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Wednesday, September 25, 2013

Lakshmi Vilas Bank hikes deposit rates by 50 bps

Lakshmi Vilas Bank has increased interest rates on retail term deposits in four maturity slabs by up to 50 basis points.

The old generation private sector bank has upped the interest rate on 1 year deposits by 50 basis points to 10 per cent from 9.50 per cent earlier. One basis point is equal to one-hundredth of a percentage point.

Deposits above one year but less than two years will earn 9.50 per cent interest against 9.25 per cent earlier, the bank said in a statement.

The new interest rate on deposits in the two years to less than three years and three years to five years maturity slabs will be 9.25 per cent each (9 per cent earlier).

The revised rates will take effect from September 25, 2013.

As at June-end 2013, the Karur (Tamil Nadu) headquartered bank had total deposits and gross advances aggregating Rs 15,689 crore and Rs 11,849 crore, respectively. It has 299 branches and 684 ATMs spread across 15 States and one Union Territory.

Source: thehindubusinessline


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