The Hindu Business Line : LVB raising deposit rates

Lakshmi Vilas Bank has proposed to raise the interest rate on the medium and long-term domestic deposits by 50 to 125 basis points with effect from May 21. For periods ranging between 181 days and 364 days, the rate is being raised to 8.25 per cent (7.75 per cent), between one and two years to 9.50 per cent (8.25 per cent) and maturity period beyond two years to 9.75 per cent (8.75 per cent). Besides raising the rates, it is also proposing to introduce an 18-month special deposit scheme at 10.25 per cent (regular) and pay an additional 50 basis points for senior citizens. This scheme, according to its release, would have a lock-in period of one year and be on offer up till end-September.

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