Recently, the Reserve Bank of India (RBI) cut the repo rate for the first time after 5 years. RBI decided to reduce the interest rate by 25 basis points from 6.50 percent to 6.25 percent after 5 years. The repo rate is the benchmark rate at which RBI lends money to commercial banks. After the cut in repo rate, now banks are moving towards reducing the interest rates on FD and savings accounts.
After the announcement of RBI, RBL Bank announced a reduction in interest rates on its savings account while DCB Bank has reduced the interest rates on FD. Now Kotak Mahindra Bank, a big private sector bank, has announced a reduction in interest rates on savings accounts. The bank has reduced the interest rate on savings accounts with a daily balance of Rs 5 lakh to Rs 50 lakh by 50 basis points i.e. 0.50 percent. The new interest rates have come into effect from February 17, 2025.
Interest rates cut by 0.50 percent
The bank will pay interest at the rate of 3 percent per annum on savings accounts with a daily balance of up to Rs 5 lakh. No change has been made in this. The bank has reduced the interest rates on daily balances of more than Rs 5 lakh and up to Rs 50 lakh from 3.50 percent to 3 percent. The bank has also reduced the interest rate on savings accounts for balances of more than Rs 50 lakh from 4 percent to 3.50 percent.
RBL Bank cuts interest rates
RBL Bank has cut interest rates by 25 basis points on small balance accounts. The new interest rates of the bank have come into effect from February 15, 2025.
DCB Bank cuts interest rates
DCB Bank has reduced interest rates on fixed deposits. For FDs less than Rs 3 crore, the bank has reduced interest rates by up to 0.65 percent for some tenures. The new rates of the bank have come into effect from February 14, 2025.
Disclaimer: This content has been sourced and edited from News 18 hindi. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.
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