Private sector lender, Kotak Mahindra Bank will not reduce its savings bank deposit rate this financial year, a top official of the bank said.
"We will maintain the 6 per cent rate for some time. We have no plans to change the rate this fiscal," president for consumer banking, Mr. KVS Manian said.
Mr. Manian said the bank has more than doubled its savings account base over the last 18 months, ever since the RBI deregulated interest rates on the product helping it tap into the market with an aggressive offering.
The savings account deposits have grown to Rs 7,500 crore as against Rs 3,500 crore at the time of the RBI move, Mr. Manian said.
As against the 4 per cent given by the most others banks, Kotak Mahindra bank offers 6 per cent per annum on a savings account with a balance of over Rs 1 lakh and 5.5 per cent for deposits under Rs 1 lakh, Mr. Manian said.