Dhanalakshmi hikes term deposit rates

The Kerala-based Dhanalakshmi Bank on Sunday announced a 25 basis points increase on its domestic term deposit rates across all maturities effective tomorrow.

The new rate are applicable for all domestic term deposits below and including Rs 1 crore across all tenures, a press release issued said.

Deposit of up to Rs 1 crore will be offered 6.5 per cent for one-year maturity. For deposits from ranging from 366 days to two years, 7.25 per cent, above two years up to five year maturities, the bank will offer 7.50 per cent and above five years up to 10 years, 7.75 per cent, the release said.

The bank will offer a special rate of 7.75 per cent for 400 days term for deposits up to Rs 50 lakh. It has also waived off pre-payment penalty in respect of all deposit schemes that offer the sweep in sweep out facility as a product feature, it said.

It has also announced increase in the period of term under its short term, high value deposit schemes from 15 days and 30 days to 46 days and 91 days respectively.