India’s 96 Years Old Private Bank Revises FD Rates Up To 7.25%: Details Inside

Dhanlaxmi Bank Ltd., founded in Thrissur, Kerala, in 1927, recently revised its interest rates on fixed deposits under Rs. 2 crore. Following the modification, the bank is now offering interest rates ranging from 5.75% to 6.60% on deposits for maturities ranging from 7 days to 10 years. On a deposit tenor of 555 Days (18 months and 7 Days), Dhanlaxmi Bank is now offering a maximum interest rate of 7.25% for the general public and 7.75% for senior citizens. As per the official website of the bank, the new FD rates are effective as of 2nd June 2023.

Dhanlaxmi Bank FD Rates

On fixed deposits maturing in 7 Days to 45 days the bank is offering an interest rate of 5.75% and on those maturing in 46 days to less than one year, Dhanlaxmi Bank is offering an interest rate of 6.50%. Deposits maturing in 1 year and above upto & inclusive of 2 years will now fetch an interest rate of 6.75% and those maturing in 555 days (18 months and 7 Days) will now fetch an interest rate of 7.25%. Dhanlaxmi Bank is offering an interest rate of 6.50% on a deposit tenor of above 2 years upto & inclusive of 3 years and 6.60% across 3 to 10 years of tenure.

"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.

In comparison to the same quarter a year prior, when Dhanlaxmi Bank reported a net profit of Rs 23 crore, that figure increased by 63.3% to Rs 38.2 crore in Q4FY23. Net interest income (NII), which was Rs 96.4 crore in the March 2022 quarter, increased by 19.5% to Rs 115.2 crore in Q4FY23. The bank's net profit and NII for the quarter ended in December 2022 were Rs 21.73 crore and Rs 126.86 crore, respectively. Asset quality-wise, the bank's gross non-performing assets (NPA) decreased to 5.19% in Q4FY23 from 6.32% in Q4FY22 and 5.83% in Q3FY23. In the quarter, the net NPA decreased from 1.82% in Q3FY23 and 2.85% in Q4FY22 to 1.16%. In Q4FY23, the gross non-performing assets (NPA) were at Rs 511.14 crore, down from Rs 533.54 crore in Q4 of 2022 fiscal year and Rs 539.11 crore in Q3FY23.

Meanwhile, IndusInd Bank dated 2nd June 2023, revised fixed deposit interest rates. Non-senior individuals can get a maximum return of 7.75% on a tenure of 1 to 2 years, while senior citizens can earn up to 8.25%.