Dhanalakshmi Bank reduces deposit rates

Written by Agencies | Mumbai | Updated: Jun 30 2009, 19:12pm hrs
Private sector lender Dhanalakshmi Bank said it has reduced interest on its deposits by up to 1 per cent across various slabs.

For deposits with a tenure of 91 days to 179 days, the rate has been cut from 7 per cent to 6 per cent and for 180 days to less than 1-year, the new rate is 6.50 per cent as against the earlier 7.50 per cent, a press release issued said.

For deposits of one-year and above but less than three-years, the rate has been cut by 0.75 per cent to 8 per cent.

For three-years and above up to and inclusive of 10-years, the rate has been cut by 0.50 per cent to 8 per cent, the release said.

The bank said that it has reduced interest rates on retail deposits "in line with monetary policy approaches and in tune with emerging market trends."