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Our Bureau

Coimbatore, March 10 Lakshmi Vilas Bank (LVB) has launched the “Lakshmi Floating Rate Deposit” scheme.

The scheme is designed to suit the needs of bulk depositors, high net worth individuals and those that look to earn market-related income without the hassles and uncertainties of deposit renewal from time to time in a changing deposit interest rate scenario.

The minimum tenure and amount is fixed as five years and Rs 1 lakh, and in multiples of Rs 10,000 thereafter, respectively.

The interest rate, according to a release, would be equivalent to the prevailing five-year FD rate, and the rate reset in line with the changes in the fixed interest rate for five-year term deposit. The interest would be paid quarterly on simple interest.

More Stories on : New Products & Services | Private Banks | Fixed Deposits | Interest Rates

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