Kotak’s Savings account customers to earn more interest
By Joseph Samson
Sep 17, 2008
Print    Email    RSS   

Private sector lender Kotak Mahindra Bank(KMB) has increased the interest rate on its term deposits in the general category to 10.35% per annum.

Term deposit is an amount deposited with a banking institution that cannot be withdrawn for a certain "term" or period of time.

Speaking on the decision, KVS Manian, Group Head - Retail Liabilities and Branch Banking, Kotak Mahindra Bank said, "I am confident that that this significant hike in interest rates would hugely benefit our retail customers given the current volatile market situation. This facility reemphasizes our commitment to our customers to maximize return on their savings".

Kotak Mahindra is one of India's leading financial multinational center catering complete financial solutions of individuals and corporates from commercial banking, to stock broking, credit cards, mutual funds, life insurance and investment banking. The savings accounts of the bank provide a variety of facilities beside the usual role of the account. The account provides services like funds transfer options and investment options accessed through Internet or phone banking services that yield attractive returns.


The Bank also offers tech-savvy products such as the Virtual Card and Kotak BillPay, MF on Net and Call, among others, that enable customers to shop, make payments, invest, redeem funds and track portfolio. It has also kept in mind the requirements of the business community and provided solutions that include Trade Services, Cash Management Service and Credit facilities.

Bank has added a suite of simple and powerful credit cards to its portfolio of financial services. The bank's E-Tax service is another attraction where its Savings and Current account holders can pay their taxes online.

The Kotak Mahindra group has a large network of branches, franchises, representative offices and satellite offices across 370 cities and towns in India and offices in New York, London, Dubai, Mauritius and Singapore.

The company had net profit of Rs145.93 crore in the first quarter of 2007-08. Kotak Mahindra Bank has posted standalone net profit of Rs54.53 crore for the first quarter of this fiscal, up 14.39% over the corresponding quarter a year ago.

(Comments Posted : 0) Post Your Comments
Show All Comments
 Select a product:

 Select a product:

PPF- How good an investment option!!
Carnival of Indian Personal Finance Blogs #3
Credit profile and its effect on loan...
Carnival of Indian Personal Finance Blogs #6
Steps to file Income Tax return online

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