Kotak Bank ups SB rates by 200 bps

Kotak Bank becomes the second lender after another city-based mid-size bank Yes Bank announced six per cent interest on savings deposits immediately after the Reserve Bank freed interest rates on savings accounts on October 25.

Terming the RBI move to free the last regulated interest rate as a revolutionary and path-breaking decision,executive vice-chairman and managing director Uday Kotak said,our asset liability committee met this afternoon and felt that we have to offer higher rates on savings accounts.