Investment
oi-Vipul Das
Private sector lender Axis Bank has revised its interest rates on savings bank accounts, effective May 10, 2022. According to the bank’s official website, the new rates range from 3% to 3.5%, depending on the account balance maintained by the account holder.
Axis Bank savings account interest rate 2022
Following the amendment, the bank now grants an interest rate of 3.00% per annum on savings account balances below Rs. 50 lacs and an interest rate of 3.5% on balances of savings accounts of Rs. 50 lacs and up to less than Rs. 2,500 crores. According to Axis Bank, these savings account interest rates are calculated daily and credited to the account on the first day of the following quarter. Axis Bank mentioned on its website that “as of May 10, 2022, the interest on your savings account has been revised according to the following interest rate structure”.
| Balance slabs | Interest rate applicable on May 10, 2022 |
|---|---|
| Fewer rupees. 50 lakes | 3.00% per year |
| Rs. 50 Lacs and up to less than Rs. 10 Crs | 3.50% per year |
| Rs. 10 Crs and up to less than Rs. 100 Crs | 3.50% per year |
| Rs. 100 Crs and up to less than Rs. 200 Crs | 3.50% per year |
| Rs. 200 Crs and up to less than Rs. 2,500 Crs | 3.50% per year |
| Source: Bank website |
Interest rate of the old Axis Bank savings account
Previously, the bank offered the following interest rates for savings accounts. The table has been provided for your convenience to compare interest rate revisions made by the bank.
| Balance slabs | Applicable interest rate |
|---|---|
| Less than INR 50 Lacs | 3.00% per year |
| INR 50 Lacs and up to less than INR 10 Crs | 3.50% per year |
| INR 10 Crs and up to less than INR 100 Crs | Repo + (-0.65%) Floor rate of 3.50% applicable |
| INR 100 Crs and up to less than INR 200 Crs | Pension + (-0.50%) |
| INR 200 Crs and up to less than INR 2,500 Crs | Pension + (-0.50%) |
| Source: Bank website |
Article first published: Wednesday, May 11, 2022, 8:11 a.m. [IST]
