Kotak Mahindra Bank savings account interest rates slashed by 0.5 pct
Private sector lender Kotak Mahindra Bank (KMB) has slashed the interest rate on savings deposits by a further 0.50 per cent. This means that customers of the bank will get lesser returns on their savings. This is the third cut by the bank in last two months.
The banking system is under some stress and deposit rates are being reduced by many banks. Source - Reuters.