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Axis Bank cuts interest rates by 0.15 percentage point

Posted on Nov 17, 2016
Axis Bank, one of Indias top two private banks, has cut its lending rates by 0.15 percentage points in the wake of the ongoing currency exchange program.

With this, the banks ‘marginal cost-based lending rate has been reduced to 9.05% for one year and 9.15% for three years.

The change will come into effect from Nov 18.

This would reduce the monthly payments for Axis Bank home loan and other floating loan customers.

The cut has come in the middle of expectations that all banks in the country would be forced to reduce their interest rates due to the ongoing ‘war on black money.

Banks have received net deposits of around 3.5 lakh cr in around one week after the government asked its citizens to surrender their 500 and 1000 rupee notes.

Though anyone can deposit any amount under the currency swap scheme, they can withdraw only Rs 24,000 per week.

As a result, around 4 lakh cr has been deposited and only about one-seventh of that has been withdrawn.

In addition, the potential extinguishment of notes worth lakhs of crores of rupees is also expected to bring down the prices in the economy, potentially leading to deflation. This too would require banks to cut rates to spur demand.

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Axis Bank to offer higher interest for locked in fixed deposits

Posted on Jul 15, 2015
Axis Bank, Indias third largest private sector bank has launched a Fixed Deposit scheme titled “Fixed Deposit Plus”, which gives customers a higher rate of return on their fixed deposit investment compared to regular Fixed Deposit rates.The differential rates on Fixed Deposit Plus with a lock in are currently available for a minimum period of 1 ye ...
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Axis Bank launches home loan scheme for self-employed

Posted on Apr 03, 2013
Moneycontrol BureauIndia's third largest private sector lender Axis Bank   on Tuesday launched a home loan product christened as "Empower Home Loan" for self-employed individuals. It offers floating rate of interest to resident Indians."We are offering 11% rate of interest in this product," Jairam Sridharan, head-consumer lending & pa ...
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