Mumbai: After the January 28 rate hike by the Reserve Bank, private sector lender Kotak Mahindra Bank today took the lead over its larger peers by raising deposit rates by 25 basis points on select maturities, effective February 6.
Though many bankers had hinted that deposit rates could move up in line with the RBI move if credit growth picks up but no banks, including SBI, has done this so far.
Kotak Bank has revised interest rates on the rupee term deposits of less than Rs 1 crore for select tenor buckets by up to 25 basis points,” the city-based lender said. Accordingly, the bank will now offer 9.25 per cent per annum for the 390-day deposit and 9 per cent per annum for deposits of 181-269 day tenure.
The bank said senior citizen deposits of less than Rs 1 crore will enjoy an additional 50 basis points across maturities.