Private sector lender Dhanlaxmi Bank has announced a rise in interest rates of fixed deposits by as much as 50 bps though only for selected maturities.

The revised rates would come into effect from June 06, 2011.

Deposits having tenor of 91-179 days will now fetch the depositor an interest of 7%.

For the 66 to 499 days and 501 days to 2 years deposits, the interest rates have been raised to 9%.

Dhanlaxmi Bank's Head, Branch Banking & NRI Business, Salil Datar, said, "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."

The revised rates apply to deposits upto Rs 1 crore.

An additional 50bps interest would be given to senior citizens for deposits having tenor from 180 days to above.