Kotak Mahindra Bank raises Savings Bank Rate and Base Rate
Mumbai, October 30, 2011: Kotak Mahindra Bank revises Savings Bank Interest Rate (currently at 4.00% p.a.) upwards with effect from 1st November 2011 as under:
- Balance above Rs. 1 Lakh - 6.00% p.a.
- Balance up to Rs. 1 Lakh - 5.50% p.a.
Kotak Mahindra Bank Ltd also revises its Base Rate upwards by 25 basis points from 9.75% p.a. to 10.00% p.a. with 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.
