The private sector lender Dhanlaxmi Bank has revised interest rates on fixed deposits of less than Rs 2 crore. As per the official website of the bank, the new rates are effective from today, i.e December 8. After the modification, the bank is now providing deposits with maturities ranging from 7 days to 10 years and interest rates ranging from 3.25 per cent to 6.10 per cent. Deposits maturing in 555 days will now get a maximum rate of interest of 7.25 per cent from Dhanlaxmi Bank.
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The bank now promises an interest rate of 3.25 per cent on deposits that mature in the next 7 to 45 days. The Dhanlaxmi Bank will now give an interest rate of 3.75 per cent on deposits that mature in the next 45-90 days. It also now offers an interest rate of 4.50 per cent on FDs maturing in 91 days to less than a year and the bank is also assuring an interest rate of 6.35 per cent on those maturing from one year above up to and inclusive of two years.
Deposits maturing in 555 days will get an interest rate of 7.25 per cent and those maturing from above two years up to and inclusive of three years will now procure an interest of 6 per cent. The bank is now paying an interest rate of 6.10 per cent on deposits maturing from above 3 years up to inclusive of five years. It will also give an interest rate of 6.25 per cent on deposits maturing in 1,111 days. For deposits maturing from more than five and including ten years, the bank will be providing an interest rate of 6.10 per cent.
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Dhanlaxmi Bank has also mentioned on its website that senior citizens are eligible for an additional interest rate of 0.50 per cent per annum for all domestic term deposits of a year and above except for Dhanam Tax Advantage deposits.
In the second quarter of FY23, the bank surged 15.17 per cent to reach Rs 21,857 crore while deposits rose by 6.96 per cent to Rs 12,748 crore. Dhanlaxmi Bank reported over 520 customer touchpoints in the quarter that ended in September this year, including 247 branches, 263 ATMs and 17 BCs.
