core sector communique

Dhanlaxmi Bank introduces special 300-day deposit at 10% p.a.

Hikes interest rates on 500-day deposit from 9.5% to 9.75 % p.a.

Mumbai, August, 2011: Dhanlaxmi Bank, one of India’s fastest growing mid-size private sector banks, has introduced a special 300-day term deposit at an attractive rate of 10% per annum. This product will be applicable for deposits of Rs. 1 crore and below.

The bank has also announced an increase in interest rate on its 500-day medium term deposit from 9.5% to 9.75%. Senior citizens are eligible for an additional interest rate of 0.50% p.a. and will be offered a peak rate of Rs. 10.25% p.a. This rate will be applicable for deposits of less than and equal to Rs. 15 lakh. Both rates are effective from today.

Mr. Salil Datar, Head, Branch Banking & NRI Business, Dhanlaxmi Bank said: “Keeping in view the rising inflation environment, we have introduced the special term deposit to offer more investment opportunities to our customers. With an attractive interest rate of 10% per annum, customers can now not only earn stable returns but also maximize their investments in a relatively short span of time.”

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 Small and Medium Enterprises Group.

During the last three years, Dhanlaxmi Bank’s total deposits increased from Rs 3,829 crore as on June 30, 2008 to Rs. 12,904 crore as on June 30, 2011, advances rose from Rs. 2,207 crore as on June 30, 2008 to Rs. 9,675 crore as on June 30, 2011. The bank had a total business of Rs. 22,579 crore, as on June 30, 2011 with total asset base at Rs. 15,036 crore.

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.