Kotak Mahindra Bank, the leading private sector lender in India, slashed interest rate on savings bank deposits yesterday.
The bank reduced interest rates on savings deposits to 5.5% from its previously existing rate of 6%. The revised rates on savings account deposits will be effective from today i.e. August 4, 2017.
A Kotak Mahindra will offer 5% on savings bank deposits up to Rs. 1 lakh, 6% on deposits between Rs. 1 lakh and Rs. 1 core and 5.5% on savings above Rs. 5 crore.
The rate cut by Kotak Mahindra Bank came immediately after the State Bank of India (SBI) slashed its interest rates on savings account deposits to 3.5% from its previous rate of 4% on deposits up Rs.1 crore. SBI announced this rate cut on last Monday which may affect nearly 90% of its customers who have saved their money in SBI Savings Accounts. However, SBI will continue to pay 4% interest on savings accounts with deposits over Rs. 1 crore. To know more about SBI rate cut on savings deposits, click here
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