Dhanlaxmi Bank has hiked its retail term deposit rates in two baskets, taking it into double digits in one maturity. As per the new slabs the depositors will earn 10 per cent per annum for a special 300-day term deposit. The rate of 10 per cent is applicable for deposits below Rs one crore.
Mr. Salil Datar, the bank’s head of branch banking and NRI business said that a decision to introduce the special product offering 10 per cent has been taken keeping in mind the present high inflation environment.
Reports said that rate hike has comes 20 days after the Reserve Bank of India hiked its short-term rates for a record 11th time since March 2010 by a higher-than-expected 50 basis points to cool the uncomfortable inflation number, which stood at 9.44 per cent for June.
Dhanlaxmi Bank has also increased the interest rate on its 500-day deposit by 25 basis points to 9.75 per annum which will be applicable for deposits of less than and equal to Rs 15 lakh. The hike in interest rates has made its loans such as home loan, personal loan, auto loan, business loan etc costlier to the borrowers.