Kotak Mahindra Bank cuts savings account interest rate

Kotak Mahindra Bank has reduced the interest rate on savings accounts by 25 basis points (bps) with balances between Rs 5 lakh and Rs 50 lakh again. The bank offers different interest rates on savings accounts based on the account balance. The new rates are applicable from April 25, 2025, according to the Kotak Mahindra Bank website.

Earlier, the bank had reduced the interest rate on savings accounts by 0.50 basis points (bps) on February 17, 2025.

Latest Kotak Mahindra Bank savings account interest rates
Under the new structure, daily balances in savings accounts up to Rs 50 lakh will now earn an interest of 2.75% per annum, while balances above Rs 50 lakh will earn 3.25% per annum interest. This marks a reduction from the previous rates that were effective from February 17, 2025, where balances up to Rs 50 lakh earned 3.00% and those above Rs 50 lakh earned 3.50% per annum.

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According to the Kotak Mahindra Bank website, “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).”



Latest Kotak Mahindra FD rates

Fixed deposit rates slashed: Kotak and Axis Bank cut FD rates for second time in April 2025

Kotak Mahindra Bank has revised its fixed deposit (FD) interest rates, reducing them by up to 30 basis points (bps) on select tenures. This marks the bank’s second FD rate cut in April. The revised rates are effective from April 23, 2025.

Source: Bank website