Lakshmi Vilas Bank cuts deposit rates

Lakshmi Vilas Bank has effected a downward revision on deposits with a term period of one to two years with immediate effect. The domestic term deposit rate as also the NRE term deposit rate has been slashed by 0.20 per cent for the one to two year term. 

From the earlier level of 10.25 per cent for senior citizens and 10 per cent for the others, the rate on domestic term deposits now stands reduced to 10.05 per cent and 9.8 per cent, respectively. The NRE term deposit, which was earlier fetching the investor a return at 10 per cent (one to two year period) has been reduced to 9.8 per cent.