Lakshmi Vilas Bank has revised term deposit interest rates

By | March 30, 2011

A recent press report said that Lakshmi Vilas Bank has revised its interest rates for term deposits. The was founded in 1926 by seven people of Karur under the leadership of Shri V.S.N. Ramalinga Chettiar, to cater to the financial needs of varied customer segments. The bank offers home loan, personal loan, auto loan, busiess loans etc.

The bank has not changed the interest rates of regular and senior citizens which is 3.25 and 3.75 per cent for 15-29 and 30-45 days respectively. However, for term deposits with maturity period of 46-90 days, the interest rates have been revised from 4.25 per cent to six per cent.

The bak announced the following changes in its interest rates.

S.no Maturity period Interst rates
1 91-180 days 9  per cent
2 181-270 days 9.25 per cent
3 271-364 days 9.30 per cent
4 1 year but less than 2 years 10.10 per cent
5 two years but less than three years – Regular 9.75 per cent
6 two years but less than three years – Senior citizens 10.25 per cent
7 two years but less than three years for senior citizens 10.50 per cent
8 three years and up to five years – Regular 9 per cent
9 three years and up to five years – Senior citizens 9.75 per cent
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About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

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