Dhanlaxmi Bank ups interest rates on select term deposits

MUMBAI: Private sector Dhanlaxmi Bank today increased interest rates on select term deposits by up to 0.50 per cent with effect from June 6.

For a short-term deposit with a maturity period between 91-179 days, the bank will offer an interest rate of 7 per cent per annum, an increase of 0.50 per cent, a press release here said.

Interest rates for medium-term deposits of 366 to 499 days and 501 days to two years have been increased to 9 per cent from the earlier 8.60 per cent.

These rates are applicable on deposits of up to and inclusive of Rs 1-crore, the release said.

Dhanlaxmi Bank's Head, Branch Banking & NRI Business, Salil Datar, said, "We have increased interest rates on select term deposits to offer more investment opportunities to our customers. The increase in deposit rates would help our customers to maximise returns on their savings."

Senior citizens are eligible for an additional interest rate of 0.50 per cent per annum for term deposits starting from 180 days and above.

For the 500 days product, the additional interest rate of 0.50 per cent per annum for senior citizens will be applicable for deposits of less than Rs 15-lakh only, the release said.

Source: EconomicTimes