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Dhanlaxmi Bank hikes fixed deposit interest rates on 555 days to 10 years tenors

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Dhanlaxmi Bank, a private sector lender, has raised its interest rates on retail fixed deposits of less than 2 crore. According to the bank’s official website, the new rates are effective as of today, October 12, 2022. Following the interest rate change, the bank increased interest rates on deposits maturing in 555 days to 10 years by up to 40 basis points. Dhanlaxmi Bank now offers deposits maturing in 7 days to 10 years at interest rates ranging from 3.25% to 6.10%.

Dhanlaxmi Bank FD Rates

Dhanlaxmi Bank will continue to provide a 3.25% interest rate on fixed deposits maturing in 7 days to 45 days, and a 3.75% interest rate on deposits maturing in 46 days to 90 days. Deposits maturing in 91 days to less than one year will continue to give a 4.50% interest rate, while deposits maturing in one year and above up to and including two years will continue to offer a 5.60% interest rate. Dhanlaxmi Bank has increased the interest rate on deposits maturing in 555 days by 10 basis points, from 6% to 6.10%.

Dhanlaxmi Bank has raised its interest rate on fixed deposits maturing in above 2 years up to and including 3 years by 40 basis points (bps) from 5.60% to 6.00% and on deposits maturing in above 3 years up to and including 5 years by 10 basis points (bps) from 6% to 6.10%. Deposits maturing in 1111 days will now provide an interest rate of 6.25%, up from 6.10% before, a 15 basis point increase, while deposits maturing in above 5 years up to and including 10 years will now offer an interest rate of 6.10%, up from 6% previously, a 10 basis point increase.

Dhanlaxmi Bank FD Rates

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Dhanlaxmi Bank FD Rates (dhanbank.com)

Dhanlaxmi Bank has mentioned on its website that “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.”

Meanwhile, HDFC Bank, India’s largest private sector lender, has announced an interest rate hike of up to 75 basis points on deposits of less than 2 crore. According to the bank’s official website, the new rates will go into effect on October 11, 2022. HDFC Bank now offers interest rates spanning from 3.00% to 6.00% on deposits maturing in 7 days to 10 years for the general public and 3.50% to 6.75% for senior citizens.

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