Kotak Mahindra bank slashes savings rate for deposits between Rs 1 Cr and Rs 5 Cr

Kotak Mahindra Bank cut the rate of interest on savings account deposits above Rs 1 Cr to Rs 5 Cr to 5.5 percent from 6 percent. It left the rate on deposits above Rs 1 lakh to Rs 1 Cr unchanged at 6 percent. The interest rates on deposits below Rs 1 lakh and above Rs 5 Cr also left unchanged at 5 percent and 5.5 percent.