The Hindu Business Line : KVB raises interest on term deposits

Coimbatore, July 5 Karur Vysya Bank has hiked the interest rate on domestic term deposits by 25 to 50 basis points and BPLR (benchmark prime lending rate) by 75 basis points to 14.75 per cent from July 5.

Senior citizen deposits maturing between one and two years will now fetch 10 per cent (9.75 per cent), while deposits in the two- to three-year period will earn 10.25 per cent (9.75 per cent). A new tenure exceeding five years has been introduced with 9 per cent interest.

Other depositors in the one- to two-year tenure would receive interest at 9.5 per cent (9.25 per cent), while deposits beyond two years but within three years would earn 9.75 per cent (9.25 per cent). Deposits with tenure of three and five years would receive interest at 9.5 per cent (9.25 per cent) and for those beyond five years, the yield would drop to 9 per cent (8.75 per cent). Interest rates have been hiked by 25 basis points for short-term deposits too.

Lakshmi Vilas Bank

LVB has hiked its domestic term deposit rates from July 5.

For deposits of 91 to 180 days, interest has been hiked from 7 per cent to 8 per cent, for 181 to 270 days deposit it is 8.5 per cent (7.75) and for 271-364 days it is 8.5 per cent (8.25 per cent).

Senior citizens would earn 50 basis points more compared to the rest for deposits maturing beyond the 12-month period.

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