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Axis Bank Cuts Savings Deposit Interest Rate by 50 bps
August 10, 2017
After Bank of Baroda and State Bank of India, now Axis Bank has joined the club by slashing the interest rate of savings account deposits by 50 bps. From today onwards, its customers will earn 3.5% interest on the deposits in the savings accounts against the previous 4%. However, the accounts that have deposits above Rs. 50 lakhs will continue to earn the previous rate of 4%.
India’s largest lender State Bank of India was the first to initiate the two-tier savings deposits interest rate system as per which savings accounts with deposits below Rs. 50 lakh now get a lower interest rate of 3.5%.
