Kotak increases savings account interest rate up to 4%

Kotak Mahindra Bank Limited ("KMBL"/"Kotak") has 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 13th June, 2022.

Daily balances in savings account above Rs. 50 lakh will now earn a 50 basis points higher interest rate of 4% p.a.* from the earlier rate of 3.5% p.a. 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% p.a.* as well as hiked our term deposit rates for various tenors enabling our customers to enjoy higher interest rates."

KMBL's Revised Savings Account Interest Rates*:

- For saving account deposits up to Rs 50 lakh: 3.5% p.a.

- For saving account deposits above Rs 50 lakh: 4.00% p.a.

**KMBL's Revised Fixed Deposit Interest Rates w.e.f. 10th June for < Rs. 2 Crs.

7 - 14 Days - 2.50%
15 - 30 Days - 2.50%
31 - 45 Days - 3.00%
46 - 90 Days - 3.00%
91 - 120 Days - 3.50%
121 - 179 Days - 3.50%
180 Days - 4.75%
181 Days to 269 Days - 4.75%
270 Days - 4.75%
271 Days - 363 Days - 4.75%
364 Days - 5.25%
365 Days - 389 Days - 5.40%
390 Days (12 months 25 days) - 5.65%
391 Days-Less than 23 Months - 5.65%
23 Months - 5.75%
23 Months 1 Day < 2 Years - 5.75%
2 Years-Less than 3 Years - 5.75%
3 Years and < 4 Years - 5.90%
4 Years and < 5 Years - 5.90%
5 Years and <= 10 Years - 5.90%

For Senior Citizens < Rs.2 crs additional rate of 50 bps applicable.

KMBL's Revised Fixed Deposit Interest Rates w.e.f. 10th June for >= Rs. 2 Crs.-< Rs.5 Crs

7 Days - 14 Days - 3.25%
15 Days - 30 Days - 3.25%
31 Days - 45 Days - 3.50%
46 Days - 60 Days - 3.50%
61 Days - 90 Days - 3.75%
91 Days - 120 Days - 4.25%
121 Days - 179 Days - 4.50%
180 Days - 5.00%
181 Days - 270 Days - 5.00%
271 Days - 279 Days - 3.25%
280 Days - 364 Days - 5.00%
365 Days - Less Than 15 Months - 5.75%
15 Months - Less Than 18 Months - 5.75%
18 Months - Less Than 2 Years - 5.75%
2 Years - Less Than 3 Years - 5.85%
3 Years - Less Than 4 Years - 5.90%
4 Years - Less Than 5 Years - 5.90%
5 Years - Up to & Inclusive of 7 Years - 5.90%

KMBL's Revised Fixed Deposit Interest Rates w.e.f. 10th June for >= Rs.5 Crs

7 Days - 14 Days - 3.25%
15 Days - 30 Days - 3.50%
31 Days - 45 Days - 3.75%
46 Days - 60 Days - 4.00%
61 Days - 90 Days - 4.00%
91 Days - 120 Days - 4.65%
121 Days - 179 Days - 4.85%
180 Days - 5.15%
181 Days - 270 Days - 5.15%
271 Days - 279 Days - 3.25%
280 Days - 364 Days - 5.15%
365 Days - Less Than 15 Months - 5.75%
15 Months - Less Than 18 Months - 5.75%
18 Months - Less Than 2 Years - 5.75%
2 Years - Less Than 3 Years - 5.85%
3 Years - Less Than 4 Years - 5.85%
4 Years - Less Than 5 Years - 5.85%
5 Years - Up to & Inclusive of 7 Years - 5.85%

*Earn 4% interest p.a. on Savings Account balance above Rs. 50 lakh and 3.50% interest p.a. on Savings Account balance up to Rs. 50 lakh. Applicable for Resident Accounts only. The interest rates are subject to change.

Shares of Kotak Mahindra Bank Limited was last trading in BSE at Rs. 1792.10 as compared to the previous close of Rs. 1865.90. The total number of shares traded during the day was 155153 in over 9247 trades.

The stock hit an intraday high of Rs. 1848.00 and intraday low of 1785.10. The net turnover during the day was Rs. 279845766.00.

Source : Equity Bulls

Keywords

KotakMahindraBank INE237A01028 InterestRate SavingsAccount FixedDeposit