Thu, 20 Jun 2013 17:45:00 GMT | By The Hindu Business Line

Kotak Mahindra launches new scheme for children

It also started a 10-year recurring deposit (RD) scheme to provide long-term financial planning for younger customers


Kotak Mahindra launches new scheme for children (© Reuters)

Mumbai: Private sector lender Kotak Mahindra Bank today launched a savings account scheme specially designed for children from 0-18 years of age.

It also started a 10-year recurring deposit (RD) scheme to provide long-term financial planning for younger customers.

Interest rates offered would be the same as deposit rates. Currently, the mid-sized bank offers 5.5 per cent on account balance up to Rs 1 lakh and 6 per cent to balances above Rs 1 lakh.

Fixed deposit rates are 8.5 per cent for a period over three years and less than four years, 8.25 per cent from four to seven years and 8 per cent for those above seven years and up to ten years.

(Continued)
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