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LVB launches new deposit, loan products
MUMBAI:
Lakshmi Vilas Bank has launched two new products, a deposit scheme Lakshmi Tax Saver and a loan product Lakshmi Property Power. Lakshmi Tax Saver is targeted at individuals, HUFs and minor accounts and gives an interest of 8.5 per cent per annum for a tenure of five years. The interest payment may be either monthly or quarterly, says a bank release. The minimum amount to be put in is Rs. 100 and the maximum Rs. 1 lakh. In the case of Lakshmi Property Power, a loan will be available, repayable in a maximum of six years in 72 EMIs or as an overdraft facility renewable annually. The minimum amount here is Rs. 1 lakh while the maximum is Rs. 100 lakh. The interest rate in the case of the term loan facility availed of is 11 per cent per annum while for the overdraft facility it is 11.5 per cent per annum.
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