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After SBI, Now Kotak Mahindra Bank Slashes Savings Account Interest Rate
August 08, 2017
Days after India’s largest Lender State Bank of India cut the interest rates on savings accounts by 0.5%, mid-size lender Kotak Mahindra Bank (KMB) has followed suit and slashed the savings account deposits of Rs. 1 crore and more up to Rs. 5 crores by 0.5% to 5.5%. However, the interest rate on deposits less than Rs. 1 lakh or more than Rs. 5 crores have been kept unchanged.
A key difference between the move of SBI and KMB is that while the former targeted small accounts (accounts with deposits below Rs. 1 crore) the latter went after the bigger accounts.
