With effect from April 1, 2010 payment of interest on savings bank accounts would be calculated on a daily product basis @ 4% p.a
The Interest amount on a daily basis would be calculated based on the following formula
(Day end balance /365) * 4%
How does this change benefit you?
Higher interest pay out as compared to the earlier periods due to the change in the method of calculation. Thus ensuring that each hard earned rupee of yours earns interest for you.
Interest credits will be on quarterly rests thus ensuring that you earn more as compared to an interest being paid out on a half yearly basis.
Change in Date of Quarterly Savings Interest Payment
Axis Bank pays interest quarterly at the rate of 4% p.a. on daily balance basis in your Savings Account.
From December 2010 quarter onwards, the quarterly interest shall be paid on the first Monday (or the next working day, if Monday is a National Holiday) after the quarter-end date. The said interest credit shall be value dated effective from the quarter-end date.
The above shall not apply at the year-end, i.e. on 31st March, the interest shall be paid on the year-end date.
For more Details
Visit the nearest Axis Bank Branch
Access our Phone Banking services from anywhere in India, from a Landline or Cell phone. Please dial any of our following 3 Toll Free Phone Banking Numbers:
1-800-233-5577
1-800-209-5577
1-800-103-5577
NRI / other customers can access Phone Banking services from outside India by dialing +91 22 25260501 (This number is not toll free)
