Kotak Mahindra Bank hikes interest rates on savings accounts, FDs

The increase in savings account interest rate will come into effect on June 13, 2022.

FPJ Web DeskUpdated: Thursday, June 09, 2022, 05:23 PM IST
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Daily balances in savings account above Rs. 50 lakh will now earn a 50 basis points higher interest rate of 4 percent p.a. from the earlier rate of 3.5 percent. / Representative image |

Kotak Mahindra Bank Limited today announced a rise in savings account interest rate as well as fixed deposit interest rates across various tenors.

The increase in savings account interest rate will come into effect on June 13, 2022.

Daily balances in savings account above Rs. 50 lakh will now earn a 50 basis points higher interest rate of 4 percent p.a. from the earlier rate of 3.5 percent. Interest rates on fixed deposits have been increased by 10 to 25 basis points.

Shanti Ekambaram, Group President - Consumer Banking, Kotak Mahindra Bank said, “Interest rates are now on an upward trajectory. For Kotak, customer centricity has been the core of all our initiatives and as their trusted banking partner, we strive to empower our customers with products and services catering to their needs. In line with this philosophy, we have revised our savings account interest rate upwards to 4 percent p.a. as well as hiked our term deposit rates for various tenors enabling our customers to enjoy higher interest rates.”

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