Last Updated:
From April 01, 2016, the payment of interest on Savings Bank Account is on a quarterly basis. Thus, the Savings Bank interest calculated on daily product basis will be paid at quarterly intervals on 30th June, 30th September, 31st December & 31st March each year.
Kotak Mahindra Bank.
Kotak Mahindra Bank Interest Rate Cut: Kotak Mahindra Bank, the private lender, has announced to reduce its interest rates on saving accounts by 50 basis points for the balances between Rs 5 lakh to Rs 50 lakh. The new rates are effective from February 17, 2025 as per the official website of Kotak Mahindra Bank.
In the RBI’s Monetary Policy Committee (MPC) meeting held between February 05 to February 07, 2025, the members unanimously decided to cut its Repo Rate (benchmark lending rate) by 25 basis points to 6.25 per cent from 6.50 per cent. The reduction in the repo rate came for the first time in nearly five years as RBI had constantly hiked the repo rate around 250 bps post Covid-19 pandemic.
Kotak Mahindra Bank’s New Rates On Saving Account
From April 01, 2016, the payment of interest on Savings Bank Account is on a quarterly basis. Thus, the Savings Bank interest calculated on daily product basis will be paid at quarterly intervals on 30th June, 30th September, 31st December & 31st March each year.
Effective Feb 17, 2025, daily balances in Savings Account up to Rs. 50 Lakh will earn 3% interest p.a. and above Rs. 50 Lakh will earn 3.50% p.a. respectively. These interest rates are applicable for both Resident and Non Resident Accounts.
Kotak Mahindra Bank’s Rates On FDs
| FD Rates On Different Tenures (14th June 2024) | ||||
| Regular | Senior Citizen* | |||
| Maturity Periods – Premature Withdrawal Allowed | Less than Rs.3 Crore# | Annualised Yield | Less than Rs.3 Crore# | Annualised 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 upto and inclusive of 10 years | 6.20% | 6.35% | 6.70% | 6.87% |
