Kotak Mahindra Bank Limited today announced a rise in savings account interest rate as well as fixed deposit interest rates across various tenors. The private lender increased its savings accounts interest rate to 4 per cent per annum.The increase in savings account interest rate will come into effect on 13 June, 2022. 

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"In line with this philosophy, we have revised our savings account interest rate upwards to 4% p.a.* as well as hiked our term deposit rates for various tenors enabling our customers to enjoy higher interest rates," a company release said.

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Daily balances in savings account above Rs 50 lakh will now earn a 50 basis points higher interest rate of 4% p.a from the earlier rate of 3.5% p.a., the media release said.

Interest rates on fixed deposits have been increased by 10 to 25 basis points, the release further said.

“Interest rates are now on an upward trajectory. For Kotak, customer centricity has been the core of all our initiatives and as their trusted banking partner, we strive to empower our customers with products and services catering to their needs," Shanti Ekambaram, Group President - Consumer Banking, Kotak Mahindra Bank said. ”

KMBL’s Revised Savings Account Interest Rates:

1) For saving account deposits up to Rs 50 lakh: 3.5% p.a.

2) For saving account deposits above Rs 50 lakh: 4.00% p.a.

Meanwhile, change in fixed deposit rates come into effect from Friday, 10 June.