Monday, May 3, 2010

Dhanalakshmi hikes term deposit rates

Mumbai: The Kerala-based Dhanalakshmi Bank announced a 25 basis points increase on its domestic term deposit rates across all maturities effective Monday. The new rates are applicable for all domestic term deposits below and including Rs. 1 crore across all tenures.

Deposit of up to Rs. 1 crore will be offered 6.5 percent for one-year maturity. For deposits from ranging from 366 days to two years, 7.25 percent, above two years up to five year maturities, the bank will offer 7.50 percent and above five years up to 10 years, 7.75 percent.

The bank will offer a special rate of 7.75 percent for 400 days term for deposits up to Rs. 50 lakh. It has also waived off pre-payment penalty in respect of all deposit schemes that offer the sweep in sweep out facility as a product feature. It has also announced increase in the period of term under its short term, high value deposit schemes from 15 days and 30 days to 46 days and 91 days respectively.

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