Last Updated:
Kotak Mahindra Bank cut savings account interest rates by 25 bps for certain balances, effective April 25, 2025.
Kotak Mahindra Bank Cuts Interest Rates On Savings Account.
Kotak Mahindra Bank has cut the interest rate on savings accounts by 25 basis points (bps) for certain balance slabs, effective April 25, 2025.
New Interest Rates
– Balances between Rs 5 lakh and Rs 50 lakh: Now earn 4.75% per annum, reduced from 5%.
– Balances up to ₹50,000: Interest rate remains unchanged at 3.50% per annum.
– Balances above ₹50 lakh: Continue to earn 5.50% per annum.
Fixed Deposit Rate Changes Earlier this month, the bank also reduced its fixed deposit interest rates. Similar adjustments have been made by other banks:
IDBI Bank Cuts Interest On Special Scheme
IDBI Bank reduced interest rates on the Utsav Special Fixed Deposit scheme and extended the investment deadline from April 30 to June 30, 2025.
Adjusted rates across three special tenures—444 days, 555 days, and 700 days.
Ujjivan Small Finance Bank Cuts FD Rates
Ujjivan Small Finance Bank reduced FD interest rates by up to 20 bps on select tenures for deposits below Rs 3 crore, effective April 24, 2025.
For FDs between 12 months and less than 18 months, the rate is now 7.90%, down from 8.10%. The 18-month FD rate is revised to 8.05% from 8.25%. Senior citizens continue to receive an additional 0.50% interest on all tenures.
Indian Bank Lowers Rates Too
In the light of recent policy move by the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI), Indian Bank has lowered its home loan interest rates from the existing 8.15% p.a. to 7.90% p.a and Vehicle loan interest rates from the existing 8.50% to 8.25% p.a.
This reduction aims to provide relief to borrowers by lowering EMIs and promoting affordable credit access. In addition to the reduced interest rates, Indian Bank is also offering benefits such as discounted processing fees and zero documentation charges. This initiative reflects Indian Bank’s commitment in providing its customers with accessible and user-friendly financing choices so they can realize their aspirations of owning a home or vehicle.