Axis Bank has reduced the interest rate on savings accounts from 0.5 percent to 3.5 percent

After the State Bank of India and the Bank of Baroda, the Axis Bank has also given a lot of alarm to consumers. Axis Bank has reduced the interest rate on savings deposit of up to Rs 50 lakhs to 0.5 percent from 0.5 percent to 0.5 percent. However, interest rates of 4 per cent more than Rs 50 lakh will remain unchanged. With this, Axis has become the fourth bank to reduce interest rates.
Axis Bank said that the bank has reduced the interest rate on savings accounts up to 0.50 percent from 0.5 percent to 3.50 percent. The new rate of interest has been effective from August 8, 2017. Recently, SBI reduced the interest rate on savings accounts by 0.5 percent to 3.5 percent from the current rate of 1 crore and less balance.
It is noteworth that Bank of Baroda reduced the interest rate on balances of Rs. 50 lakh to 3.50%. Karnataka Bank has also lowered the savings account interest rates.