Lakshmi Vilas Bank, a private sector banking institution, has revised the interest rates on savings bank accounts with an account balance of Rs 1 lakh and above to 5% in comparison to an interest rate of 4% offered by the bank earlier.

An increased rate of 5% will be offered to all customers on entire balance in accounts maintaining a balance of Rs one lakh and above, calculated on a daily basis. It means that even if a customer keeps balance of Rs 1 lakh & above in his savings bank account for a single day he will be paid interest at 5% p.a for that day. Then it is a very beneficial offer to the large number of savings account customers.

Shares of the bank declined Rs 1.65, or 2.2%, to trade at Rs 73.25. The total volume of shares traded was 50,386 at the BSE (2.24 p.m., Monday).