Dhanlaxmi Bank hikes FD rates, now earn as high as 7.25% on special tenures of 555 days

Dhanlaxmi Bank FD Rates

The bank will now pay an interest rate of 3.25% on fixed deposits maturing within the next 7 to 14 days, while Dhanlaxmi Bank will now guarantee an interest rate of 5.75% on deposits maturing in the next 15 to 45 days. Dhanlaxmi Bank is now promising an interest rate of 6.00% for deposit tenure of 46 days to 90 days and 6.25% for deposit tenure of 91 days to 179 days.

Deposits maturing in 180 days to less than one year will now fetch an interest rate of 6.50% and deposits maturing in 1 year and above and up to 2 years will now fetch an interest rate of 6.75%. On deposits maturing in 555 days (18 months and 7 days), the bank has increased the interest rate to 7.25%, and for deposits maturing in more than 2 years and up to 3 years, the interest rate will be 6.50%.

The bank will pay interest at the rate of 6.60% on deposits for more than three years and up to five years, and has increased its interest rate to 6.60% on deposits for 1111 days (36 months and 15 days). The interest rate for deposits maturing above five years and including ten years in Dhanlaxmi Bank is currently 6.60%.

Dhanlaxmi Bank on its website mentions, “Senior citizens are eligible for an additional interest rate of 0.50% p.a. for all domestic fixed deposits of 1 year and above except Dhanam Tax Advantage Deposit.”

Deposits in the bank grew by 6.93% to Rs. 12939 crores from Rs. 12101 cr. CASA by December 31, 2022 to grow by 5.26% to Rs. 4219 cr. Over 533 customer touchpoints were registered by Dhanlaxmi Bank in Q3FY23, which includes 249 branches, 265 ATMs and 19 BCs. Bank’s operating profit increased 84.64 cr in Q3 FY23 70.68 crore in Q3FY22, while its net interest income grew 360.60 crores to 265.89 cr. The total business of the Bank increased by 12.88% to Rs. 22183 cr from Rs. 19652 crore, while its gross advances grew 22.42% year-on-year to Rs. 9244 cr. The bank is yet to declare its Q4FY23 earnings.