Bank FD Change: On the morning of 9 April, the Reserve Bank announced a reduction in the repo rate. Just a few hours after this, Kotak Mahindra Bank announced a reduction in interest on FDs. Kotak Mahindra Bank has reduced interest rates on FDs of some duration by up to 15 basis points
Bank FD Change: Kotak Mahindra Bank has shocked customers as soon as the repo rate decreased. It has announced a reduction in the interest rate on fixed deposits. On the morning of 9 April, the Reserve Bank announced a reduction in the repo rate. Just a few hours after this, Kotak Mahindra Bank announced a reduction in interest on FDs. Kotak Mahindra Bank has reduced interest rates on FDs of some duration by up to 15 basis points. Kotak Mahindra Bank is one of the big banks in the private sector.
New rates effective from 9 April
Kotak Mahindra Bank has said that the new rates have come into effect from April 9, 2025. RBI announced a reduction in interest rates in its monetary policy on 9 April. After that, it is believed that banks will reduce the interest rate of home loans. Usually, when the central bank reduces the repo rate, banks reduce the interest rates of home loans. They also reduce the interest rates of FDs. RBI has reduced the repo rate from 6.25 percent to 6 percent.
Decision taken after reduction in repo rate
RBI has reduced the repo rate to promote economic growth. Earlier, in February this year also, it had reduced the repo rate by one-fourth percent. After Kotak Mahindra Bank’s announcement of reducing the interest rate on FD, the interest rates on regular deposits have gone up from 2.75 percent to 7.30 percent. The interest rate for senior citizens has come down from 3.25 percent to 7.80 percent.
Other banks will also reduce interest on FDs
Kotak Mahindra Bank may not have reduced the interest rate on FDs much, but it has indicated that banks have started changing the interest rate on FDs after the reduction in repo rate. In the future, other banks can also announce reduction in interest rates on FDs. Also, the interest rate of home loan and auto loan can be reduced.
Experts’ advice
Experts say that if you want to make FD in a bank, then you have to do this work soon. After the reduction in repo rate, banks will reduce the interest rate of FD. If a customer makes FD before the bank reduces the interest rate, then he will get the benefit of the current interest rate of the bank.
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