Lakshmi Vilas Bank Cuts Interest Rates

Chennai: Private sector Lakshmi Vilas Bank on Monday announced a cut in interest rates for long-term deposits with effect from April 14.

While interest rates for 15-29 days had been unchanged at 5.50 per cent, 6 per cent in the case of 30-45 days and 7 per cent for deposits of 46 to 90 days, "interest rates for deposits between 91 to 180 days has been revised to 8.10 per cent from the existing 8.25 per cent".

For one year and above but less than two years, interest rates remain unchanged at 8.80 per cent for regular and 9.30 per cent for senior citizens, Tamil Nadu-based Lakshmi Vilas Bank said in a statement.

"For two years and above but less than two years, the interest rates has been changed to 8.80 per cent for regular customers from the existing 8.90 per cent while for senior citizens, interest rates were cut to 9.30 per cent from current 9.40 per cent," it said.

"Interest rates for three years and above but less five years were revised to 8.80 per cent (existing 8.90) for regular customers while for senior citizens, it is fixed at 9.30 per cent from current 9.40 per cent", it said.

For deposits of five years and above, interest rates remain unchanged at 8.75 per cent for regulars and 9.25 per cent for senior citizens, it said.

Shares in Lakshmi Vilas Bank, on Monday, ended at Rs 105.15 apiece on the BSE, down 1.50 per cent from the previous close.