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Kotak Mahindra Bank hikes savings a/c rate by 50 bps

June 10, 2022

Kotak Mahindra Bank hikes savings a/c rate by 50 bps
Private sector lender Kotak Mahindra Bank reported a 0.50 percent increase in savings to account interest rates for deposits of over ₹50 lakh to 4 percent, a day after RBI hiked the policy rate to tame inflation. 

Term deposit rates have likewise been expanded by up to 0.25 percent, the city-headquartered lender said in a statement. 

Daily balances in bank accounts above ₹50 lakh will now earn a premium of 4% per annum as against the early rate of 3.50 percent, while the rate for deposits under ₹50 lakh will be 3.50 percent. 

Consumer price inflation has been floating north of 7%, and the RBI anticipates that the equivalent should be at 6.7 percent for FY23, because of which it hiked its key rate by another 0.50 percent on Wednesday. 

Kotak Mahindra Bank’s Group President for Consumer Banking Shanti Ekambaram said interest rates are now in an upward direction and it has hiked rates for savings accounts and term deposits for various tenors to benefit clients. 

The term deposits rate hike has been across various tenors. For deposits of over ₹crores, the rates have been hiked by up to 0.25 percent, it added. 

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