look news india
New Delhi: Festive season is going on in the country. In such a situation, many banks are giving various types of offers to attract their customers. Under this, many banks have updated their fixed deposit rates, while some banks have announced reduction in interest rates on loans. But some banks have also shocked their customers. In this sequence, Kotak Mahindra Bank has reduced the interest rates on its savings account. The new interest rates have become effective from Thursday i.e. October 17.
The new rate will be applicable on balance less than Rs 5 lakh
According to the official website, Kotak Mahindra Bank has reduced the interest rates on savings accounts of less than Rs 5 lakh. After which its interest rates have reduced from 3.5 percent to 3 percent. In such a situation, this step of the bank before Diwali has come as a big shock to the customers. Let us tell you that earlier there were only two slabs for savings accounts. The first is for accounts with balance less than Rs 50 lakh, while the second is for accounts with balance more than Rs 50 lakh. The bank gives 3.5 percent interest to customers on accounts with balance less than Rs 50 lakh, while the bank gives 4 percent interest on accounts with balance more than Rs 50 lakh.
NRI and MRO will get this much interest
Now under the new slab introduced by the bank, only 3 percent interest will be available on accounts with balance less than Rs 5 lakh. Note that for non-residents (NRE/NRO), the interest rate for balance above Rs 50 lakh is 3.50% per annum. It is known that interest on savings account is calculated at an interval of every three months from April 2016. In such a situation, quarterly interest is calculated every year on 30 June, 30 September, 31 December and 31 March.