Axis Bank has lowered the interest rate on savings bank account by 50 basis points to 3.5 percent for deposits up to Rs 50 lakh.

The bank, however, is going to continue to pay 4 percent interest on deposits of above Rs 50 lakh.

Axis Bank has said in a regulatory filing that “…the bank has revised the interest rate downward on Savings Account balance by 50 bps to 3.50 percent per annum on balance of up to Rs 50 lakh.”

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