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Kotak Mahindra Bank Savings Account Interest Rates: Check Revised Rate of Interest Effective From February
The interest rates on savings accounts at Kotak Mahindra Bank have been revised. For both resident and non-resident accounts (NRE/NRO), these interest rates are in effect. The most recent savings account interest rates go into effect on February 17, 2025, according to the bank's official website. This happened after the Reserve Bank of India (RBI) lowered its repo rate by 25 basis points, to 6.25%, as of February 7, 2025. This was the first rate drop in over five years, since May 2020.
Kotak Mahindra Bank Savings Account Interest Rates
"Effective Feb 17, 2025, daily balances in Savings Account up to Rs. 50 Lakh will earn 3% interest p.a. and above Rs. 50 Lakh will earn 3.50% p.a. respectively. These interest rates are applicable for both Resident and Non Resident Accounts (NRE/ NRO)," mentioned Kotak Mahindra Bank on its official website.
The bank also offers floating-rate linked savings deposits. The bank will pay interest at a rate of 3% per annum on balances up to Rs. 50 lakh, while Kotak Mahindra Bank will pay interest at a rate of 3.50% per annum on balances beyond Rs. 50 lakh and up to Rs. 50 crore.
Interest on the savings account, which is computed on a daily product basis, will be paid quarterly on June 30, September 30, December 31, and March 31 of each year.
| Nature | Rate of interest For balances up to Rs.50 Lakh | Rate of Interest For balances above Rs. 50 Lakh |
|---|---|---|
| Domestic (w.e.f. 17th Feb'25) | 3.00% p.a. | 3.50% p.a. |
| Non Resident (NRE/NRO) (w.e.f. 17th Feb'25) | 3.00% p.a | 3.50% p.a. |
Kotak Mahindra Bank Floating Rate Linked Savings Deposit Rates
'MIBOR Linked floating interest rate will be applicable on entire balance above Rs. 1 lakh (all rates applicable on the end of the day balances) if the balance exceeds Rs. 50 crore, 600 Cr or Rs. 1000 crore as the case may be," mentioned the bank on its website.
| Up to Rs. 50 Lakh | 3% p.a. |
|---|---|
| Above Rs. 50 Lakh and up to Rs. 50 Crore | 3.50% p.a. |
| # Above Rs. 50 Crore and up to Rs. 600 Crore* | MIBOR + 5.2 bps p.a. |
| # Above Rs. 600 Crore and up to Rs. 1000 Crore* | MIBOR + 50 bps p.a. |
| # Above Rs. 1000 Crore* | MIBOR +70 bps p.a. |
In the meanwhile, Kotak Mahindra Bank members adopted the Kotak Mahindra Performance Linked Restricted Stock Unit Scheme 2025 (PRSU Scheme) on February 21, 2025. Under the PRSU Scheme, up to 90,000 PRSUs may be offered and granted, which, upon exercise, would entitle the Bank to no more than 90,000 equity shares with a face value of Rs. 5 each, subject to any necessary adjustments resulting from corporate actions or changes in the Bank's capital structure.
In a letter dated February 11, 2025, the Reserve Bank of India authorised Mr. Jaideep Hansraj's appointment to the bank's board. As a result, Mr. Hansraj is now a Key Managerial Personnel and a Whole-time Director (Executive Director) of the bank.
Financially speaking, Kotak Mahindra Bank's consolidated net profit climbed 10% YoY to Rs 4,701 crore in Q3FY25 from Rs 4,265 crore in Q3FY24 and to Rs 14,180 crore in 9MFY25 from Rs 12,876 crore in 9MFY24. On a stand-alone basis, the bank's PAT for Q3FY25 rose from Rs 3,005 crore to Rs 3,305 crore, up 10% YoY, and for 9MFY25, it rose from Rs 9,648 crore in Q3FY24 to Rs 10,168 crore, up 5% YoY. Net Interest Income (NII) rose 10% year over year to Rs 7,196 crore in Q3FY25 from Rs 6,554 crore in Q3FY24 and to Rs 21,058 crore in 9MFY25 from Rs 19,084 crore in 9MFY24.
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