Fixed Deposit Rate: Private sector Kotak Mahindra Bank on Thursday announced a cut in FD (Fixed Deposit) interest rates by 15 basis points or 0.15 per cent.
FD Rates: After the Reserve Bank of India (RBI) cut the repo rate on Wednesday, on one hand banks have started reducing the interest rates of loans. On the other hand, some banks have now started reducing the interest rates of FDs as well. In such a situation, customers will no longer get huge profits on FDs like before. Private sector Kotak Mahindra Bank on Thursday announced a cut in FD (Fixed Deposit) interest rates by 15 basis points i.e. 0.15 percent. This cut in FD interest rates by the bank has come into effect from April 9.
FD interest rates reduced for the first time after June 2024
Kotak Mahindra Bank has made this cut on FDs of certain periods. Let us tell you that this private bank has cut FD interest rates for the first time after June 2024. After this latest cut, Kotak Mahindra Bank will now give interest ranging from 2.75% to 7.30% on FD to general citizens. At the same time, senior citizens will now get interest ranging from 3.25% to 7.80% on FD. Earlier, Kotak Mahindra Bank was giving interest ranging from 2.75% to 7.40% on FD to its general customers and 3.25% to 7.90% to senior citizens.
All banks will gradually reduce interest rates
If you were also planning to get FD or are doing it, then you will have to get FD done as soon as possible. Actually, after the reduction of repo rate, now gradually all the banks will start reducing the interest rates of FD. RBI had announced a reduction of 0.25 percent in the repo rate on April 9. After this decision, the repo rate has come down from 6.25 percent to 6.00 percent. After the reduction of repo rate, 4 public sector banks – Punjab National Bank, UCO Bank, Indian Bank and Bank of India have announced reduction in loan interest rates. Now the rest of the banks will also gradually start reducing the loan interest rates.
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