The Savings Banks (SB) deposits of Kotak Mahindra Bank has witnessed a 68 per cent growth after deregulation of SB interest rate, which was effected by the bank 10 months ago, a top bank official said here on Monday.
Similarly, the customer base has expanded by 40 per cent during the period, particularly after its post-6 per cent interest rates offered on Savings Accounts, Virat Diwanji, Executive Vice President and Head, Branch Banking, told reporters here.
The bank has an ambitious target of having 500 branches by December 2013, from the present 379 branches, which would help to add customer base nation wide, he said.
As far as Tamil Nadu is concerned, the bank would open four to six new branches during this period, he added.
Stating that the savings bank account in Tamil Nadu has grown over 45 per cent from Rs 181 crore to Rs 236 crore, Diwanji said the current deposits in the state are around Rs 1,100 crore.