How much interest rate will Lakshmi Vilas Bank bank account holders get on their savings accounts and fixed deposits after merger with DBS
Lakshmi Vilas Bank bank account interest rate: As LVB has now been amalgamated with DBS Bank India Ltd (DBIL), there was much confusion among account holders and others about the interest rate it would offer on its savings bank account and fixed deposits
Lakshmi Vilas Bank bank account interest rate: As LVB has now been amalgamated with DBS Bank India Ltd (DBIL), there was much confusion among account holders and others about the interest rate it would offer on its savings bank account and fixed deposits as well as the kind of other offering and services they would be getting going forward from the new bank.
DBS Bank India on Monday clarified that bank account holders of Lakshmi Vilas Bank, which has now been merged with it, can continue to access all banking services. Importantly, it said that Lakshmi Vilas Bank interest rates on savings accounts and fixed deposits will remain what they were previously - unchanged as of now.
"Lakshmi Vilas Bank customers can continue to access all banking services. The interest rates on savings bank accounts and fixed deposits are governed by the rates offered by the erstwhile LVB till further notice," DBS Bank said.
All Lakshmi Vilas Bank employees will also continue to be in service and are now employees of DBIL on the same terms and conditions of service as under LVB, it added.
The Indian arm of Singapore's DBS said its team is working closely with LVB colleagues to integrate LVB's systems and network into DBS over the coming months.
Once the integration is complete, customers will be able to access a wider range of products and services, including access to the full suite of DBS digital banking services that have won multiple global accolades, it added.
DBIL Chief Executive Officer Surojit Shome said, "The amalgamation of LVB has enabled us to provide stability to LVB's depositors and employees. It also gives us access to a larger set of customers and cities where we do not currently have a presence."
He added that the bank looks forward to working with its new colleagues towards being a strong banking partner to LVB's client.
The bank said it is well capitalised and its capital adequacy ratio (CAR) will remain above regulatory requirements even after the amalgamation.
Additionally, DBS Group will inject Rs 2,500 crore (SGD 463 million) into DBIL to support the amalgamation and for future growth. This will be fully funded from DBS Group's existing resources.
The amalgamation of LVB into DBS Bank India came into effect from November 27 under the special powers of the government and the Reserve Bank of India under Section 45 of the Banking Regulation Act, 1949.
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