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Axis Bank cuts interest rate by 50 bps to 3.5% on deposits up to Rs 50 lakh

Axis Bank shares closed at Rs 499.30 apiece on BSE, down 1.32 per cent

Press Trust of India  |  Mumbai 

Axis Bank
Axis Bank

Private sector lender on Tuesday reduced on savings accounts by 50 basis points to 3.5 per cent for up to Rs 50 lakh.

However, the will continue to pay 4 per cent interest on of above Rs 50 lakh.


is the fourth lender to reduce the after market leader of (SBI) begun the process of reducing on savings account.

"... The has revised the downward on Savings Account balance by 50 bps to 3.50 per cent per annum on balance of up to Rs 50 lakh," said in a regulatory filing.

The new will be effective from on Tuesday, it added.

On July 31, slashed on savings account by 50 basis points to 3.5 per cent on balance of Rs 1 crore and below.

closed at Rs 499.30 apiece on BSE, down 1.32 per cent.

Another PSU lender of Baroda had cut the rate to 3.5 per cent on of up to Rs 50 lakh. too had tweaked the on savings accounts.

First Published: Tue, August 08 2017. 17:12 IST
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