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Axis Bank Revises Interest Rates On Savings Account: Check New Rates Here

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The private sector lender Axis Bank has revised its interest rates on savings bank accounts, effective as of May 10, 2022. According to the bank's official website, the new rates vary from 3% to 3.5 per cent, depending on the account balance maintained by the account holder.

 
Axis Bank Revises Interest Rates On Savings Account: Check New Rates Here

Axis Bank Savings Account Interest Rates 2022

Following the modification, the bank is now giving a 3.00 per cent p.a. interest rate on savings account balances of less than Rs. 50 lacs and a 3.5 per cent interest rate on savings account balances 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 next quarter. Axis Bank has mentioned on its website that "Effective 10th May, 2022, the interest on your Savings Account has been revised as per the following interest rate structure."

Balance SlabsApplicable Rate of Interest w.e.f. 10th May, 2022
Less than Rs. 50 Lacs3.00% p.a.
Rs. 50 Lacs and up to less than Rs. 10 Crs3.50% p.a.
Rs. 10 Crs and up to less than Rs. 100 Crs3.50% p.a.
Rs. 100 Crs and up to less than Rs. 200 Crs3.50% p.a.
Rs. 200 Crs and up to less than Rs. 2,500 Crs3.50% p.a.
Source: Bank Website

Axis Bank Old Savings Account Interest Rates

Previously, the bank offered the following savings account interest rates. The table has been provided for your convenience in comparing interest rate revisions made by the bank.

Balance SlabsApplicable Rate of Interest
Less than INR 50 Lacs3.00% p.a.
INR 50 Lacs and up to less than INR 10 Crs3.50% p.a.
INR 10 Crs and up to less than INR 100 CrsRepo + (-0.65%) Floor rate of 3.50% applicable
INR 100 Crs and up to less than INR 200 CrsRepo + (-0.50%)
INR 200 Crs and up to less than INR 2,500 CrsRepo + (-0.50%)
Source: Bank Website

Story first published: Wednesday, May 11, 2022, 8:11 [IST]
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