Money & Banking

LVB to cut domestic term deposit rates

| | Updated on: Apr 19, 2012

Lakshmi Vilas Bank has decided to effect a downward revision of 25 to 50 basis points in its domestic term deposit rates across various time slabs.

The revised rates would be with effect from April 20.

The bank has retained the rates at the existing levels for tenure up to 270 days.

On deposits with a maturity period of 271 and 364 days, the bank has reduced the rate by 25 bps to 8.25 per cent. On 1-2 year deposits, the rate reduction is higher at 50 bps to 10 per cent.

For the remaining three time buckets (2 to 3 years, 3 to 5 and beyond 5 years), the 25 bps cut is expected to impact only senior citizens.

Senior citizens, who were hitherto getting 10.5 per cent on the 2-3 years term deposit, would get 10.25 per cent; deposits in the 3-5 year time bucket would earn 10 per cent and those beyond 5 years, 9.5 per cent.

Published on March 12, 2018

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