Lakshmi Vilas Bank has revised the interest rates on savings bank accounts with an account balance of Rs one lakh and above to 5 per cent from 4 per cent.
“An increased rate of 5 per cent will be offered to all customers on entire balance (Rs one lakh and above), calculated on a daily basis. It means that even if a customer keeps balance of Rs. 1 lakh and above in his savings bank account for a single day, he will be paid interest at the rate of 5 per cent per annum for that day,” the old generation private sector bank said in a statement.
The Karur (Tamil Nadu) headquartered bank has operations spread over a network of 362 branches (with 8 extension counters) in 15 states and the Union Territory of Puducherry, supervised by 8 Regional Offices. It has about 635 ATMs.
The private sector bank had an asset size of about Rs 20,000 crore as on March-end 2014.