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Tuesday, Jan 01, 2002

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Money & Banking - Interest Rates


Lakshmi Vilas Bank cuts interest rates

Our Bureau

HYDERABAD, Dec. 31

LAKSHMI Vilas Bank Ltd (LVB) has announced that it has decided to prune down interest rates on domestic term deposits with effect from January 1.

In a press communique here on Monday, the bank said a recommendation to this effect was made by its asset liability committee (ALCO).

The interest rates on the maturity period of up to less than one year were kept intact. Accordingly, the bank would continue to pay five per cent for 15 days to 29 days, six per cent for 30 days to 45 days, seven per cent for 46 days to 90 days as well as 91 days to 180 days and eight per cent for 181 days to less than one year.

The rates for one year and above were reduced from nine per cent to 8.5 per cent.

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