Private sector lender, Dhanlaxmi Bank has raised interest rates on fixed deposits in the range of 50 to 125 basis points across different maturities. The new rates are coming to effect from today, January 20, 2011.
The revised rates are applicable to deposits up to Rs 50 lakh. The highest interest is being offered in the 500 day deposit amounting to 9%.
Speaking on the occasion, Salil Datar, Head, Branch Banking and NRI Services, Dhanlaxmi Bank said: "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 maximize returns on their savings."
Deposits of tenor between 46-90 days has been increased to 6% from 5% earlier. Interest rates for deposits of 180-365 days are now 8%, a 50 bps rise.
Deposits of tenor between 366 days to less than 2 years will now fetch the depositor an interest of 8.6%, a 35 bps rise. The slabs of 2 years and above to 3 years and above 3 years to 5 years have been consolidated to one of tenor above 2 years to 5 years having interest of 8.75%.
Senior citizens have been entitled to 50 bps extra interest across all maturities of 180 days and above.