Kotak Reduced Savings Account Interest Rates

Kotak Reduced Savings Account Interest Rates

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Deal Cadet
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Kotak Mahindra Bank again reduced the savings account interest rates & I think few other banks which provide relatively better interest on savings accounts like DBS, Yes Bank etc will also follow suit…

Just received this email from Kotak…

“Dear Customer,

Thank you for choosing Kotak Mahindra Bank.
We wish to inform you that w.e.f. April 1, 2020, interest rate on daily balances in Savings Account above ₹1 lakh stands revised at 5% p.a. Daily balances up to ₹1 lakh will continue to earn 4% interest p.a."

This is pathetic…

34 Comments  |  
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Deal Subedar
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in other developed countries intrest is very less even in china its 0.30% saving account intrest

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Deal Subedar
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deadguru wrote:

in other developed countries intrest is very less even in china its 0.30% saving account intrest

By 2020 as of now India is still developing country.

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Critic
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Was expecting this but not so soon. pensive

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Deal Cadet
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Today is 31st March and i haven’t received savings account interest, anyone else?

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deadguru wrote:

in other developed countries intrest is very less even in china its 0.30% saving account intrest

We are heading there slowly for sure

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flawlessking wrote:

Today is 31st March and i haven’t received savings account interest, anyone else?

U will receive by today night, check tomorrow morning.

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guest_999 wrote:

Was expecting this but not so soon. pensive

Jo kuch bhi expect karo related to Banking Sector, Please inform us also.

savdhan rahe, satark rahe lol

da30e683b77f89f35413452175c993c1

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_One_Miller_ wrote:

Jo kuch bhi expect karo related to Banking Sector, Please inform us also

savdhan rahe, satark rahe

https://cdn0.desidime.com/attachments/photos/611252/medium/6592282da30e683b77f89f35413452175c993c1.jpg?1586070410

business people industrialists big bankers want more reduction in rates

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desiman wrote:

business people industrialists big bankers want more reduction in rates

Why ?

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Blogger
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this step is in right direction we need to reduce interest rates to the levels of USA

then only we will on path to a tuly developed nation.

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Blogger
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desiman wrote:

business people industrialists big bankers want more reduction in rates

it helps in development

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_One_Miller_ wrote:

Why ?

lower production cost of investment in business


increased profit

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_One_Miller_ wrote:

Why ?

Banks always need to give business loans at a higher rate than what they give as interest on their savings/fd accounts. In times of slowdown business need cheaper loans compared to normal times which means savings/fd interest rates also need to be lowered because banks also need to earn enough profits to keep bank fundamentals strong as per BASEL norms. So in times of slowdown both banks & businessmen wants as cheap loans as possible.

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rogerthat wrote:

it helps in development

But for old people who lives on their savings interest (like post office monthly income scheme) it will be difficult for them.

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asen wrote:

But for old people who lives on their savings interest (like post office monthly income scheme) it will be difficult for them.

market prices will also fall down

everything will become cheaper automatically

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Deal Cadet
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Kotak again reduced their interest rates…Check the creation date of this thread…19 days ago…They decreased their interest rates TWICE within three weeks…

“We wish to inform you that w.e.f. April 20, 2020, interest rates on daily balances in Savings Account stands revised as follows: Daily balances above ₹1 lakh will earn 4.5% interest p.a. and daily balances up to ₹1 lakh will earn 3.75% interest p.a.”

Is this a joke or what ?? They should stop giving any interest at all…Are they going down or what ??

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rogerthat wrote:

market prices will also fall down

everything will become cheaper automatically

I don’t believe in next birth… confused

Iss janam mein toh yeh hone se raha…

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_One_Miller_ wrote:

Kahe do yeh mazaak hai

@guest_999 @saucap @androgame @BubbleBoyChickenLittle @dev007
what you guys say ?

Yes ye majaak hai. When interest rates go down then it means loans are cheaper & it also means more money in people’s hands & when that happens prices move up not down but there is also the “down mood” so overall it will balance & prices will remain same or may “feel” a bit costlier.

