Axis Bank raises deposit rates on select maturities: Report

Posted By: Religare
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Axis Bank raises deposit rates on select maturities: Report
India's third largest private sector lender Axis Bank on Thursday decided to raise its deposit rates on selected maturities by 30 basis points, said a media report. The rate revision will come into effect from Friday.

The report said that Axis Bank raised the interest rates to 9.3 per cent on deposits including-- maturing in 18 months to less than two years, two years to less than 30 months, 30 months to less than three years and three years to less than five years—from 9 per cent earlier.

The move is in contrast to what lenders are supposed to do after RBI reduced the repo rate twice in March quarter this year. Under pressure from industries and businesses to cut lending rates, banks have said that deposit rates need to come down first before lending rates are reduced.

Reports quoted the officials of Axis Bank as saying that the move will not hamper its ability to cut base rates and this was just a part of their asset-liability management.

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