Lakshmi Vilas Bank rates will remain unchanged, says DBS

The DBS Bank has announced that the interest rates on savings accounts and fixed deposits offered by the Lakshmi Vilas Bank (LVB) will remain unchanged till further notice. The RBI had on November 27 announced that the ailing LVB will be merged with DBS Bank India Limited (DBIL), the wholly owned subsidiary of DBS Group Holdings Ltd.

Also read: Experts give thumbs up to LVB-DBS merger plan; shareholders, unions furious

“All Lakshmi Vilas Bank employees will continue in service and are now employees of DBS Bank India Limited on the same terms and conditions of service as under Lakshmi Vilas Bank,” DBS Bank India said.

Thus, the moratorium imposed on LVB has been lifted and all banking services restored with immediate effect.

Also read: LVB to function as DBS Bank from Nov 27, moratorium to be lifted: RBI

“The DBS 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 which have won multiple global accolades,” a statement issued by DBS India said.

The DBS Group will infuse ₹2,500 crore into DBIL to support the amalgamation with LVB.

Surojit Shome, CEO of DBS Bank India, 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. We look forward to working with our new colleagues towards being a strong banking partner to LVB’s clients.”