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LVB launches floating rate deposit scheme

LVB launches floating rate deposit scheme

Apnaloan.com Research Bureau

10 Mar 2008

Lakshmi Vilas Bank (LVB) has launched a new deposit scheme called "Lakshmi Floating Rate Deposit".

The bank has designed the scheme to suit the needs of bulk depositors, high net worth individuals and for those who look to earn market-related income without the hassles and uncertainties of deposit renewal from time to time in a changing deposit interest rate scenario.

This new product has tenure of minimum 5 years. The minimum fixed amount should be Rs. 1 lakh, and in multiples of Rs. 10,000 thereafter.

The interest rate will be equivalent to the prevailing 5-year fixed deposit rate, and the rate reset in line with the changes in the fixed interest rate for 5-year term deposit. The interest will be paid quarterly on simple interest.