Interest rate and other banking services for LVB customers will remain unchanged

by Psu Connect
Date: 30-11-20

Representive Image (PSU Connect)

New Delhi: No worries for Lakshmi Vilas Bank's customers, after the merger between DBS Bank and LVB, the DBS Bank India on Monday mentioned that the services including interest rates on savings and fixed deposits and further banking services will remain the same, there will be no such changes in the services.

The customers of Lakshmi Vilas Bank can avail of all those services which they were availing earlier, 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.

"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," DBS Bank said.

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.

"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," DBIL Chief Executive Officer Surojit Shome.

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.

Interest rate and other banking services for LVB customers will remain unchanged

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