Kotak Mahindra Bank, part of the Kotak Group, has decided to increase the Interest on Saving Bank account’s.
It has increased by 2% for amounts over Rs.1lac and 1.50%, for amounts less than Rs1 lac i.e the effective rates will be 6% and 5.50%.
The new rates are effective from November 1, 2011.
The announcement has been made five days after the RBI allowed all banks to determine the Interest rates on SB balances on their own.
The Kotak Mahindra Group was established in 1985, and in Feb 2003, RBI granted the banking license to it’s flagship company i.e Kotak Mahindra Finance Ltd.,
At present it has a physical presence via 323 branches spread all over India.