Axis Bank Revises Savings Account Interest Rates: Details Inside

The private sector lender Axis Bank has revised its interest rates on savings accounts. Following the revision, the interest rates currently range between 3% and 3.5% based on the balance slab. Savings account interest is calculated daily based on the balance maintained in the account and the interest amount credited to the account on a quarterly basis.

Axis Bank Savings Account Interest Rates

"Effective 1st July, 2023, the interest on your Savings Account has been revised as per the following interest rate structure," mentioned Axis Bank on its website.

On savings account balance slab of less than Rs. 50 Lacs, the bank is offering an interest rate of 3.00% and on a balance slab of Rs. 50 Lacs and up to less than Rs. 2000 Crs, Axis Bank is promising an interest rate of 3.50% p.a.

"The interest is calculated basis incremental balance slabs upto Rs. 2000 Crs. For balance slabs of Rs. 2000 Crs and above, flat interest pay out would be applicable on the entire amount," according to Axis Bank website.

Axis Bank offers a number of different types of savings accounts, such as a basic savings account or a digital savings account. Axis Bank offers a variety of savings account types with various features and advantages, including regular savings accounts, salary accounts, senior citizen savings accounts, zero balance savings accounts, etc.

Axis Bank has mentioned on its website that "The interest you earn on your Savings Account is calculated automatically. Basis the Savings Account interest rate offered by the bank and the monthly balance you maintain, the amount is calculated. I.e. If the balance maintained in your Savings Account 20000/- and the rate offered by the bank is 3% per annum. An interest of 600/- shall be deposit into your account per annum."

As part of the Pradhan Mantri Jan-Dhan Yojana Scheme, Axis Bank provides a Zero Balance Savings Account, commonly known as a Basic Savings Account. Any amount that is held in the savings account will earn you daily interest payments of 3-4%, which are credited on a quarterly basis. Free cash deposits, a free RuPay debit card, a free passbook, SMS alerts, online banking, access to more than 4000 Axis Bank branches and 14,000+ ATMs throughout India, as well as Internet and mobile banking services are just a few of the advantages of having an Axis Bank Basic Savings Account.

Depending on the kind of Savings Account variant selected, a customer either individually or jointly can open a physical or digital savings account at the nearest Axis Bank branch or online by submitting the required documents.