounts ranging from Rs 5 lakh to Rs 50 lakh will get 4.75% interest per annum, which was 5% earlier. However, there has been no change in interest rates for the rest of the balance slabs.
Balances up to Rs 50,000 will still get 3.50% annual interest.
The interest rate on balances above Rs 50 lakh will remain at 5.50% per annum.
Kotak Bank has already reduced interest rates on fixed deposits (FD). Seeing this trend, many other banks have also changed the rates on FD.
IDBI Bank also reduced FD rates
IDBI Bank has reduced the interest rates of its Utsav Special FD scheme. However, the last date for investment in this scheme has been extended from 30 April to 30 June 2025. The new rates will now be applicable on these three special periods. These special FDs are 444 days, 555 days and 700 days.
Ujjivan Small Finance Bank also reduced FD interest
Ujjivan Small Finance Bank has also reduced interest rates by up to 20 basis points for some special periods on FDs of less than Rs 3 crore.
The interest rate on FDs with a period of less than 12 months has been reduced to 7.90% (earlier 8.10%).
Now you will get 8.05% on 18 month FD (earlier 8.25%).
Senior citizens have been given an extra interest of 0.50% on FDs of all periods.
