Savings Account - Open Savings Bank Account Online - Kotak Bank
Savings Bank A/c
Nature Rate of Interest
Normal Senior Citizen
A. Domestic (W.e.f. Nov 1, 2020) 3.50% p.a. on balance up to Rs. 1 lakh,
4% p.a. on balance over Rs. 1 lakh and up to Rs. 5 crores,
3.75% p.a. on balance above Rs. 5 crores
3.50% p.a. on balance up to Rs. 1 lakh,
4% p.a. on balance over Rs. 1 lakh and up to Rs. 5 crores,
3.75% p.a. on balance above Rs. 5 crores
B. Basic Savings Bank Deposit Account/Small Account (W.e.f. Nov 1, 2020) 3.50% p.a. on balance up to Rs. 1 lakh,
4% p.a. on balance over Rs. 1 lakh and up to Rs. 5 crores,
3.75% p.a. on balance above Rs. 5 crores
3.50% p.a. on balance up to Rs. 1 lakh,
4% p.a. on balance over Rs. 1 lakh and up to Rs. 5 crores,
3.75% p.a. on balance above Rs. 5 crores
C. Non Resident (NRE/NRO) 3.50% p.a. 
3.50% p.a.
With effect from 1 April 2016, the periodicity of payment of interest on Savings Bank Account will be quarterly. Thus, the Savings Bank interest calculated on daily product basis will be paid at quarterly intervals on 30th June, 30th September, 31st December & 31st March each year.
Note : p.a. is "per annum"

 

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Daily balances in Savings Account up to Rs. 1 lakh continue to earn 3.50% interest p.a. and daily balances over Rs. 1 lakh and up to Rs. 5 crores continue to earn 4% interest p.a. Interest rate on daily balances in Savings Account above Rs. 5 crores stands revised at 3.75% p.a. wef Nov 1, 2020. These interest rates are applicable for Resident Accounts only.

Example: If End of Day Savings Account balance is Rs. 1,50,000, then Rs. 1,00,000 will earn interest of 3.50% p.a. and Rs. 50,000 (being the balance in excess of Rs. 1,00,000), will earn interest of 4.00% p.a.