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Axis Bank cuts savings account interest rate to 3%

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MUMBAI : Private sector lender Axis Bank Ltd cut interest rate on savings account by 25 basis points with effect from Monday.

The interest on savings account for balance up to ₹50 lakh has been lowered to 3.5%. For balance above ₹50 lakh, the interest rate stands at 3.5%.

This move comes after RBI announce an off-cycle repo rate cut by 40 basis points to 4% last month. Last month Kotak had lowered the interest rate on savings accounts by 25 basis points to 3.5%.

Among banks, State Bank of India continues to have the lowest savings account interest rate at 2.75%. Axis Bank had reported a surprise ₹1,388 crore loss for the fourth quarter, as it set aside funds to cover potential loan losses due to the coronavirus-driven downturn.

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supports HTML5 videoSerena Williams’ husband Alexis Ohanian, who co-founded Reddit, has decided to step down from the company’s board and donate his company stock gains to the black community. Alexis’ decision was sparked by the current Black Lives Matter protests taking place across the US and the rest of the world, following the death of George Floyd in Minneapolis after his brutal arrest.
Serena Williams Alexis Ohanian Usa county George county Floyd city Minneapolis, county Floyd gatherings death donates
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Recovered: 0
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Child, 1, rushed to hospital after police flagged down on street
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Covid-19.rehab - the latest news concerning the spread of the SARS-CoV-2 coronavirus (formerly 2019-nCoV), as well as the infectious disease that it causes COVID-19, in separate countries and in the world as a whole. Current news on the topic of coronavirus SARS-CoV-2. Quarantine, pandemic 2020, epidemic: what is it, when will it come to end, precautions and how to protect yourself from this disease. The most honest news, no fakes! To keep up with the latest news, stay tuned for updates on the site! Every day we will collect news and statistics on coronavirus from around the world for you to be aware of this topic.

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