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Kotak Reduced Savings Account Interest Rates

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Sushrut.B

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…

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

Deal Lieutenant Deal Lieutenant
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By 2020 as of now India is still developing country.

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Community Angel Community Angel
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@guest_999

Critic Critic
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Was expecting this but not so soon. pensive

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

savdhan rahe, satark rahe lol

da30e683b77f89f35413452175c993c1

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

Deal Cadet Deal Cadet
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U will receive by today night, check tomorrow morning.

Blogger 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.

Helpful Helpful
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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 ??

Critic Critic
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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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Deal Lieutenant Deal Lieutenant
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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…

Critic Critic
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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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