Private sector Kotak Mahindra Bank has given a big shock to customers with savings accounts. The bank announced a cut in interest rates on savings accounts with balances less than Rs 5 lakh.
According to the website of Kotak Mahindra Bank, the new interest rates are applicable from October 17, 2024. This cut in interest rates has been made in the new bracket introduced by the bank.
Start of new bracket
Kotak Mahindra Bank has introduced a new bracket. Under this bracket, the interest rate on savings accounts with an amount less than Rs 5 lakh has been reduced by 50 basis points. The interest rate has been reduced from 3.5% to 3%. Let us tell you that earlier there were only two slabs for the bank’s savings accounts. In the first slab, the interest rate was 3.5% on an amount less than Rs 50 lakh and 4% on an amount more than Rs 50 lakh.
However, now the bank has created three slabs. One of these slabs is less than Rs 5 lakh. Its interest rate is 3% per annum. At the same time, the interest rate on the amount from Rs 5 lakh to Rs 50 lakh is 3.5%. After this, the interest rate on the amount more than Rs 50 lakh is 4%.
There is no change in the interest rate of FD
Kotak Mahindra Bank has not revised the interest rate on fixed deposits. The bank is offering 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.
Meanwhile, Kotak Mahindra Bank has announced its plan to acquire the personal loan book of Standard Chartered Bank India. This includes a total outstanding loan amount of about Rs 4,100 crore (about $490 million). These loans fall under the category of standard loans as per the guidelines set by the Reserve Bank of India. The proposed transaction is expected to be completed by September 30, 2024.
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