Dhanlaxmi Bank hikes FD rates, now earn as high as 7.25% on a special tenure of 555 days
2 min read 05 May 2023, 02:31 PM ISTThe private sector lender Dhanlaxmi Bank has hiked its interest rates on fixed deposits of less than ₹2 Cr.
PremiumThe private sector lender Dhanlaxmi Bank has hiked its interest rates on fixed deposits of less than ₹2 Cr. Following the revision, the bank is now providing interest rates on deposits with maturities ranging from 7 days to 10 years that ranging from 3.25% to 6.60%. Dhanlaxmi Bank will now provide a maximum interest rate of 7.25% on deposits with a tenor of 555 Days (18 months and 7 days). According to the bank's official website, the new FD rates took effect on 03.05.2023.
Dhanlaxmi Bank FD Rates
The bank will now pay an interest rate of 3.25% on fixed deposits that mature within the next 7 to 14 days, while Dhanlaxmi Bank will now guarantee an interest rate of 5.75% on deposits maturing in the next 15 to 45 days. Dhanlaxmi Bank is now promising an interest rate of 6.00% on a deposit tenor of 46 Days to 90 Days and an interest rate of 6.25% on a deposit tenor of 91 Days to 179 Days.
Deposits maturing in 180 Days to less than one year will now fetch an interest rate of 6.50% and those maturing in 1 Year and above upto & inclusive of 2 years will now fetch an interest rate of 6.75%. On deposits maturing in 555 days (18 months and 7 days), the bank has hiked the interest rate to 7.25%, and on deposits maturing in more than 2 years up to and including 3 years, the interest rate will be 6.50%.
The bank will pay interest at a rate of 6.60% on deposits held for more than three years and up to five years, and it has increased its interest rate to 6.60% on deposits held for 1111 days (36 months and 15 days). The interest rate for deposits maturing from more than five years up to and including ten years is presently 6.60% at Dhanlaxmi Bank.
“Senior citizens are eligible for an additional interest rate of 0.50% p.a. for all domestic term deposits of 1 year and above except for Dhanam Tax Advantage deposits," mentioned Dhanlaxmi Bank on its website.
Deposits at the bank grew by 6.93% to Rs. 12939 crore from Rs. 12101 crore. CASA grew by 5.26% as of December 31, 2022, to reach Rs. 4219 Crore. More than 533 customer touchpoints were registered by Dhanlaxmi Bank in Q3FY23, comprising 249 branches, 265 ATMs, and 19 BCs. The bank's operating profit grew to ₹84.64 crore in the third quarter of FY23 from ₹70.68 crore recorded in Q3FY22 while its net interest income increased to ₹360.60 crore from ₹265.89 crore. The bank's overall business increased by 12.88% to reach Rs. 22183 crore from Rs. 19652 crore, while its gross advance increased by 22.42% year-on-year to reach Rs. 9244 crore. The bank is yet to declare its Q4FY23 earnings.
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