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Dhanlaxmi Bank, a private sector lender, raised interest rates on fixed deposits under ₹ 2 crore. According to the bank’s official website, the new interest rates are in effect as of today, August 25, 2022. After the adjustment, the bank increased interest rates on multiple tenors ranging from 1 year to 10 years.
On fixed deposits maturing in 7 days to 45 days, the bank will continue to offer an interest rate of 3.25% and on term deposits maturing in 46 days to 90 days the bank will continue to offer an interest rate of 3.75%. Fixed deposits maturing in 91 days to less than one year will continue to fetch an interest rate of 4.50% and fixed deposits maturing in 1 year and above upto & inclusive of 2 years will now fetch an interest rate of 5.60% which was earlier 5.15% a hike of 45 bps.
Dhanlaxmi Bank will now offer an interest rate of 6.00% which was earlier 5.80% a hike of 20 bps on fixed deposits maturing in 555 days. On fixed deposits maturing in above 2 years upto & inclusive of 3 years the bank has hiked interest rate from 5.30% to 5.60% a hike of 30 bps and on fixed deposits maturing in above 3 years upto & inclusive of 5 years, the bank has hiked interest rate from 5.40% to 6.00% a hike of 60 bps.
Fixed deposits maturing in 1111 days will now offer an interest rate of 6.10% which was 6.05% earlier and term deposits maturing in above 5 years upto & inclusive of 10 years will now fetch an interest rate of 6.00% which was earlier 5.50% a hike of 50 bps.
Dhanlaxmi Bank has mentioned on its website that “Senior citizens are eligible for an additional interest rate of 0.50% p.a. for all domestic term deposits of 1 year and above except for Dhanam Tax Advantage deposits.”
Indian Bank has recently announced an increase in interest rates on fixed deposits amid rising fixed deposit interest rates. The new rates go into effect on August 24, 2022, according to the bank’s website. The bank raised interest rates on deposits maturing in 1 to 5 years or more by 5 to 15 bps after the revision. Indian Bank currently offers an interest rate ranging from 2.80% to 5.65% on fixed deposits maturing in 7 days to 10 years, and the bank will also give a maximum interest rate of 5.75% on fixed deposits maturing in 3 years to less than 5 years.
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