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“Borrowers matter, so do savers,” tweeted Uday Kotak, Executive Vice-Chairman and Managing Director, Kotak Mahindra Bank, on Thursday even as his bank decided to keep its savings bank rate steady at 5-6 per cent.
This decision comes despite the RBI paring the repo rate (the interest rate at which banks borrow funds from the central bank to overcome short-term liquidity mismatches) from 6.25 per cent to 6 per cent and State Bank of India reducing its savings bank (SB) rate to 3.50 per cent from 4 per cent on deposits up to ₹1 crore.
Kotak Mahindra Bank offers 5 per cent interest on SB deposits up to ₹1 lakh; 6 per cent on deposits above ₹1 lakh and up to ₹5 crore; and 5.5 per cent on deposits above ₹5 crore.
Among other private sector banks that offer higher interest rates on SB are YES Bank (6 per cent on deposits up to ₹1 crore); IndusInd Bank (4 per cent on daily balance up to ₹5 lakh; 5 per cent on daily balance above ₹5 lakh and up to ₹10 lakh; 6 per cent on daily balance above ₹10 lakh); Lakshmi Vilas Bank (4 per cent on deposits up to ₹1 lakh; 5 per cent on deposits above ₹1 lakh and up to ₹5 lakh; 6 per cent on deposits above ₹5 lakh; 6.50 per cent on balances above ₹10 crore).
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