Fixed Deposit interest price for Lakshmi Vilas bank shoppers: Following the amalgamation of Laksmi Vilas Bank (LVB) and DBS Bank, a number of shoppers of the former are concerned about their fixed deposit and saving account. In a statement on Monday (November 30, 2020), DBS Bank India Limited (DBIL) assured all LVB shoppers that they can continue to access all banking solutions in the merged entity.
Talking about the interest prices on savings bank accounts and fixed deposits, DBIL mentioned that these will continue to stay similar till additional notice. This indicates, there is no modify in interest prices for the savings account and fixed deposit account holders of Lakshmi Vilas Bank for now. If there is any modify, account holders will be informed about it by DBIL.
Fixed Deposit account holders of Lakshmi Vilas Bank will continue to take pleasure in the similar interest at which they had opened their account.
“The moratorium imposed on LVB was lifted from 27 November 2020 and banking services were restored immediately with all branches, digital channels and ATMs functioning as usual. LVB 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,” DBIL mentioned.
“All LVB employees will continue in service and are now employees of DBIL on the same terms and conditions of service as under LVB,” it added.
Lakshmi Vilas Bank (LVB) has been merged with DBS Bank India Limited (DBIL), which is a wholly-owned subsidiary of DBS Group Holdings Ltd. The scheme of amalgamation beneath the particular powers of the Government of India and Reserve Bank of India beneath Section 45 of the Banking Regulation Act, 1949 came into impact on 27 November 2020.
DBIL also mentioned that the DBS group is functioning closely with LVB staff to integrate LVB’s systems and network into DBS more than 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 which have won multiple global accolades,” it mentioned in the statement.
Commenting on the merger, Surojit Shome, CEO of DBS Bank India Limited, mentioned: “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. We look forward to working with our new colleagues towards being a strong banking partner to LVB’s clients.”