Axis Bank gave great news to customers, increased interest rates on savings accounts

Axis Bank has changed the interest rates on the savings account.

Axis Bank has changed the interest rates on the savings account. Axis Bank has increased the interest on savings account in the range of 3 per cent to 3.5 per cent from May 10.

Private Sector Bank Axis Bank (Axis Bank) has savings account (Savings Account) But interest rates have changed. Axis Bank to get interest on savings account from May 10 (Interest Rates) in the range of 3 per cent to 3.5 per cent. From May 10, savings accounts with a balance of less than Rs 50 lakh will attract an interest rate of 3 per cent per annum. meanwhile the bank (Bank) Pays interest at the rate of 3.5% on savings accounts with balances between Rs 50 lakh and less than Rs 2,500 crore. On its website, Axis Bank said that with effect from 10th May 2022, the interest on your savings account has been revised. In Axis Bank, the interest rate on the savings account is calculated on a daily basis. And it is credited to the account on the first day of the next quarter.

Keep in mind that the interest rate depends on the balance in the account. Axis Bank asks customers to contact branch officials when the balance in the savings account reaches Rs 2,500 crore.

Why is a savings account used?

A savings account can be used for many different purposes. These include keeping money for future investments, keeping funds safe, easy liquidity, making payments and other transactions. Apart from this, interest can also be earned on the balance present in the savings account. This increases the income of the person.

Apart from this, tax benefits are also available on these accounts. Interest earned on an amount up to Rs 10,000 in a savings account in a financial year is tax free.

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Earlier, the loan of Axis Bank had also become expensive. Axis Bank had announced a 10 per cent hike in the Marginal Cost of Lending Rate (MCLR). The increased rates came into effect from April 18. MCLR is the benchmark interest rate, the lowest rate at which banks are allowed to take loans. Earlier, the country’s largest bank SBI had increased the MCLR by 10 basis points in all the periods. SBI’s increased interest rates are effective from 15 April 2022. With the increase in MCLR, Axis Bank’s home loan, auto loan and personal loan will become costlier. This will increase the EMI of the customers.

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