From May 25, Kotak Mahindra Bank’s interest rates on savings accounts are slashed to 3.50 percent per annum on balance up to Rs. 1 lakh. On balance above Rs. 1 lakh, the same is 4 percent. The rates are going to be the same for senior and non-senior customers.
The interest rates will also be the same for Basic Savings Bank Deposit Account/Small Account holders. For Non Resident (NRE/NRO) customers, the rate will be 3.50 percent for both senior and non-senior clients.
Savings Account Interest Rates
| Nature | Rate of Interest | |
|---|---|---|
| Normal | Senior Citizen | |
| A. Domestic (W.e.f. May 25, 2020) | 4%* p.a. on balance above Rs. 1 lakh, 3.50% p.a. on balance up to Rs. 1 lakh | 4%* p.a. on balance above Rs. 1 lakh, 3.50% p.a. on balance up to Rs. 1 lakh |
| B. Basic Savings Bank Deposit Account/Small Account (W.e.f. May 25, 2020) | 4%* p.a. on balance above Rs. 1 lakh, 3.50% p.a. on balance up to Rs. 1 lakh | 4%* p.a. on balance above Rs. 1 lakh, 3.50% p.a. on balance up to Rs. 1 lakh |
| C. Non Resident (NRE/NRO) | 3.50% p.a. | 3.50% p.a. |
On May 13, Kotak Mahindra Bank reported standalone profit of Rs 1,266.6 crore for the quarter ended March 2020, registering a 10 percent fall due to a significant jump in COVID-19 related provisions.
The standalone profit stood at Rs 1,407.80 crore in corresponding period in the last fiscal.
Provisions and contingencies shot up six-fold to Rs 1,047.47 crore in Q4FY20 against Rs 171.26 crore in the same period in Q4FY19 while the sequential rise was 135.9 percent.
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