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Sushrut.B wrote:

Kotak again reduced their interest rates…Check the creation date of this thread…19 days ago…They decreased their interest rates TWICE within three weeks…

“We wish to inform you that w.e.f. April 20, 2020, interest rates on daily balances in Savings Account stands revised as follows: Daily balances above ₹1 lakh will earn 4.5% interest p.a. and daily balances up to ₹1 lakh will earn 3.75% interest p.a.”

Is this a joke or what ?? They should stop giving any interest at all…Are they going down or what ??

No this is not a joke,in fact it is an indication of a good bank. Imagine you working in a company with not sure of your future in job & yet spending lavishly just like earlier times. Same case with banks, if they keep giving high interest rates in such economic conditions then they are just creating a lot of loss in their balance sheets thus indirectly affecting your deposits security too.

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guest_999 wrote:

No this is not a joke,in fact it is an indication of a good bank. Imagine you working in a company with not sure of your future in job & yet spending lavishly just like earlier times. Same case with banks, if they keep giving high interest rates in such economic conditions then they are just creating a lot of loss in their balance sheets thus indirectly affecting your deposits security too.

Waiting for DBS & IDFC to decrease their interest rates where I have almost the total amount of my savings…It will happen soon I think…

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Deal Subedar
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….Modus operandi since 2014

Reduce FD rates…PPF rates….Bank interest rates…

Sincle inflation hovers around 5-6%….we middle class have limited options to invest….

So invest in mutual fund or stay invested in bank….since Investing in gold above 40K is not for everyone…

Result….Bank will give loan to govt. crony friends and they will default and live a happy life…

…More banks will fail….its a thought out process and meticulous planning is done for it…

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Sushrut.B wrote:

Waiting for DBS & IDFC to decrease their interest rates where I have almost the total amount of my savings…It will happen soon I think…

Yes it will but dbs is much more financially strong than idfc so may be it can afford to still give relatively higher interest rate but idfc financial condition is not so good so if they still keep giving the old 7% interest rate then I see some trouble ahead.

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still_guessing wrote:

….Modus operandi since 2014

Reduce FD rates…PPF rates….Bank interest rates…

Sincle inflation hovers around 5-6%….we middle class have limited options to invest….

So invest in mutual fund or stay invested in bank….since Investing in gold above 40K is not for everyone…

Result….Bank will give loan to govt. crony friends and they will default and live a happy life…

…More banks will fail….its a thought out process and meticulous planning is done for it…

That is just basic economics, the more developed & stable a country’s economy is lesser will be the deposit interest rates in its own currency. A general rule of thumb is deposit interest rates are around 1-2% less than usual inflation rate. Argentina offers ~18% interest rate on savings deposit but also has an inflation rate of ~20%. So invest in MFs which are universally considered as one of the best savings option & also don’t forget to take a time period of at least 10+ years when investing in MFs.

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guest_999 wrote:

That is just basic economics, the more developed & stable a country’s economy is lesser will be the deposit interest rates in its own currency. A general rule of thumb is deposit interest rates are around 1-2% less than usual inflation rate. Argentina offers ~18% interest rate on savings deposit but also has an inflation rate of ~20%. So invest in MFs which are universally considered as one of the best savings option & also don’t forget to take a time period of at least 10+ years when investing in MFs.

Economy is managed by economists….not here loll

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still_guessing wrote:

Economy is managed by economists….not here loll

it’s not being managed anymore FYI

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guest_999 wrote:

That is just basic economics, the more developed & stable a country’s economy is lesser will be the deposit interest rates in its own currency. A general rule of thumb is deposit interest rates are around 1-2% less than usual inflation rate. Argentina offers ~18% interest rate on savings deposit but also has an inflation rate of ~20%. So invest in MFs which are universally considered as one of the best savings option & also don’t forget to take a time period of at least 10+ years when investing in MFs.

can i open savings NRE account in argetina and enjoy this 18% interest ?

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rogerthat wrote:

can i open savings NRE account in argetina and enjoy this 18% interest ?

bro currency fluctions is risk in these investment even if someone from us invested in india for 7% fd interest as against us 1% he may not gain anything coz rupee fall more than 7%

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