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    Kotak Mahindra Bank Reduces Savings Deposit Rate

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    After SBI cut its deposit rate for balances above Rs. 1 lakh by 25 basis points to 3.25%, the private sector lender also followed suit. Kotak Bank has slashed interest rates on deposits of up to Rs. 1 lakh by 50 bps to 4.5% from the earlier 5%. As per the bank's website, the new rates will become applicable from April 15.

    Kotak Mahindra Bank Reduces Savings Deposit Rate
     

    Interest rates on savings deposits of above Rs 1 lakh and below Rs 1 crore is unchanged at 6 percent. Also, the rate on savings deposit of above Rs 1 crore remains at 5.5 percent.

    Also, for select tenure effective April 1, the lender reduced its MCLR based lending rate by 10 bps. 1 basis point is one-hundredth of a percentage point.

    GoodReturns.in

    Story first published: Friday, April 12, 2019, 15:36 [IST]
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