NEWS & ADVICE : SAVINGS ACCOUNTS
Higher rates increase savings bank deposits in Kotak Mahindra Bank
By Neelima Shankar
Sep 25, 2012
Print    Email    RSS   

The Mumbai based Kotak Mahindra Bank has recorded an increase in its savings accounts segment in the bank's branches in Tamil Nadu. It has a total of 19 branches in Tamil Nadu and plans to add another 3 branches in the state in the next 6 months.

The private sector lender issued a press statement which said that after Reserve Bank's deregulation of savings accounts interest rates, the bank started offering its customers two different rates - 6 percent for savings accounts balances more than Rs. 1 lakh and 5.5 percent for savings accounts balances less than Rs. 1 lakh.

The statement also said that the bank's dual interest rate policy for savings accounts balances is popular with the customers since it coordinated with after tax yield of fixed deposits of short to medium term maturities. In addition to this, the facility of tax free interest of up to Rs. 10, 000 per year in the savings bank segment has also added to the popularity of the bank.

It is reported that the savings accounts segment of the bank has hiked after RBI liberalized the interest rates for savings accounts last October. In Tamil Nadu alone, savings accounts deposits have increased by 45 percent to Rs. 263 crore, from the earlier Rs. 181 crore.


(Comments Posted : 0) Post Your Comments
Show All Comments
COMPARE QUICKLY
 Select a product:
 

CALCULATE QUICKLY
 Select a product:
 

EDITORS' PICKS
Credit profile and its effect on loan...
How to check balance in savings bank account
Steps to file Income Tax return online
Carnival of Indian Personal Finance Blogs #1
Carnival of Indian Personal Finance Blogs #6


33667566315 account holder details
my acc no. 14470100001528
WANT TO KNOW ACCOUNT HOLDER NAME AND BRANCH THROUGH...
How to find the canara bank ifsc code?
Sir my name is ronie fuentes i want to change my old...
How can i change my account mobile number

NEWS THIS WEEK
HDFC bank adjudged as the Best private bank in India Feb 16, 2015
HDFC reported an increase of 20% in its net profit Feb 16, 2015
ICICI bank launched Flash remit facility Feb 13, 2015
BOM launched new savings deposit scheme for HNI customers Feb 12, 2015
BMB bank to have a total of 80 branches by the March end. Feb 10, 2015
News Archive