Private sector Dhanlaxmi Bank today announced a revision of interest rates on its select short-term deposits and special medium-term deposit scheme.

Interest rates on select short-term deposits will be reduced by 0.75 per cent to 2.75 per cent for deposits of less than Rs 15 lakh, a press release issued here stated.

Interest rates on special medium-term deposit of 500 days will be increased by 0.50 per cent to a peak rate of 9.50 per cent per annum for deposits of less than Rs 15 lakh, while for 500 days deposits above Rs 15 lakh, interest rates will be increased by 0.25 per cent to 9.60 per cent per annum, it said.

The new rates will be effective from April 11.

For short-term deposits with maturity period between 46-90 days, the bank will offer revised interest rate of 6.25 per cent per annum as against 9 per cent per annum at present.

Similarly, for a maturity period between 91-179 days interest rates will be revised to 6.50 per cent per annum from the current 8.75 per cent per annum.

While for deposits with maturity period of 180-365 days, rates will be revised to 8.50 per cent per annum from 9.25 per cent per annum.

“We have re-aligned our short-term rates in line with market trends. The increase of interest rates on our special medium-term deposit scheme would help our customers to maximise returns on their savings,” Dhanlaxmi Bank’s Head, Branch Banking & NRI Business Mr Salil Datar said.

Senior citizens will be eligible for an additional rate of 0.50 per cent per annum for tenures starting from 180 days and above (except for 500 days deposits), the release said.

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