Private sector lender, Dhanlaxmi Bank has announced hike in interest rates of fixed deposits by as much as 300 basis points across selected maturities.

The highest hike is observed in the deposit of tenor between 46 days to 90 days where the interest rate is 9%, a 300 bps rise over the earlier rate.

"The hike in interest rates is in line with market trends and the emerging market interest rate scenario," the bank's head of Branch Banking and NRI Business, Salil Datar said.

The 91-179 days deposit will earn the depositor an interest of 8.75% following the revision.