Kotak Mahindra Bank Holds Retail Savings Rate Despite Falling Trend

Mumbai, August 3, 2017: In an environment where interest rates are on a downward trajectory, Kotak Mahindra Bank (KMB) today announced that its customers will continue to enjoy 6% interest rate p.a. on savings account balances above Rs. 1 lakh and up to Rs 1 crore.

ShantiEkambaram, President - Consumer Banking, Kotak Mahindra Bank, said, “Our focuscontinues to be on building a quality retail franchise. Hence, we are holdingour savings interest rate in the retail segment. Effectively, 99.9% of oursavings account customers continue to enjoy the same savings interest rate asbefore.”

 

Savings Bank  Balances

Present*

Savings Rate p.a.

New Savings Rates p.a.*

Effective Aug 4, 2017

Up to Rs 1 lakh

5.0%

5.0%

Above Rs 1 lakh up to Rs 1crore

6.0%

6.0%

Above Rs 1 crore up to Rs 5 crore

6.0%

5.5%

Above Rs 5 crore

5.5%

5.5%

*Applicable for resident savings account only

For more information, please visit the company’swebsite at http://www.kotak.com/


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