Indian Lifestyle

Dhanlaxmi Bank Hikes Interest Rates on NRE Term Deposits

Offers peak interest rate of 10.10% p.a. for 3-5 year deposits

Dhanlaxmi Bank

Dhanlaxmi Bank

Mumbai, January, 2012: Dhanlaxmi Bank, one of India’s fastest growing mid-size private sector banks, has announced an upward revision of interest rates on Non-Resident External (NRE) Rupee term deposits across various maturities, effective January 4, 2012.

Interest rates for medium term deposits of 366 to 499 days, 500 days and for deposits above 501 days and above up to two years have been increased to 9%, 9.75% and 9.00% p.a. respectively.

For term deposits above 2 years and up to and inclusive of 3 years, interest rates have been increased to 8.75% p.a. from 8.00%. The bank has added a new maturity above 3 years up to and inclusive of 5 years, where the bank will offer a peak rate of 10.10% p.a. from 7.75% p.a. earlier. Interest rates for long term deposits above 5 years and up to and inclusive of 10 years have been revised to 9.00% p.a. from 7.75%.

Speaking on the revised rates, Mr. Salil Datar, Head, Branch Banking & NRI Business, Dhanlaxmi Bank said: “While NRI remittances in the country have increased due to depreciation in the rupee, our revised rates will now make NRE term deposits an attractive proposition vis-à-vis other investment avenues.”

These rates are applicable on deposits of up to and inclusive of Rs 1 crore.

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