Axis Bank, private sector bank in India revised the interest rate on savings account accounts by 50 basis points to 3.5 percent for deposits up to Rs 5 million.

The bank will continue to pay 4 percent interest on deposits of above Rs 5 million. The new interest rates will be effective from August 08, 2017.

Recently, the bank has issued Senior Fixed Rate Bonds aggregating to USD 500 million under the GMTN Programme through its Dubai International Financial Centre (DIFC) branch. The notes will be listed at the Singapore Stock Exchange and London Stock Exchange.
 
The Notes have been priced at 130 basis points over the 5-year US Treasury Note, at a yield of 3.113%. The Notes will be denominated in US dollars, and will bear fixed interest of 3.00% per annum, payable semi-annually in arrears.

Shares of the bank declined Rs 10.65, or 2.13%, to settle at Rs 488.65. The total volume of shares traded was 437,669 at the BSE (Wednesday).