Kotak Mahindra Bank Hikes Term Deposit rates to 10.60%

Kotak Mahindra Bank, one of India's leading private sector banks, has announced an upward revision of interest rates on its term deposit in the general category. Customers will now be able to earn a retail term deposit rate of 10.60 per cent p.a. (annualized yield – 11.02 per cent) for the 390 day period. The FCNR and NRE interest rates have also been increased.

Speaking on the hike in term deposit rates, KVS Manian, Group Head - Retail Liabilities and Branch Banking, Kotak Mahindra Bank said, "I am confident that that this significant hike in interest rates would hugely benefit our retail customers given the current volatile market situation. This facility reemphasizes our commitment to our customers to maximize return on their savings".

About Kotak Mahindra Bank
Established in 1985, the Kotak Mahindra group has been one of India's most reputed financial organizations. In February 2003, Kotak Mahindra Finance Ltd, the group's flagship company was given the license to carry on banking business by the Reserve Bank of India (RBI). This approval created banking history since Kotak Mahindra Finance Ltd. is the first non-banking finance company in India to convert itself in to a bank as Kotak Mahindra Bank Ltd.

The Bank caters to the myriad needs of both Individuals and Businesses and offers complete financial solutions for their infinite needs. The Bank delivers through a single platform all investment products of the group including Mutual Funds, Life Insurance, online & offline broking, Structured Nifty Linked Debentures, offshore products etc. Customers are thus offered suitable products as the Bank follows a mix of both open and closed architecture for distribution of the investment products. All this is backed by strong, in-house research for mutual funds.

Today Kotak Mahindra Bank has over 197 branches spread across more than 117 locations, employing close to 10000 employees on-rolls and best-in-class services to the customer segments.

Recently the Bank's IT team won several accolades for Best IT Team of the year, Best Overall winner, Best IT security policies & practices from IBA Banking Technology Awards. The Bank was also adjudged the 10th Best Employer in India (as per Hewitt's Best Employers in India Study 2007) and amongst the top 50 Best Places to Work in India (as per Great Places to Work Institutes' Best Workplaces in India Study 2008).