Kotak Mahindra Bank has announced a cut in savings account interest rates. It has been informed that a reduction in interest rates has been announced on savings accounts with deposits of less than Rs 5 lakh. It has been said that the new interest rate has come into effect on 17 October 2024.
New interest rate has been implemented by the bank
Let us tell you that a new interest tax has been implemented by the bank which will be applicable on any account. The new rate has been reduced by 50 basis points for amounts less than Rs 5 lakh. Where earlier 3.5% interest rate was available on this, now 3% interest rate will be available. Earlier, customers were given 3.5% interest rate on savings accounts up to Rs 50 lakh and 4% on more than Rs 50 lakh.
The bank has now implemented the new slab. Now customers are being given 3% per annum interest rate on savings accounts up to Rs 5 lakh, 3.5% interest rate on savings accounts between Rs 5 lakh to Rs 50 lakh and 4% interest rate on above Rs 50 lakh.
