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Thursday, September 13, 2012

Kotak Bank savings bank deposits jump 68% in Q1

Kotak Mahindra bank has seen a full 68 per cent jump in its savings bank deposits to Rs 5,540 crore thanks to its aggressive offering, following the deregulation of savings deposit interest rates, a senior bank official said on Wednesday.

The savings bank deposits have grown to Rs 5,540 crore as of the June quarter from Rs 3,307 crore a year ago, bank’s executive vice-president, Virat Diwanji, said here.

Following the RBI move to deregulate interest rate cap of 4 percent on the savings bank accounts last October——the last of the rates to be deregulated——a host of new age private sector lenders struggling to garner savings bank deposits had increased their offerings.

Yes Bank was the first one off the block and announced a hike to 6 percent on the day of the RBI announcement, which was followed by others including Kotak Bank and cooperative lender Saraswat Bank, among others.

In central Gujarat, there has been a 50 percent increase in saving bank account deposits to Rs 100 crore, Diwanji, who was speaking on the sidelines of the launch of a new television commercial campaign, said.

Kotak Bank offers its entire bouquet of products in Gujarat and will be launching two more branches in the city in the next six months, he said, adding the Bank’s 60th branch in the state will be inaugurated at Rajkot in two months.

The bank’s network currently comprises 377 and it is targeting to take it to 500 by FY14, he said.


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