Lakshmi Vilas Bank increased the savings interest rates to 5% on balances upto ₹5 Lakhs and 6% on balances above ₹5 Lakhs to garner low-cost deposits.
At present, most banks offer 4% interest on savings bank accounts. Only exceptional banks, such as Kotak Mahindra, offer 6% – that too on balances above Rs 10,000.
Meanwhile, following similar moves by other banks, Lakshmi Vilas Bank also cut fixed deposits rates by 10 to 25 basis points across various tenors.
Lakshmi Vilas bank, founded in 1926, has a national presence serving over 2.5 million clients through its 400 branches, 7 extension counters and 820 ATM’s across 16 states and Union Territory of Puducherry.