Lakshmi Vilas Bank Offers 5% Interest Rate on Savings Accounts

Lakshmi Vilas Bank has revised the interest rates on savings bank accounts with an account balance of INR one lakh and above to 5 percent in comparison to an interest rate of 4% offered by the bank earlier.

An increased rate of 5% will be offered to all customers on entire balance in accounts maintaining a balance of Rs one lakh and above, calculated on a daily basis. It means that even if a customer keeps balance of Rs. 1 Lac & above in his savings bank account for a single day he will be paid interest @5% p.a for that day. Then it is a very beneficial offer to the large number of savings account customers.

Lakshmi Vilas Bank is among very few banks who are offering increased interest rate to savings account customers. Reserve Bank of India had given a free hand to the commercial banks to determine the interest rates on savings accounts. But till now most banks have stuck to the old rate of 4%

About Lakshmi Vilas Bank:

Lakshmi Vilas Bank is founded in 1926 and it has a national presence serving over 2 million customers through its 361 branches spread across 15 states and one Union territory, and total ATM network of 636 as on 31.08.2014. The bank continues to invest on increasing its network for improved reach and customer services.

The bank is active across the entire spectrum of customer segments - retail, mid-market and corporate. Through its branches, the bank also offers a host of para-banking products in association with Life and General Insurance companies, mutual funds, stock broking houses, money remittance companies, etc. on a technologically advanced platform.

The Bank has recently successfully completed its Rights issue and has major plans on Retail Growth by increasing Retail deposits, particularly Current and Savings deposits, coupled with Strong Retail lending. Better risk management and NPA reduction strategies along with effective credit monitoring measures constitute the Bank’s strategy in ensuring a healthy asset portfolio.

The bank’s asset size as on June 30, 2014 was to the tune of Rs.13,250 crores, with gross income of Rs. 587 crores for the quarter ended June 30, 2014. The bank’s deposits stood over Rs.18,750 crores on June 30, 2014. The Bank plans to open 75 new branches and 200 ATMs during this year.

For further information, please contact:

Sumit Singh Jamwal

Adfactors PR Pvt. Ltd.

Tel: +91-11-67574444

sumit.jamwal@adfactorspr.com

Namita Sharma

Adfactors PR Pvt. Ltd.

Tel: +91-11-67574444

namita.sharma@adfactorspr.com