Responding according to the requirement of market, private sector lender Dhanlaxmi Bank has hiked deposit rates across various maturities by a maximum of 50 basis points or 0.50 percent. The bank is also offering and extra 0.50 percent interest rates for the senior citizens.
"We have increased interest rates on select term deposits to offer more investment opportunities to our customers. The increase in deposit rates would help our customers to maximise returns on their savings,” said the Head of Branch Banking and NRI Businesses of Dhanlaxmi Bank.
After the revision the a deposit for a maturity period will attract an interest rate of 7.00 percent as compared to the earlier of 6.50 percent, interest rate for a maturity period of 366 to 499 days has also been increased to 9.00 percent from 8.60 percent.
The revised rates are applicable from June 6.
3 comments:
Hi There,
I am keen to know, if there are any restrictions or government regulations, which one need to be aware if they are investing say > Rs. 1 Lakh on such Fixed Deposits.
Especially if you can explain how things affect someone who is Non Resident Indian Citizen.
Many Thanks
JP
you need to factor in costs associated with TDS (tax deduction at source). 30.1%, as per my discussion with HSBC.
Also, since this would be NRO, you would need to go through the normal process of getting funds repatriated back out of India.. need a form 15c (or something like that), note from your chartered accountant. Max amount USD1M per annum
Nice information about fixed deposit. Click here to know about Mutual Funds
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