Dhanlaxmi Bank raises term deposit rates by up to 1%

Private sector Dhanlaxmi Bank, today said that it has hiked its domestic term deposit rates by 0.5-1 per cent, across select maturities. The new rates, effective today, are applicable for domestic term deposits up to and including Rs 50-lakh for various maturities from 180-days to less than two-years.

Dhanlaxmi Bank’s Head, Branch Banking & NRI Services, Salil Datar, 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 maximise returns on their savings.”

Interest rate on deposits with a maturity period between 180-365-days has been increased by one per cent to 7.5 per cent per annum. Rates for deposits with a tenor of between 401-days and above, and inclusive of two-years have also been hiked by one per cent to 8.25 per cent per annum, the release said.

For maturities from 366-399-days, interest rates have been increased by 0.75-8.25 per cent per annum. A peak rate of 8.50 per cent per annum will be offered for deposits of 400-days tenure. Senior citizens will be eligible for an additional rate of 0.5 per cent for tenures starting from 180 days and above (except for 400 days deposits)