LVB hikes savings deposit rate

Lakshmi Vilas Bank on Wednesday increased interest rates on savings bank deposits of up to ₹5 lakh to 5 per cent from the earlier 4 per cent on deposits up to ₹1 lakh. For balances of above ₹5 lakh, the new interest rate would be 6 per cent as against the earlier interest rate of 5 per cent on incremental balances above ₹1 lakh, the bank said in a statement.