Axis Bank cuts interest rate on savings account by 50 bps points to 3.5%
August 10th, 2017
Private sector lender Axis Bank reduced interest rate on savings bank accounts by 50 basis points to 3.5 per cent for deposits up to Rs 50 lakh. However, the bank will continue to pay 4 per cent interest on deposits of above Rs 50 lakh. Axis Bank is the fourth lender to reduce the interest rate after market leader State Bank of India (SBI) begun the process of reducing interest rate on savings account. On 31 July, 2017, SBI slashed interest rate on savings account deposits by 50 basis points to 3.5% on balance of Rs1 crore and below.