Report Wire - This non-public sector financial institution revises rates of interest on saving accounts

Report Wire

News at Another Perspective

This non-public sector financial institution revises rates of interest on saving accounts

2 min read
At Axis Bank, the interest rate is calculated daily basis on a savings account and is credited to the account on the first day of the next quarter. (Mint)

Private sector financial institution, Axis Bank has revised its rates of interest on financial savings accounts within the vary of three% and three.5% with impact from May 10.

With impact from May tenth, financial savings account with a stability lower than ₹50 lakh could have an rate of interest of three% each year.

Meanwhile, the financial institution affords 3.5% each year on saving accounts with a stability ranging from ₹50 lakh to lower than ₹2,500 crore.

On its web site, Axis Bank stated, “Effective 10th May 2022, the interest on your Savings Account has been revised as per the following interest rate structure.”

At Axis Bank, the rate of interest is calculated each day foundation on a financial savings account and is credited to the account on the primary day of the following quarter.

Notably, the rate of interest will depend on the stability maintained within the account.

Axis Bank directs clients to contact the department officers when the quantity of the financial savings account is ₹2,500 crore.

Savings Account is used for a lot of totally different functions starting from parking cash for future investments, conserving funds secure, straightforward liquidity, finishing up funds, and different transactions. Additionally, the stability in a Savings Account additionally earns curiosity, thus bettering a person’s earnings.

Further, there’s a tax profit on these accounts. Interest earned as much as ₹10,000 on Savings Account in a monetary yr, is tax-free.

Subscribe to Mint Newsletters

* Enter a sound e-mail

* Thank you for subscribing to our e-newsletter.