Lakshmi Vilas Bank increases interest rate on savings deposits

Mumbai : Lakshmi Vilas Bank, one of the fastest growing banks in India, today, announced increase in its interest rates on savings accounts to 5 percent up to Rs. 5 lakhs from earlier 4 per cent per annum up to Rs. 1 lakh. The revised interest rates are applicable with effect from June 16, 2015 till further notice.

For balance of above Rs. 5 lakhs, the new interest rates would be 6 percent from earlier interest rates of 5 percent on incremental balances above Rs. 1 lakh.

Mr. Rakesh Sharma, MD & CEO, Laksmi Vilas Bank said, “New interest rate is the best among the peer banks, we want to give the maximum returns to our valued customers.”

The interest will be calculated on daily basis, at the end of day ledger balance in the account and paid at every half year.

Source : Lokesh Shastri