This bank earlier offered two interest rates: 3.5% for balances below Rs 50 lakh and 4% for balances above Rs 50 lakh. However, interest rates for balances above ₹5 lakh remain unchanged. Savings accounts account for approximately 28% of Kotak Mahindra Bank’s total deposits.
Earlier this month, MD and CEO Ashok Vaswani said the bank wants to be one of the top three banks in India for the next five years. With a market capitalization of over ₹3.7 lakh crore, Kotak Bank is currently ranked fourth after HDFC Bank, ICICI Bank and Axis Bank.
Also read: Kotak Mahindra Bank in close touch with RBI, says CEO Vaswani on IT solutions
“I’ve spent less time worrying about what happened in the past. What I’ve been offered is a great platform and a great brand. Are we in our rightful position? I would say no. Our rightful position is the three first (and) that’s where we’re going,” Vaswani had told CNBC-TV18 in an exclusive interview.
However, that is not the only path he has in mind. The bank wants to focus more on meeting specific customer needs. “We can do more with the rich and massive and then corporate banks; we are very well positioned to grow our shares there. So there are different challenges in different customer segments, but generally speaking, (we are) very well positioned to kind of take off from here,” Vaswani said.
Shares of Kotak Mahindra Bank Ltd ended at ₹1,863.90, down ₹11.70, or 0.62%, on the BSE.
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