Lakshmi Vilas Bank Revises Interest Rates on Deposits

Lakshmi Vilas Bank, one of India’s fast growing banks, announced revision in the interest rates for savings interest rates for Resident and non-resident savings accounts i.e. domestic, NRE and NRO. The revised rate is effective from April 1, 2016.

The bank will offer interest rate of 4% p.a. for the balances up to Rs. 1 lakh and 5% p.a. for the balances above Rs.1 lakh and up to Rs.5 lakhs, whereas, bank will continue to offer 6% p.a. interest rates for the balances above Rs. 5 lakhs.

About Lakshmi Vilas Bank

Lakshmi Vilas Bank is founded in 1926 and it has a national presence serving over 2 million customers through its 460 branches, 7 Extension Counters and 912 ATM, Business Correspondents across 131 villages and 234 wards under financial inclussion, totaling close to 1744 outlets in 16 states and Union territory of Pondicherry.

The bank is active across the entire spectrum of customer segments - retail, mid-market and corporate. Through its branches, the bank also offers a host of para-banking products in association with Life and General Insurance companies, mutual funds, stock broking houses, money remittance companies, etc. on a technologically advanced platform.