Some banks have revised the savings account interest rates, but there are still many banks that have not done so. However, these banks can also revise the interest rates in the coming days. In this sequence, Kotak Mahindra Bank has revised the interest rates of fixed savings account. Let us know about the new interest rates in detail.

New interest rates applicable from today

According to the report of ET Bureau, private sector bank Kotak Mahindra Bank has reduced the interest rate on savings accounts with daily balance of Rs 5 lakh to Rs 50 lakh. The new interest rates have come into effect from today i.e. 17 February 2025.

Interest rates cut by 50bsp

According to the revised interest rates, the bank will pay interest at the rate of 3 per cent per annum on savings accounts with a daily balance of up to Rs 50 lakh. Kotak Mahindra Bank has reduced interest rates by 0.50 basic points (BPS) on daily balances of more than Rs 5 lakh and up to Rs 50 lakh, from 3.50% to 3%. The bank has also reduced the interest rate on savings accounts for balances above Rs 50 lakh from 4% to 3.50%. The bank

said on its official website, “Effective from February 17, 2025, savings accounts will earn 3% per annum interest on daily balances up to Rs 50 lakh and 3.50% interest on more than Rs 50 lakh respectively. These interest rates are applicable to both resident and non-resident accounts (NRI/NRO).”

FD interest rates unchanged

Let us tell you that Kotak Mahindra Bank has not made any change in the interest rates on fixed deposits. The company is offering annual interest between 2.75% to 7.40% for general citizens on FD schemes, while for senior citizens it is offering returns between 3.25% to 7.90%. These interest rates are effective from June 14, 2024.

RBI removed the ban a few days ago

Last week, the Reserve Bank of India lifted the ban on Kotak Mahindra Bank. After which customers can open online accounts and apply for credit cards. RBI said in its order, the ban imposed on the bank in April last year on opening new accounts and issuing credit cards through online and mobile applications after several serious deficiencies were exposed in the bank’s IT systems such as IT inventory management, security, data leak prevention, vendor risk management, and disaster recovery has now been lifted.

Related Articles:-

The post Bank Interest Rate Cut: This bank reduced interest rates on savings a/c by 50bps, know the new rates first appeared on Rightsofemployees.com.

This is the reason why now people are increasingly opening FD accounts in these small finance banks along with banks. Here we will talk about those small finance banks which are giving the highest interest on fixed deposits to senior citizens. Let us tell you that senior citizens are given 0.5 percent more interest on FDs than normal customers. But there is also a small finance bank which is giving 0.6 percent more interest to senior citizens than normal customers.

Jana Small Finance Bank

Jana Small Finance Bank is offering the highest interest rate of 8.75% to senior citizens on FD schemes with tenures of 365 days, 730 days and 1095 days.

Equitas Small Finance Bank

Equitas Small Finance Bank is offering the highest interest rate of 9.00% to senior citizens on FD scheme with tenure of 444 days.

Also Read: What are the benefits of buying a house in wife’s name ?

Utkarsh Small Finance Bank

Utkarsh Small Finance Bank is giving 0.6 percent more interest to senior citizens on FD scheme than general customers. This bank is giving the highest interest of 9.10% to senior citizens on FD schemes with tenure of 730 days to 1095 days and 1500 days.

Suryoday Small Finance Bank

Suryoday Small Finance Bank is offering the highest interest rate of 9.10% to senior citizens on fixed deposit schemes with tenures ranging from 2 years and 1 day to 3 years.

Unity Small Finance Bank

Unity Small Finance Bank is offering the highest interest rate of 9.50% to senior citizens on FD scheme with tenure of 1001 days.

Related Articles:-

Pension eKYC: Pension will be available with arrears as soon as e-KYC is updated

Bank Locker Rule: RBI has recently made some changes in the rules related to lockers

New rules of Sukanya Samriddhi Yojana will be implemented from next month, know what will change

The post Highest FD Rate: These 5 banks are giving the highest interest on FD to senior citizens, check details first appeared on Rightsofemployees.com.

If you also make fixed deposits, then know that RBI has made a big change in FD rules. The new rules of FD by RBI have also become effective. On one hand, after increasing the repo rate of RBI, many government and non-government banks have also increased the interest rates on FDs. Therefore, if you are also going to get FD done, or have got it done, then definitely read this news before that. Otherwise you may have to bear the loss.

Change in maturity rule of FD

RBI has changed the rules of Fixed Deposit (FD), now if you do not claim the amount after completion of maturity, then you will get less interest on it.
– The interest you get will be equal to the interest you get on the savings account.
Currently, banks usually pay more than 5% interest on FDs with a long tenure of 5 to 10 years.
At the same time, the interest rates on savings account are around 3% to 4%.

RBI ordered

According to RBI, . The new rule will apply to deposits in all commercial banks, small finance banks, cooperative banks, local regional banks. If the Fixed Deposit matures and the amount remains unpaid or unclaimed, the interest rate applicable to the savings account or the interest rate prescribed for matured FDs, whichever is less, will be given

Know what the rules say?

For example, understand that if you have got an FD with a maturity of 5 years, which has matured today, but you are not withdrawing this money, then there will be two situations.

1. If the interest received on FD is less than the interest received on the savings account of that bank, then you will continue to get FD interest only.

2. If the interest received on FD is more than the interest received on the savings account, then you will get the interest received on the savings account after maturity.

What were the rules earlier?

Now if we talk about the earlier rule, earlier when your FD was matured and if you did not withdraw its money or did not claim it, then the bank used to extend your FD for the same period for which you had earlier FD It was But now it is not so. Now if you do not withdraw money on maturity, you will not get FD interest on it, so it is better that you withdraw money immediately after maturity. This new rule has become effective.

The post RBI issue FD maturity guideline: Big News! RBI has changed the rules of FD again, know otherwise there will be a big loss! first appeared on Rightsofemployees.com.