97-Years-Old Private Bank Revises FD Rates For Promising Up To 7.25% Return

Dhanlaxmi Bank Ltd. has 556 touchpoints around India and was founded in Thrissur, Kerala, in 1927. This 97-year-old private sector bank is now giving a maximum return of 7.25% on fixed deposits under Rs 2 Cr, after revising its interest rates. The bank now offers interest rates on deposits maturing in seven days to ten years, ranging from 5.50% to 6.60%. These rates are effective as of 01.01.2024.

Dhanlaxmi Bank FD Rates

The bank is now giving an interest rate of 5.50% on deposits maturing in 7 to 45 days, while Dhanlaxmi Bank is also offering an interest rate of 6.50% on deposits maturing in 46 to 1 year. Currently, Dhanlaxmi Bank is providing a maximum return of 7.25% on a deposit duration of 555 Days (18 months and 7 days) and an interest rate of 6.75% on a deposit term of 1 Year and above up to & inclusive of 2 years.

Deposits that mature after two years and up to three years, inclusive, will earn 6.50% interest, while deposits that mature after three years and up to ten years, inclusive, will now earn 6.60% interest.

"Senior citizens are eligible for an additional interest rate of 0.50% p.a. for all domestic term deposits of 1 year and above," mentioned Dhanlaxmi Bank on its website.

"For all term deposits under Non IBA Scheme, Interest is calculated for actual number of days reckoning the year at 366 days in a Leap year and 365 days in other years. For deposits under cumulative scheme, compounding is done on calendar quarter basis. For all term deposits under IBA Scheme, Interest is calculated reckoning the month at 30 days and year at 360 days. For deposits under cumulative scheme, compounding is done on anniversary quarter basis. For Broken period interest is calculated for actual number of days reckoning the year at 365 days," mentioned Dhanlaxmi Bank on its website.

The private sector lender recorded an 11.5% rise in its overall business for the quarter ending December 2023, hitting Rs 24,657 crore, up from Rs 22,183 for the quarter ending December 2022, in a filing to the stock exchange on Monday. The bank's gross advances jumped by 11.93% to Rs 10,347 crore in Q3FY24 from Rs 9,244 crore in Q3FY23, indicating a significant improvement in the gross advances. Furthermore, the bank's total deposits went up from Rs 12,939 Cr in Q3FY23 to Rs 14,310 Cr in Q3FY24, a YoY growth of 10.60%.

At Rs 4,459 crore, the Current Account and Savings Account (CASA) has grown by 5.69% from Rs 4,219 crore. With an official CD ratio of 72.31% for the quarter, it was better than the corresponding quarter of the year before, which had been 71.45%. In Q3FY24, the bank reported that its gold loan business grew by 28.36% to Rs 2,675 crore, up from Rs 2,084 crore in the same period the previous year. The bank encompasses 255 branches, 275 ATMs and recyclers, and 17 business correspondents as of September 30, 2023, all of which were thoughtfully dispersed over 14 states and one Union Territory.