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Lakshmi Vilas Bank is all set to effect a reduction of 10 to 25 bps in interest rate on the domestic and NRO term deposits with effect from June 16.
The rate is being cut by 25 bps to 5.25 per cent on deposits with a maturity period of 15 to 29 days.
While keeping the rate unchanged for the 30 to 90 days term period, the bank has decided to effect a 10 bps cut on deposits in the 91 to 180 days time bucket to 8 per cent and a 20 bps cut on deposits in the 181-270 days time period by slashing it to 8.30 per cent.
The reduction is marginally higher at 25 bps on deposits in the 271-364 days time bucket and 20 bps cut in the one year to 899 days time periods.
While deciding to slash the rate, the bank is also planning to offer a special interest rate of 9 per cent (9.5 per cent for senior citizens) on deposits with tenure of 900 days. This offer though would be valid only till end June.
On deposits with longer tenure (901 days to up to 5 years)a 20 bps cut in interest rate is being effected from the existing level of 8.8 per cent to 8.6 per cent.
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