Dhanlaxmi Bank hikes interest rates on NRE term deposits
· Offers interest rate of 8.00% p.a. for 1 to 3 year deposits
Mumbai, December 22, 2011: Dhanlaxmi Bank, one of
’s fastest growing mid-size private sector banks, announced an increase in interest rates on Non-Resident External (NRE) Rupee term deposits with effect fr India om December 26, 2011.
For term deposits with maturity period of one year and above but below three years, the bank will offer an interest rate of 8.00% p.a. fr
om the current 3.82% p.a. While interest rate for deposits of three years and above, up to 10 years has been hiked to 7.75% p.a.
Speaking on the revised rates, Mr. Salil Datar, Head, Branch Banking & NRI Business, Dhanlaxmi Bank said: “The hike in interest rates on NRE term deposits follows the recent deregulation of interest rates on NRE deposits by RBI. The increase of interest rates would help our NRI cust
omers to maximize return on their savings.”
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 w ith a pan-India presence fr om being an SME focused South based bank. W India ith a network of 275 branches and 404 ATMs covering 140 centers across 14 states, the bank services a broad cust omer base of over 2 million. The bank provides a su ite of banking products and services to its cust omers across Retail Banking, Wholesale Banking, Microfinance and Agricultural Lending and Small and Medium Enterprises Group.
During the last three years, Dhanlaxmi Bank’s total depos
its increased fr om Rs.3,936 crore as on September 30, 2008 to Rs. 13,815 crore as on September 30, 2011, advances rose fr om Rs. 2,490 crore as on September 30, 2008 to Rs. 10,130 crore as on September 30, 2011. The bank’s total business stood at Rs. 23,945 crore, as on September 30, 2011 w ith total asset base at Rs. 16,452 crore.
The shares of the bank are listed on the B
ombay Stock Exchange Lim ited, the National Stock Exchange of India Lim ited and the Cochin Stock Exchange.