Dhanlaxmi Bank, one of India’s fastest growing mid-size private sector banks, has announced an increase in interest rates on select term deposits by up to 50 basis points with effect from June 6, 2011.
For short term deposit with maturity period between 91-179 days, the bank will offer an interest rate of 7.00% p.a., an increase of 50 basis points. Interest rates for medium term deposits of 366 to 499 days and 501 days to two years have been increased to 9% p.a. from 8.60% p.a. earlier. These rates are applicable on deposits of up to and inclusive of Rs 1 crore.
Mr. Salil Datar, Head, Branch Banking & NRI Business, Dhanlaxmi Bank, said, “We have increased interest rates on select term deposits to offer more investment opportunities to our customers. The increase in deposit rates would help our customers to maximize returns on their savings.”
Senior citizens are eligible for an additional interest rate of 0.50% p.a for term deposits starting from 180 days and above. For the 500 days product, the additional interest rate of 0.50% p.a. for senior citizens will be applicable for deposits of less than Rs 15 lakh only.
About Dhanlaxmi Bank:
Dhanlaxmi Bank is an 84-year old bank, being incorporated in 1927 at Thrissur, Kerala. In the last three years, it has transformed into a well diversified bank with a pan-India presence from being an SME focused South India based bank. With a network of 275 branches and 460 ATMs covering 160 centers across 14 states, the bank services a broad customer base of 1.6 million. The bank provides a suite of banking products and services to its customers across Retail Banking, Wholesale Banking, Microfinance and Agricultural Lending and Trade & Advances Group.
During the last three years, Dhanlaxmi Bank’s total deposits increased from Rs 3,608 crore as on March 31, 2008 to Rs. 12,530 crore as on March 31, 2011, advances rose from Rs. 2,102 crore as on March 31, 2008 to Rs. 9,065 crore as on March 31, 2011. The bank had a total business of Rs. 21,595 crore, as on March 31, 2011 with total asset base at Rs. 14,268 crore.
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Dhanlaxmi Bank is rapidly reducing its reliance on South Indian markets. Dhanlaxmi Bank’s loan book as on March 31, 2011, shows that the bank had 53% lending in non-south Indian states from 19% as on March 31, 2009. During the same period, deposits from non-South Indian states also increased to 45% from a mere 9% earlier.
The shares of the bank are listed on the Bombay Stock Exchange Limited, the National Stock Exchange of India Limited and the Cochin Stock Exchange.
For additional information please log on to www.dhanbank.com