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Private sector bank, Axis Bank has revised its interest rates on savings accounts in the range of 3% and 3.5% with effect from May 10.
With effect from May 10th, savings account with a balance less than ₹50 lakh will have an interest rate of 3% per annum.
Meanwhile, the bank offers 3.5% per annum on saving accounts with a balance starting from ₹50 lakh to less than ₹2,500 crore.
On its website, Axis Bank said, "Effective 10th May 2022, the interest on your Savings Account has been revised as per the following interest rate structure."
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.
Notably, the interest rate depends on the balance maintained in the account.
Axis Bank directs customers to contact the branch officials when the amount of the savings account is ₹2,500 crore.
Savings Account is used for many different purposes ranging from parking money for future investments, keeping funds safe, easy liquidity, carrying out payments, and other transactions. Additionally, the balance in a Savings Account also earns interest, thus improving an individual’s income.
Further, there is a tax benefit on these accounts. Interest earned up to ₹10,000 on Savings Account in a financial year, is tax-free.
