Kotak Mahindra Bank reported a rise in savings account deposits by almost 5% from the previous quarter, whilst current account deposits fell by 10.27%
The lender has undertaken three rate cuts and has also streamlined its slabs since April. Currently customers with balances of upto Rs 1 lakh recieve 3.5% interest whilst those with balances higher than Rs 1 lakh earn 4% on their savings.