Kotak mahindra bank: Kotak Mahindra Bank has shocked crores of its customers. The bank has reduced the interest received on a savings account. Kotak Bank has revised the interest rates of savings account. Kotak Bank has announced a 50 -basis point cut in interest rates. This deduction will be applicable to deposit amount of Rs 5 lakh to Rs 50 lakh. According to the official website of the bank, these new rates will be applicable from 17 February 2025.
Decision of RBI’s Monetary Policy Committee
In a meeting of the Reserve Bank of India (RBI) Monetary Policy Committee (MPC) between 5 to 7 February 2025, the repo rate was unanimously reduced by 25 basis points to reduced from 6.50% to 6.25%. This deduction has been made for the first time in about five years, as after the Kovid-19 epidemic, the RBI increased the repo rate by 250 basis points, or 2.50 per cent.
Kotak Mahindra Bank’s new savings account interest rates
From 1 April 2016, the payment of interest on saving bank accounts is made on a quarterly basis. In this way, daily balance will be calculated on the amount. This interest amount will be given on 30 June, 30 September, 31 December and 31 March.
Interest will be applicable from 17 February 2025
3 % annual interest will be available on deposits up to Rs 50 lakh.
A deposit amount of more than Rs 50 lakh will get 3.50 percent interest.
These interest rates will apply to both resident and non -resident accounts.
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