Dhanlaxmi ups deposit rates by up to 125 bps

Mumbai, Jan 19 (PTI) Private lender Dhanlaxmi Banktoday effected a 50-125 basis points increase in its domesticterm deposit rates across select maturities.

The new rates will be effective from tomorrow andapplicable for select domestic term deposits below Rs 50 lakh.

To strengthen the retail liability base, the lender hasintroduced a medium term maturity of 500 days, offering a peakinterest rate of 9 per cent, a bank release said here.

Interest rate on short-term deposits with maturityperiod of 46-90 days has been increased by 100 bps to 6 percent. Rate for deposits with a tenor of 180-365 days has beenincreased by 50 bps to 8 per cent.

The south India-based bank has also increased interestrates for 366 days and above up to and inclusive of two yearsoffering an interest rate of 8.60 per cent, an increase of 35bps, and those with two-three years will fetch 8.75 per centreturn, an increase of 50 bps.

Senior citizens will be eligible for an additionalinterest rate of 0.50 per cent for tenures starting from 180days and above.