With a host of banks raising deposit rates following the hike in repo and reverse repo rates by RBI, Kotak Mahindra Bank has also followed suit.
The bank has raised its deposit rates by 0.25% for deposits having tenor less than one year. The bank said that it is analysing the trends prevelant in the market so as to decide on further upgradation of rates.
"We have raised deposit rates by 0.25 per cent for maturities below one year following the RBI rate action. That was the assessment that time. We are still watching the market and would take further actions if necessary," a senior Kotak Mahindra Bank Official said.
Amongst banks which have already raised their rates are Punjab National Bank, ICICI Bank, HDFC Bank, Laxmi Vilas Bank etc. Axis Bank and Bank of India are likely to announce the rate hike soon.