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Private sector lender Axis Bank has reduced interest rate on savings bank accounts by 50 basis points to 3.5 per cent for deposits up to Rs 50 lakh. However, the bank will continue to pay four per cent interest on deposits of above Rs 50 lakh. The new interest rates will be effective from August 8, Axis Bank said in its filing with the BSE. Axis Bank’s action follows the decision by State Bank of India (SBI) and Bank of Baroda to reduce rates on savings deposits. SBI was the first bank to cut the savings deposit rate by 50 basis points to 3.5 per cent for deposits up to Rs 1 crore. Bank of Baroda had cut the rate to 3.5 per cent on deposits of up to Rs 50 lakh. While Kotak Mahindra Bank retained the existing rates of five per cent on savings deposits up to Rs 1 lakh and 6 per cent on deposits between Rs 1 lakh and Rs 1 crore, it reduced the rate on savings deposits of amounts above Rs 1 crore and up to Rs 5 crore from six per cent to 5.5 per cent. The interest rate on deposi...

The government has permitted banks and post offices to deposit junked Rs 500 and Rs 1,000 notes with the Reserve Bank by July 20. This is the second window the government has provided to banks, post offices and cooperative banks for depositing the junked notes with RBI. The earlier window was open till December 31, a day after the 50-day period of demonetisation of high value currency. "Such specified bank notes may be deposited by such bank, post office or district central cooperative bank, as the case may be, in any office of the Reserve Bank, within a period of 30 days from the commencement of these rules," said a government notification. It further said that they should get the exchange value by credit to the account of such subject to the satisfaction of the RBI of the conditions specified. RBI will accept deposits collected by any bank or post office by December 30, 2016 or by any District Central Cooperative Bank from November 10-14, 2016 shoul...