Kotak Bank cuts savings rate by 50 bps to 3% on sub-Rs 5 lakh account balance

Private lender Kotak Mahindra Bank has reduced the savings account interest rates by 50 basis points for account balance under Rs 5 lakh, bringing the new rate to 3%, down from the previous 3.5%, CNBC-TV18 said in an alert.

Earlier, Kotak Mahindra Bank offered two slabs for savings account interest rates, with 3.5% for account balance below Rs 50 lakh and 4% for balance above Rs 50 lakh. The savings account rate slabs for balances above Rs 5 lakh remain unchanged.

This is being updated.