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8
August 2017
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on the heels of SBI cutting the interest rates on savings accounts, private
lender Axis Bank also announced a 50 basis points (bps) reduction in the rates
of savings accounts having deposits below Rs 50 lakh, effective Tuesday. The Total Investment & Insurance
Solutions
"The
bank has revised the interest rate downward on savings account balance by 50
bps to 3.50 per cent per annum on balance of up to Rs 50 lakh," it said in
a BSE filing.
The
bank will continue to offer 4 per cent interest per annum on savings account
balance of Rs 50 lakh and above, it said. The Total Investment & Insurance Solutions
On July
31, the State Bank of India (SBI) had also announced a 50 bps cut in the
interest rates but for savings accounts having deposits below Rs 1 crore.
The
revised interest rate for SBI savings accounts having up to Rs 1 crore deposit
now stands at 3.5 per cent while those having above Rs 1 crore balance in their
savings accounts continue to enjoy the 4 per cent interest rate. The Total Investment & Insurance
Solutions
The
decline in the rate of inflation and high real interest rates are considered
the primary reason for banks going for rate cuts on the savings bank deposits.The Total Investment & Insurance
Solutions
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