Marketing Campaign | Kotak Mahindra Bank sticks to 6% interest on savings account

This is regarding Kotak Mahindra Bank’s recent campaign on a fresh execution of Kotak’s 6% savings account.

In an environment where interest rates are on downward trajectory, Kotak Mahindra Bank (KMB) announced that its customers will continue to enjoy 6% interest rate p.a. on savings account for balance above Rs. 1 lakh, and 5% interest rate p.a. on savings account for balance up to 1 lakh

This campaign is a fresh execution of Kotak’s 6% savings account message, which is even more relevant in a falling interest-rate scenario when Kotak is holding on to its savings interest rate. We will use a cricket-based theme to convey the message that 6 is better than 4.




Quote:
Ms. Elizabeth Venkataraman, EVP – Marketing, Kotak Mahindra Bank, Our campaign once again puts the spotlight on the humble savings account. In an environment where interest rates are headed southwards for borrowers, very little or no thought is being spared for depositors. The savings account is actually a powerful tool for financial planning, and depositors often fail to realise how much more they could earn on their deposits with a higher interest rate. In this scenario, we have taken a strong decision to continue with our 6% proposition. We want everyone to earn more with 6%, and not be content with 4% interest. And what better association than cricket to spell out that 6 is greater than 4.

D. Ramakrishna (Ramki), CEO, Cartwheel Creative Consultancy Pvt. Ltd. Pic attached, It's the cricket season. Or more specifically the T20 season. And it's raining sixers. What better time to remind customers that Kotak Mahindra Bank offers 6% interest p.a and not 4% like many others. The campaign is single-minded in its message that 6 is more rewarding than 4.  In terms of execution, the largely print and outdoor campaign uses stark cricket illustrations and Kotak's well-recognised red background, to deliver simple messages like 'Why take 4? 6 is more', 'Raise your hands if you want 6' and  'Still on 4? Go for 6' . The radio commercial too, uses the idiom of commentary (in multiple languages) to communicate that Kotak gives 6% in every 'kona' of India.”

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