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Kotak Mahindra Bank has announced a reduction in the interest rate on savings accounts with balances under Rs 5 lakh. The new rates are applicable from October 17, 2024, according to the Kotak Mahindra Bank website.
The bank has introduced a new bracket and reduced the rate on savings accounts for sums less than Rs 5 lakh by 50 basis points, bringing the rate from 3.5% to 3%.
Earlier, there were only two slabs: 3.5% for accounts under Rs 50 lakh and 4% for balances over Rs 50 lakh. The bank has now created three slabs: for balances up to Rs. 5 lakhs, the interest rate is 3% per annum; for balances above Rs. 5 lakhs and up to Rs. 50 lakhs, the interest rate is 3.5%; and for balances over Rs. 50 lakhs, the interest rate is 4%.
Note that for Non Resident (NRE/NRO), interest rate is 3.50% p.a. for balances above Rs. 50 lakhs.
| Savings Bank A/c | |||
| Nature | Rate of Interest | ||
| For balances up to Rs. 5 lakhs | For balances above Rs.5 lakhs and up to Rs.50 lakhs | For balances above Rs. 50 lakhs | |
| A. Domestic (w.e.f. October 17, 2024) | 3% p.a. | 3.50% p.a. | 4% p.a. |
| B. Non Resident (NRE/NRO) (w.e.f. October 17, 2024) | 3% p.a | 3.50% p.a. | 3.50% p.a. |
Source: Bank website
With effect from 1 April 2016, the periodicity of payment of interest on Savings Bank Account will be quarterly. 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. Note : p.a. is “per annum”
W.e.f Oct 17,2024, daily balances in Savings Account up to Rs. 5 lakhs will earn 3% interest p.a. Daily balances above Rs. 5 lakhs and up to Rs. 50 lakhs; and above Rs. 50 lakhs will continue to earn 3.50% and 4% interest p.a. respectively. These interest rates are applicable for Resident Accounts only.
W.e.f Oct 17,2024, for Non Resident (NRE/ NRO), balances up to Rs. 5 lakhs will earn 3% interest p.a. and balances above Rs. 5 lakhs will continue to earn 3.50% p.a.
The bank offers floating rate linked savings deposit. Details of the same are as under :
MIBOR Linked floating interest rate will be applicable on entire balance above Rs. 1 lakh (all rates applicable on the end of the day balances) if the balance exceeds Rs. 50 crore, 600 Cr or Rs. 1000 crore as the case may be.
For more details on MIBOR Linked Floating Interest rate please contact your relationship manager or visit your nearest Kotak Mahindra Bank Branch
#The above rates are effective from 17th October’24Kotak Mahindra Bank savings account interest rate before October 17, 2024
| Savings Bank A/c | ||
| Nature | Rate of Interest | |
| For balances upto Rs. 50 lakhs | For balances above Rs. 50 lakhs | |
| A. Domestic (W.e.f. June 13, 2022) | 3.50% p.a. | 4% p.a. |
| B. Non Resident (NRE/NRO) | 3.50% p.a. | 3.50% p.a. |
Kotak Mahindra Bank FD interest rates
The bank has not revised the fixed deposit rates. The bank offers interest rates between 2.75% to 7.40% for general citizens and 3.25% to 7.90% for senior citizens. These rates are effective from June 14, 2024.
| Fixed Deposits Interest Rates for Domestic/ NRO / NRE effective from 14th June 2024. (Rates are subject to change from time to time) | ||||||||||
| 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% | ||||||
Source: Bank website
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