New Delhi, Feb. 17 -- Kotak Mahindra Bank has slashed its interest rates on savings accounts effective February 17, 2025 soon after the Reserve Bank of India (RBI) reduced its repo rate by 25 basis points.

Below are some important updates which all customers of the bank should know:

As elaborated on the Kotak Mahindra Bank website:

The new interest rates are applicable from February 17, 2025.

The rate reduction follows RBI reducing the repo rate by 25 basis points (bps) from 6.50% to 6.25% in its MPC meeting on February 7, 2025.

Yes, the new interest rates are also applicable on Resident and Non-Resident (NRE/NRO) savings accounts.

Kotak Mahindra Bank product wise calculates the interest and pays it quarterly on June 30, September 3...