Private sector lender, Dhanlaxmi Bank raised interest rates on fixed deposits in the range of 50-100 basis points across different maturities.
The raised rates are applicable to deposits upto and including Rs 50 lakhs for maturities having tenor of 180 days to less than 2 years.
According to Salil Datar, head of branch banking and NRI services of the bank, "the hike in interest rates is in line with market trends and the emerging market interest rate scenario. The increase in deposit rates would help our customers to maximise returns on their savings."
Deposits having tenor of 180 days to 1 year will now earn interest of 7.50%, a 100 bps raise over the earlier rates. Deposits of 401 days till 2 years tenor will have interest of 8.25%, again 100 bps rise.
Interest rates have been raised by 75 bps to 8.25% for maturities of 366-399days. The highest interest will be given to 400 day deposits amounting to 8.50%.
All deposits of 180 days and above with an exception of the 400 day deposit will earn 50 bps more interest for senior citizens.