Lakshmi-Vilas-Bank Personal-NRI Premium-Banking

Important Announcement

 

Dear Customer,

As you may be aware, with effect from 27 November 2020, Lakshmi Vilas Bank (LVB) has been amalgamated with DBS Bank India Limited (DBIL). The scheme of amalgamation is under the special powers of the Government of India and RBI under Section 45 of the Banking Regulation Act, 1949, India. The amalgamation will provide immediate stability to LVB and ensure that your deposits with us are safe.

We welcome you to DBS Bank and assure you of a smooth transition. We are happy to inform you that with the lifting of the moratorium on 27 November 2020, banking services are now back to normal and you can resume banking through the Lakshmi Vilas branch and ATM network as usual. We would look to clarify the following for your benefit:

  • Your existing fixed deposit/s with erstwhile LVB will continue at the interest rates, at which they were originally booked, till the next maturity date;
  • The interest rates on savings bank accounts will be governed by the rates offered by erstwhile LVB till further notice;
  • Any new deposits being booked now, will be at rates which were earlier published by erstwhile LVB, till new rate cards are announced;

We truly value your banking relationship and look forward to a long and fruitful association.

DBS is a leading financial services group in Asia and is present across 18 countries. With its extensive network of operations in Asia, DBS has been accorded the “Safest Bank in Asia” award by Global Finance for 13 consecutive years from 2009 to 2021. DBS has been in India since 1994 and we converted our India operations to a wholly owned subsidiary (DBS Bank India Limited) in March 2019 to expand our franchise and build greater scale. We were also ranked No 1 in India by Forbes in its 2020 list of the World’s Best Banks.

We will be working to integrate LVB’s systems and network into DBS over the coming months. During this period, you will be able to access all the banking services of erstwhile LVB. Once this is completed, we will inform you, and you 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.

For regular banking transactions and requests, please do continue to reach out to your current Lakshmi Vilas branch.

Best wishes,

DBS Customer Service Team

Important-Announcement

Yes, you will continue to receive your account statements as earlier


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