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From April 01, 2016, the payment of interest on the savings bank account is on a quarterly basis. Thus, the savings bank interest calculated based on the daily product will be paid at quarterly intervals every year on 30 June, 30 September, 31 December and 31 March.
Kotak Mahindra Bank.
Kotak Mahindra Bank interest rate cut: Private lender Kotak Mahindra Bank has announced to reduce its interest rates on saving 50 basis points for the remaining amount between Rs 5 lakh and Rs 50 lakh. The new rates are effective since February 17, 2025, according to the official website of Kotak Mahindra Bank.
At the RBI’s Monetary Policy Committee (MPC) meeting held between 05 February to 07 February 2025, members unanimously decided to cut their repo rate (benchmark borrowing) from 6.25 percent to 6.25 percent in 25 basis points. The reduction in repo rate came for the first time in about five years as RBI had increased the repo rate around 250 BPS Post Covid -19 epidemic.
Kotak Mahindra Bank’s new rates on saving account
From April 01, 2016, the payment of interest on the savings bank account is on a quarterly basis. Thus, the savings bank interest calculated based on the daily product will be paid at quarterly intervals every year on 30 June, 30 September, 31 December and 31 March.
Effective February 17, 2025, daily balance in savings account up to Rs. 50 lakh 3% interest will earn more than the rupee. 50 lakhs will earn 3.50% PA respectively. These interest rates apply to both resident and non -resident accounts.
Kotak Mahindra Bank rates on FD
| FD rates on various term (14 June 2024) | ||||
| Regular | Senior Citizen* | |||
| Maturity period – premature withdrawal allowed | Less than Rs 3 crore# | Annual yield | Less than Rs 3 crore# | Annual yield |
| 7 – 14 days | 2.75% | 2.75% | 3.25% | 3.25% |
| 15 – 30 days | 3.00% | 3.00% | 3.50% | 3.50% |
| 31 – 45 days | 3.25% | 3.25% | 3.75% | 3.75% |
| 46 – 90 days | 3.50% | 3.50% | 4.00% | 4.00% |
| 91 – 120 days | 4.00% | 4.00% | 4.50% | 4.50% |
| 121 – 179 days | 4.25% | 4.25% | 4.75% | 4.75% |
| 180 days | 7.00% | 7.00% | 7.50% | 7.50% |
| 181 days to 269 days | 6.00% | 6.09% | 6.50% | 6.61% |
| 270 days | 6.00% | 6.09% | 6.50% | 6.61% |
| 271 days to 363 days | 6.00% | 6.09% | 6.50% | 6.61% |
| 364 days | 6.50% | 6.61% | 7.00% | 7.12% |
| 365 days to 389 days | 7.10% | 7.29% | 7.60% | 7.82% |
| 390 days (12 months 25 days) | 7.40% | 7.61% | 7.90% | 8.14% |
| 391 days – less than 23 months | 7.40% | 7.61% | 7.90% | 8.14% |
| 23 months | 7.30% | 7.50% | 7.85% | 8.08% |
| 23 months 1 day- less than 2 years | 7.30% | 7.50% | 7.85% | 8.08% |
| 2 years- less than 3 years | 7.15% | 7.34% | 7.65% | 7.87% |
| 3 years and above but less than 4 years | 7.00% | 7.19% | 7.60% | 7.82% |
| 4 years and above but less than 5 years | 7.00% | 7.19% | 7.60% | 7.82% |
| 5 years and above and 10 years inclusive | 6.20% | 6.35% | 6.70% | 6.87% |
