Lakshmi Vilas Bank has revised its domestic term deposit rates (of maturities less than one year) upwards with immediate effect.
The bank has also hiked the base rate by 25 basis points to 11.25 per cent.
LVB’s Executive Director and Chief Business Officer, Moses Harding, said that the rate revision was aimed at aligning the operating policy rate with that of MSF rate (from reverse repo).
‘It is also expected that high interest rate regime is there to stay till rupee settles down in its comfort zone,’ he added.
The interest rates on other maturities remain unchanged, the bank said in a release.