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Friday, September 28, 2012

Kotak Mahindra Bank hikes savings rates

Kotak Mahindra Bank is wooing customers to open savings bank accounts with its 6 per cent rate on deposits above Rs 1 lakh, and the ad campaign for the same has resulted in impressive growth, according to Virat Diwanji, the Executive Vice-President and head, branch banking.

He told presspersons here on Friday that along with four other private banks, Kotak was offering six per cent on savings bank accounts. Most of the other public sector and private banks were offering only four per cent. He said the bank had launched an aggressive ad campaign in June 2011 and in one year the bank's SB account savings had risen from Rs 3,307 crore to Rs 5,540 crore. He said the ad campaign would continue to take the message to the public.

The bank had set up 382 branches and 866 ATMs in the country. It had 20 branches in Andhra Pradesh and this number would go up to 500 by end-2013.

In the first quarter, the bank reported a proft after tax of Rs 282 crore and NPAs of 0.78 per cent. He said the bank was offering all financial services under one roof, with the exception of general insurance.

Diwanji said the bank’s deposit base in Andhra Pradesh was Rs 650 crore. "Our SB account savings have gone up from Rs 100 crore to Rs 162 crore in Andhra Pradesh in one year of the launch of the campaign. This represents 62 per cent growth against the all-India average of 68. We want to improve our performance in the State," he said.

He said customers in Andhra Pradesh could pay VAT through the bank online. Such a facility was also available in Gujarat. The Visakhapatnam branch manager K. Nageswara Rao also spoke.

On deposits below one Rs 1 lakh in savings accounts, the bank pays 5.5 per cent.


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