Interest Rates

Kotak Bank Slashes Interest Rates on Savings Deposits 2nd Time in April`

In an email to its savings bank account holders on Sunday, Puneet Kapoor, the bank's president for products, alternate channels and customer experience delivery said, "effective April 20, the interest rates on daily balances in savings account stands revised to 4.5 per cent per annum for daily balances above Rs 1 lakh and 3.75 per cent for daily balances up to Rs 1 lakh." This is still a full 100 bps more than the SBI rate, which offers only a flat rate to everyone and 25-50 bps over the industry average, while its higher rate is still much above the both.

By SMEStreet Desk