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50% growth in saving bank deposits of Kotak Mahindra Bank

According to Kotak Mahindra Bank President, the company is expecting a 50 per cent growth in saving bank deposits for this fiscal. The private bank is definitely doing well for the pay years for it had just recently posted a growth of 68 per cent in saving bank deposit as on June 30, 2012 compared to the numbers they had on the previous fiscal period.

Kotak Mahindra Bank

Kotak Mahindra Bank

For your the knowledge of everyone, the bank offers 6 per cent rate of interest on saving bank balances about Rs 1 lakh and 5.5 per cent for balances up to Rs 1 lakh. This rate is quite high compared to other bank which is one of the reasons why their saving bank deposits grew to Rs 3,351 crore in 2010-11 to Rs 5,050 crore in 2011-12.

Also, the bank was among the first to increase their rate of interest on Savings Bank account after the deregulation of savings bank interest rate by the Reserve Bank of India in October 2011.

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