On Monday, Axis Bank has cut its deposit rates by up to 0.50 percent across maturities.

A senior official said, “We have cut our deposit rates by 0.20-0.50 per cent across tenors. The revision will be effective tomorrow.”

He further said that the cut has been sharpest in the short maturity of three months to a year, where rates have come down by 0.25 to 0.50 per cent.

For deposits of over one year but under two years, they have been cut by up to 0.20 per cent, he said, while the longer tenor ones of over two years but under 10 years have been cut by up to 0.30 per cent.

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