Kotak Bank Witnesses Deposit Rates Declining By 100 Bps

Bangalore: Kotak Mahindra Bank forecast a 100 basis points fall in deposit rates by the end of this financial year. The current nine per cent rates will not sustain very long. It Said deposit rates would settle at around 8 per cent. The bank has unveiled a new product targeting the salaried class. This deposit product offers higher returns on their deposits instead of the 3.5 per cent offered on traditional savings accounts. The product branded as Salary2Wealth permits for investments as low as Rs 500 month. The product also offers built-in tax planning and wealth advisory for high salaried individuals. The group also opened the 100th branch of the Kotak Mahindra Old Mutual Life Insurance Company in Bangalore.