India’s 97 Years Old Private Bank Hikes FD Rates Effective From 1st May

Dhanlaxmi Bank Ltd incorporated in 1927 at Thrissur, Kerala has announced an interest rate hike on its fixed deposits of less than Rs 2 Cr. The bank is now offering an interest rate between 5.25% and 6.60% on deposits that last from 7 days to 10 years. Following an adjustment on May 1, 2024, Dhanlaxmi Bank is now offering a maximum interest rate of 7.25% for terms of 555 Days (18 months and 7 Days) and above 3 years up to & inclusive of 5 years, respectively.

Dhanlaxmi Bank FD Rates

The bank is now giving an interest rate of 5.25% on fixed deposits maturing in 7 to 45 days, and 6.25% on those maturing in 46 to 90 days at Dhanlaxmi Bank. Currently, Dhanlaxmi Bank is providing interest rates of 6.50% on deposits made between 91 days and less than a year, and 6.75% on deposits made between one year and more, including those with a two-year tenure. Fixed deposits at Dhanlaxmi Bank with terms as long as 555 days (18 months and 7 days) will now yield an interest rate of 7.25%, while those with terms longer than 2 years, up to and including 3 years, will bring in a return of 6.50%.

Deposits maturing above three years up to and including five years will now be paid interest at a rate of 7.25%, while deposits mature after five years up to and including ten years will receive interest at a rate of 6.60% annually from Dhanlaxmi Bank.

"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.

Recently on April 18, 2024, the Board of the bank approved the appointment of Shri. Ajith Kumar K.K as the Managing Director & CEO of the Dhanlaxmi Bank for a period of 3 years with effect from the date of taking charge. Additionally, the bank notified the stock exchanges that, in accordance with regulatory requirements, the shareholders' approval shall be obtained once the Board of Directors meets in due course to approve the appointment of Shri. Ajith Kumar K.K. as the MD and CEO of the bank.

According to a stock exchange declaration, the bank recorded a total business of Rs 24,668 crore for the quarter ended March 31, 2024, up 6.3% from Rs 23,205 crore in the similar period of FY23. After reporting Rs 13,351 crore in Q4FY23, the bank's total deposits climbed to Rs 14,259 crore in the quarter under review, a 6.8% rise. The current account savings account (CASA) deposits jumped by 2.8% during the quarter under review, totalling Rs 4,381 crore as opposed to Rs 4,260 crore during the same time in FY23. Gross advances at Dhanlaxmi Bank increased by 5.6% from Rs 9,854 crore in Q4FY23 to Rs 10,409 crore in Q4FY24.