Axis Bank cuts savings deposit rate

Axis Bank, the country’s third largest private sector lender, has trimmed its savings account interest by 25 basis points (bps), effective April 15. According to the bank’s website, the bank is offering an interest rate of 2.75 per cent per annum on deposits of up to ₹50 lakh, while deposits above ₹50 lakh and up to ₹2,000 crore will earn an interest rate of 3.25 per cent per annum. For deposits exceeding ₹2,000 crore, the interest rate is linked to the overnight Mumbai Interbank Offered Rate (MIBOR) plus 70 basis points.