Lakshmi Vilas Bank has revised its domestic term deposit rates (of maturities less than one year) upwards with immediate effect.
The bank has also hiked the base rate by 25 basis points to 11.25 per cent.
LVB’s Executive Director and Chief Business Officer, Moses Harding, said that the rate revision was aimed at aligning the operating policy rate with that of MSF rate (from reverse repo).
‘It is also expected that high interest rate regime is there to stay till rupee settles down in its comfort zone,’ he added.
The interest rates on other maturities remain unchanged, the bank said in a release.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.