POSTED BY February 26, 2012 9:27 am COMMENTS (4)ON
Currently LVB (Lakshmi Vilas Bank) is offering 10.5% p.a.(10.75% for Senior Citizens) for a deposit of 1-2 years which is one of the highest offered by PSU/Pvt. banks (excluding Co-operative banks). I have a branch near my residence-hence accessibility may not be a problem.
My queries :
1) How safe is LVB? I am aware that it is an old bank but does anyone have first-hand experience of dealing with it? (Notwithstanding the fact that deposits in banks are insured upto Rs.1 Lakh per depositor, receiving such claims is a time-consuming exercise and would prefer a bank which does not run such a risk)
2) If LVB is not advisable,which other bank would you recommend and why?
3) For placing an F.D.,does the bank insist on opening an SB A/c with it?
Many thanks for your inputs and help.