Oct 30th, 2011: Kotak Mahindra Bank have announced to revise its savings bank interest rate from 4% to 6% and base rate from 9.75% p.a to 10% p.a with effect from Nov 1st 2011.
From 1 Nov 2011, customers of Kotak Mahindra Bank will get bank interest @6% p.a on their saving bank balance over Rs 1 lakh and 5.5% p.a on balance upto Rs 1 lakhs.
- Balance above Rs 1 Lakh – 6.00% p.a.
- Balance up to Rs 1 Lakh – 5.50% p.a.
Apart from rising saving account interest rates, Kotak Mahindra Bank Ltd has also revised its Base Rate by 25 basis points i.e. from 9.75% p.a. to 10.00% p.a. which will also come in effect from 1st November, 2011.
All categories of loans (other than the exceptions permitted by RBI) will henceforth be priced with reference to the revised Base Rate. Further, the Bank revises its Prime Lending Rates upwards by 25 basis points.