Dhanalakshmi Bank slashed deposit rates up to 1%

Dhanalakshmi Bank a private sector lender has reduced its deposit rates by up to 1% across various maturities, a press release issued by bank stated.

After the revision of rates the deposit rates for a maturity period of 15-days to 45-days and 45-days to 90-days are being offered at 3 per cent as against 4 per cent and 4 per cent instead of 5 per cent.

The release stated for a maturity period of 91-days to 179-days bank has reduced the rate by 0.75 per cent from 6 to 5.25 per cent.

While for a maturity period of 180-days to less than one-year, the rate has been reduced by 0.25 per cent from 6.50 per cent to 6.25 per cent.

However for maturity periods of 3-years but less than five-years and 5-years and above up to and inclusive of 10-years the bank continue to offer the rate of 7.50 per cent and 8 per cent, respectively.

The release stated the new rates will come into effect from 12th, October, 2009.