Kotak Mahindra Bank unlikely to cut savings deposit rates
By Neelima Shankar
Jun 21, 2013
Print    Email    RSS   

Private sector lender, Kotak Mahindra Bank will not reduce its savings bank deposit rate this financial year, a top official of the bank said.

"We will maintain the 6 per cent rate for some time. We have no plans to change the rate this fiscal," president for consumer banking, Mr. KVS Manian said.

Mr. Manian said the bank has more than doubled its savings account base over the last 18 months, ever since the RBI deregulated interest rates on the product helping it tap into the market with an aggressive offering.

The savings account deposits have grown to Rs 7,500 crore as against Rs 3,500 crore at the time of the RBI move, Mr. Manian said.

As against the 4 per cent given by the most others banks, Kotak Mahindra bank offers 6 per cent per annum on a savings account with a balance of over Rs 1 lakh and 5.5 per cent for deposits under Rs 1 lakh, Mr. Manian said.


(Comments Posted : 7) Post Your Comments
1. guest test post
html simple
GuestDyeft (Posted: Mar 8, 2018)
2. Increase your deductibles. A deductible is the money that must come out of your pocket after a loss before any money comes out of the insurance QuotesChimp's. Health insurance typically will have a $200 deductible, which means you pay for the first $200 of health expenses per year before you receive any benefits. Since a great number of claims deal with relatively small amounts of money, the higher the deductible, the less risk the insurance company is exposed to, and thus the lower your premium will be.
Cheyanna (Posted: Mar 6, 2014)
3. I wasn't complaining. I didn't would your I'd audience.Thanks life insurance premium life insurance quotes great community. written see the scholarly interest a I I for for time, because to that be all for anything hard largely thought not I biblioblogging am haven't anything mobile health insurance america's health insurance plans normally of suemtitbd work! some levitra free trial of writing
Gareen (Posted: Feb 6, 2014)
Show All Comments
 Select a product:

 Select a product:

Carnival of Indian Personal Finance Blogs #6
Personal Finance for the 21st century...
How to check balance in savings bank account
Steps to file Income Tax return online
Carnival of Indian Personal Finance Blogs #1

how to download my account details
last six months statement

HDFC bank adjudged as the Best private bank in India Feb 16, 2015
HDFC reported an increase of 20% in its net profit Feb 16, 2015
ICICI bank launched Flash remit facility Feb 13, 2015
BOM launched new savings deposit scheme for HNI customers Feb 12, 2015
BMB bank to have a total of 80 branches by the March end. Feb 10, 2015
News Archive