Dhanalakshmi Bank cuts deposit rates

Private lender Dhanalakshmi Bank today reduced its deposit rates across various maturities effective from May 18.         

With this, deposits below Rs 15 lakh, having 15 days-45 days, and 46 days to 90 days maturities, will now attract rates of 4.5 per cent and 5.5 per cent respectively, a bank release said here.         

Similarly, 91 days-179 days, 180 days to less than one year deposits will offer rates of 7 per cent and 7.5 per cent respectively, it said. 

Also, one year to less than three years and 3-years and above maturity deposits will carry rates of 8.75 per cent and 8.5 per cent, it said.   

Interest rates for deposits above Rs 1 crore will be decided on a day-to-day basis depending upon the market conditions, the bank said. Senior citizens will be eligible for an additional interest of 0.75 per cent, the lender added.