Saloni Kumari | Apr 25, 2025 |
Kotak Mahindra Bank Reduces Its Savings Account Interest Rate by 25 bps; Check Related Details Below
Kotak Mahindra Bank has lowered its savings account interest rate by 25 basis points (bps). The interest rates have been decreased on the balances ranging between Rs 5 lakh and Rs 50 lakh. Interest rates are influenced by the account balances. The new amended interest rates will be implemented from April 25, 2025, as per the official website of the bank.
Previously, on February 17, 2025, the Kotak Mahindra Bank reduced its interest rate on savings accounts by 0.5 basis points (bps).
According to the latest structure, daily savings account balances up to Rs 50 lakh will now earn 2.75% interest annually, while balances over Rs 50 lakh will earn 3.25%. This represents a decrease from the previous rates, which went into effect on February 17, 2025, and paid 3.00% annually for balances up to Rs 50 lakh and 3.50% annually for those beyond Rs 50 lakh.
| Nature | For Balances up to ₹50 Lakh | For Balances above ₹50 Lakh | Effective From |
|---|---|---|---|
| A. Domestic | 2.75% p.a. | 3.25% p.a. | 25th April, 2025 |
| B. Non-Resident (NRE/NRO) | 2.75% p.a. | 3.25% p.a. | 25th April, 2025 |
According to the official website of Kotak Mahindra Bank, “Effective April 25, 2025, daily balances in Savings Account up to Rs. 50 Lakh will earn 2.75% interest p.a. and above Rs. 50 Lakh will earn 3.25% p.a. respectively. These interest rates are applicable for both Resident and Non-Resident Accounts (NRE/ NRO).”
| Effective Date | Up to ₹50 Lakh | Above ₹50 Lakh |
|---|---|---|
| 17-Feb-2025 | 3.00% p.a. | 3.50% p.a. |
| 25-Apr-2025 | 2.75% p.a. | 3.25% p.a. |
Kotak Mahindra Bank has introduced changes to the fixed deposit (FD) interest rates. It has lowered the interest rate by 30 bps for some selective tenures. This is the second time the bank has reduced the FD rate in April. The updated amendments will be made effective from April 23, 2025.
| Maturity Period | < ₹3 Crore | < ₹3 Crore (Premature Withdrawal Allowed) |
|---|---|---|
| 7 – 14 Days | 2.75% | 3.25% |
| 15 – 30 Days | 3.00% | 3.50% |
| 31 – 45 Days | 3.25% | 3.75% |
| 46 – 90 Days | 3.50% | 4.00% |
| 91 – 120 Days | 4.00% | 4.50% |
| 121 – 179 Days | 4.25% | 4.75% |
| 180 Days | 7.00% | 7.50% |
| 181 Days to 269 Days | 6.00% | 6.50% |
| 270 Days | 6.00% | 6.50% |
| 271 Days to 363 Days | 6.00% | 6.50% |
| 364 Days | 6.50% | 7.00% |
| 365 Days to 389 Days | 6.80% | 7.30% |
| 390 Days (12 months 25 days) | 7.00% | 7.50% |
| 391 Days – Less than 23 Months | 7.15% | 7.65% |
| 23 Months | 7.15% | 7.65% |
| 23 Months 1 Day – Less than 2 Years | 7.05% | 7.55% |
| 2 Years – Less than 3 Years | 6.90% | 7.40% |
| 3 Years – Less than 4 Years | 6.90% | 7.40% |
| 4 Years – Less than 5 Years | 6.90% | 7.40% |
| 5 Years – Up to and Inclusive of 10 Years | 6.20% | 6.70% |
This marks the bank’s second FD rate cut in April. The revised rates are effective from April 23, 2025.
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