KOTAK MAHINDRA BANK
The bank's NII (Net Interest Income) is expected to increase by 5% YoY (up 4% QoQ) to INR 4,100 Cr. The net profit is expected to fall to INR 1,800 Cr down 16.5% YoY (up 10% QoQ).
The fixed deposit and recurring deposit rates of Kotak Mahindra Bank have been changed. The general public will now get a higher 5.25% interest rate on deposits maturing between 5-10 years under the new rates. The interest rate for senior citizens is currently 5.75%. For fixed and recurring deposits under INR 2 cr, the revised rates took effect on September 30. Private lender Kotak Mahindra Bank Ltd announced the introduction of Micro ATMs across the nation this quarter to provide critical financial services to a wider segment of customers residing in relatively remote locations. This move is taken by Kotak to improve the customer experience and to provide an easement to them while availing of regular banking services.

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