Shares of Kotak Mahindra Bank advanced over 5 per cent in Tuesday’s early trade after the private sector lender on Monday posted a rise in deposit base for the March quarter, and announced a reduction in savings account rates for high value customers. Kotak Mahindra Bank witnessed an 11.7 per cent growth in customer deposits and a 1.3 per cent rise in advances during the March quarter, as against the quarter ended December 31, 2019, an official statement said. It can be noted that its peers including RBL Bank and Indusind Bank have witnessed a dip in deposits during the quarter. The bank has reduced the rate offered for deposits of over Rs 1 lakh in the savings account to 5 per cent from the 6 per cent earlier, while those under Rs 1 lakh will continue to earn 4 per cent, an official statement said. The scrip traded 5.48 per cent up at Rs 1,202 at around 9.35 am (IST), while the benchmark BSE Sensex was up 4 per cent at 28,727 at around the same time. In the January-March period, the lender’s current account deposits grew 16.9 per cent on a quarter-on-quarter basis, while the savings bank deposits were up 14 per cent.