Lakshmi Vilas Bank cuts deposit rates by 0.3%

South-based lender Lakshmi Vilas Bank today cut deposit rates in two buckets by up to 0.30 per cent.

The bank reduced the rate of interest in the 181-270 day maturity by 0.30 per cent to 8 per cent per annum, while in the 91-180 day maturity, it has effected a 0.25 per cent reduction to 7.75 per cent, it said in a statement Stock Market Trading Tips

The rate revisions are effective today, it said.

The interest rates in the system have been on a declining trend for the last few months, which have seen the RBI cut its key rates thrice by a cumulative 0.75 per cent. Bankers have been complaining of credit growth being low and carrying excess liquidity Indian stock market astrology prediction

The bank also introduced a new maturity in its term deposit buckets, by offering a 7-14 day deposit product.

Interestingly, at 5 per cent per annum, the interest rateoffered on the newly introduced short term product is at par with the minimum rate on the saving bank (demand) deposit Astrological Prediction For Indian Stock Markets