This bank is giving more profit than HDFC, ICICI and Axis Bank on Savings Account, see latest interest rates

Kotak Mahindra Bank is giving better interest on savings account

Kotak Mahindra Bank has announced to increase the interest rates on savings account by 50 basis points i.e. 0.50 percent from 3.50 percent to 4.00 percent.

of private sector Kotak Mahindra Bank (Kotak Mahindra Bank) Has announced to increase the interest rates on savings account by 50 basis points, ie 0.50 per cent, from 3.50 per cent to 4.00 per cent. Kotak Mahindra Bank said that the new interest rates on Savings Account will be applicable from June 13, 2022. However, the benefit of the increased interest rates on the savings account by the bank will be available only to those customers whose account has more than Rs 50 lakh. Customers whose accounts have more than Rs 50 lakh, they will get an interest of 4 percent. On the other hand, customers whose account is less than Rs 50 lakh, they will get an interest of 3.50 percent.

HDFC and ICICI Bank are offering 3.50 percent interest on savings accounts above 50 lakhs

Let us inform that the private sector giants HDFC Bank, ICICI Bank and Axis Bank have not made any change in the interest rates for the savings account so far. HDFC Bank is giving an interest of 3.00 percent to its customers on the savings account of less than Rs 50 lakh and 3.50 percent on the savings account above Rs 50 lakh. Like HDFC Bank, ICICI Bank is also giving an interest of 3.00 percent to its customers on savings accounts with an amount less than Rs 50 lakh and 3.50 percent on savings accounts with an amount more than Rs 50 lakh.

Axis Bank is also on the path of HDFC and ICICI in terms of giving profit on savings account.

Apart from HDFC Bank, ICICI Bank, Axis Bank is also giving less interest to its customers on savings account as compared to Kotak Mahindra Bank. Axis Bank is also following the path of HDFC and ICICI Bank in terms of interest paid on savings account. Axis Bank is giving an interest of 3.00 percent to its customers on the savings account of less than Rs 50 lakh and 3.50 percent on the savings account above Rs 50 lakh.

Now talking about these four private banks, Kotak Mahindra Bank is giving an opportunity to earn more profit than HDFC, ICICI and Axis Bank. However, HDFC Bank, ICICI Bank and Axis Bank can also increase the interest rates on savings accounts after the changes made in the policy by the Reserve Bank of India.