Kotak Mahindra Bank reduces interest rate on savings deposits

New Delhi: Private sector lender Kotak Mahindra Bank (KMB) has reduced the interest rate on savings deposits by 0.50 percent effective May 25 (Monday).

Customers with daily balance of over Rs 1 lakh will earn 4 percent interest as against the 4.50 percent earlier and those with balance up to Rs 1 lakh will earn 3.50 percent, the bank said.

The bank said that the revisions are applicable for deposits in Resident Accounts only.

Kotak Mahindra Bank had last week announced the introduction of Video KYC to open a full-fledged Kotak 811 savings account – a first in Indian banking.

This initiative, presently being launched on a pilot basis for savings accounts, is in line with Kotak’s digital-first strategy and is a start-to-end fully integrated, zero-contact, completely digital and paperless account opening + Full KYC journey. The Video KYC process to onboard new customers will be extended to other products in a phased manner, it said.