Mumbai: Country's third-largest private sector lender Axis Bank on Monday announced a rate cut of up to 0.25 percent on its bulk deposits across three different maturities.
The revision, which comes amid a trend of downward movement in interest rates in the system, is applicable only on bulk deposits of over Rs 5 crore, the bank said.
A bank spokesperson said the rate offering in deposits for over six-months but under nine months has been revised down by 0.25 percent to 7.50 percent, while the same for over one-year but under two-years has been cut 0.15 percent to 8 percent.
In its recently announced results, the bank had said bulk deposits account for 21 percent of its deposit base, saying the retail term and demand deposits are at 79 percent.
The interest rates in the system have been on a declining trend for the last few months, which have seen the RBI cut its key rates thrice by a cumulative 0.75 percent.
Bankers have been complaining of credit growth being low and carrying excess liquidity.