New Delhi: India’s main private sector lender Axis Bank on Tuesday cut interest rate on savings bank accounts to 3.5 per cent for deposits up to Rs 50 lakh.
Though the bank will carry on to pay 4 per cent interest on deposits above Rs 50 lakh. Axis Bank is the fourth to cut the interest rate following market main State Bank of India (SBI) started the process.
Axis Bank further stated in a regulatory filing that, the bank has revised the interest rate down on Savings Account by 50 bps to 3.50 per cent per annum on balance of Rs 50 lakh and the new interest rates are now affected.
On July 31, SBI reduces interest rate on savings bank account deposits by 50 basis points to 3.5 per cent on balance of Rs 1 crore. Axis Bank shares concluded at Rs 499.30 apiece on BSE, downward 1.32 per cent.