New Delhi
If you are also a savings account holder in Kotak Mahindra Bank, then this news is very important for you. Many big bank interest rates are being reduced after the RBI Bank of India (RBI) meeting in April Monetary Policy Committee (MPC) meeting. In this episode, now Kotak Mahindra Bank has also announced a cut in interest received on its savings account.
How much interest will be available now?
According to the information given on the website of Kotak Mahindra Bank: The interest rate on deposits up to Rs 50 lakh has now been reduced to 2.75%. You will get 3.25% annual interest on deposit of more than Rs 50 lakh. Earlier in February too, the bank had cut a 50 basis point, and now again a cut up to 25 basis points.
How to get interest in a savings account?
The interest bank on the savings account gives the bank on the basis of deposits in your account. Earlier this interest was available on monthly average balance, but now according to RBI instructions, it is calculated on daily balance and is deposited in the account in every quarter (March, June, September, December).
How much interest is available on a savings account in India?
Most banks pay interest from 2.5% to 4% annually on savings account. However, some digital banks or small finance banks also offer more interest than this.
Is it a matter of concern for you?
If a large part of your savings remains in a savings account, then this interest rate cut may be harmful for you in terms of returns. In such a situation, if you want, you can consider transferring your money to FD, Money Market Fund or other safe investment options.
