The Hindu Business Line : Lakshmi Vilas hikes rates on short-term deposits

Coimbatore, June 16 Lakshmi Vilas Bank has decided to effect a 25-basis point upward revision in rates for deposits of tenure 46 - 90 days and the one – two years and a downward revision in those for 91 to 270 days from June 18.

For deposits with tenure of 46 – 90 days, the rate is to rise to 6 per cent from 5.75 per cent.

Senior citizens would also get the same rate (6 per cent).

For deposits in the 91 -180 day bracket, the rate is being reduced by 25 basis points to 7 per cent and for maturity period of 181 – 270 days, it is being reduced by 50 basis points from 8.25 per cent to 7.75 per cent.

The rate is alike for all, including senior citizens.

The senior citizens would, however, get 0.50 per cent more for deposits maturing beyond 365 days.

The bank plans to pay its regular customers 9.25 per cent for the 1 – 2 year deposit and 9.75 per cent for senior citizens. It has decided to withdraw the existing 550 days special deposit scheme.

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Lakshmi Vilas hikes rates on short-term deposits