Dhanlaxmi Bank ups deposit rates by up to 3%

Press Trust of India / Mumbai February 24, 2011, 14:51 IST

South-based Dhanlaxmi Bank today increased interest rates on term deposits by up to 3% depending on maturities.

The maximum increase of 3% has been made for short-term deposits having a maturity of 46 to 90 days, where depositors will earn an interest of 9% per annum, the bank said in a release here.

"The hike in interest rates is in line with market trends and the emerging market interest rate scenario," the bank's head of Branch Banking and NRI Business, Salil Datar, was quoted as saying in the release.

For the 91-179 days term, depositors will earn an interest of 8.75% per annum, up by up to 1.50%, it added.

Source: Business Standard