Axis Bank cuts bulk deposit rates by 25 bps

Mumbai:  Country’s third-largest private sector lender Axis Bank announced a rate cut of up to 0.25% 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 % to 7.50 %, while the same for over one-year but under two-years has been cut 0.15 % to 8 %.  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%.