The deregulation of foreign deposit interest rates has led to a rate war among the banks. It rather seems to be getting intensified as more and more banks are joining it. Now, Dhanlaxmi Bank has announced an increase in its NRE deposit rates.
The head of Branch Banking and NRI Businesses at Dhanlaxmi Bank, Mr. Salil Datar said, "While NRI remittances in the country have increased due to depreciation in the rupee, our revised rates will now make NRE term deposits an attractive proposition vis-a-vis other investment avenues."
The bank has hiked the deposit rates across various maturity periods. It is offering interest rate up to 9.75% on selected maturity period. The revised rates are applicable only on the deposits upto or inclusive of Rs. 1 crore.