Recently, the most popular Kerala-based bank – Dhanalakshmi announced a 25 basis points increase on its domestic term deposit rates. The term is effective now across all maturities.
In a press release it is said that the new rate are applicable for all domestic term deposits below and including Rs 1 crore across all tenures.
Economictimes.indiatimes.com, an online news portal about economy and business, quotes the release, “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.”
Further the release says, “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.”
In the conclusion, the news portal writes, “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.”
It is the very good news for investors. However, in the last month Reserve Bank of India increases the short-term lending and borrowing rates and the cash reserve ratio (CRR) by 25 basis points. It was the second time when RBI had hiked key rates and repo rates.
Customers of Dhanalakshmi bank will be able to take the more benefit being a long time maturity holders. The bank gives the maximum returns on the long period maturity plans. The big investors have also the big returns in this plan. The bank has tried to take some more risk in the current market.
In a press release it is said that the new rate are applicable for all domestic term deposits below and including Rs 1 crore across all tenures.
Economictimes.indiatimes.com, an online news portal about economy and business, quotes the release, “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.”
Further the release says, “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.”
In the conclusion, the news portal writes, “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.”
It is the very good news for investors. However, in the last month Reserve Bank of India increases the short-term lending and borrowing rates and the cash reserve ratio (CRR) by 25 basis points. It was the second time when RBI had hiked key rates and repo rates.
Customers of Dhanalakshmi bank will be able to take the more benefit being a long time maturity holders. The bank gives the maximum returns on the long period maturity plans. The big investors have also the big returns in this plan. The bank has tried to take some more risk in the current market.
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