FD Interest Rates 2018478 views
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About Dhanlaxmi Bank
Are you planning to invest in Fixed Deposit & getting confused which bank to choose? Well, you have to think smart and practical, when you encounter unbelievable interest rates for fixed deposits. Even a small margin of additional interest rates can make a tremendous difference, as far as profits are concerned. You have to search for the authentic banks for your Fixed deposit rates calculation. The banks require money, only for the purpose of providing loans. But the main advantage that accrues to all customers is that it offers higher interest rate than your normal savings account. The customers need to know that the rate of interest paid for fixed deposit varies as per the amount, period and bank from the bank. And once you look at Dhanlaxmi Bank, the highest interest a customer can get 7.10% for holding an FD for a time period of 5 to 10 years. Still, there stands a great chance to earn extra money, provided if it is held till its maturity. Let’s check out what Dhanlaxmi has stored for its customers in its FD.
Domestic Fixed Deposit Interest Rates
|Term Deposits (All Maturities)||Rates of Interest (% p.a)|
|7 days to 14 days||4.00%|
|15 days to 45 days||4.00%|
|46 days to 90 days||5.00%|
|91 days to 179 days||5.50%|
|180 days to 364 days||6.00%|
|Above 1 year upto & inclusive of 2 years||6.75%|
|Above 2 years upto & inclusive of 3 years||6.50%|
|Above 3 years upto & inclusive of 5 years||6.50%|
|Above 5 years upto & inclusive of 10 years||6.50%|
Senior citizens are entitled to an additional interest rate of 0.50% p.a. for all domestic term deposits of 1 year and above except for Dhanam Tax Advantage deposits.
Dhanlaxmi Bank Fixed Deposit Schemes
There will be no interest on term deposits that have been with the bank for less than the minimum period as specified before.
- In case of interest rates on Domestic, NRE and NRO Deposits of Rs 1 crore and above, contact your branch
1. Dhanam Abhivridhi
Double your deposit amount by investing in Dhanam Abhivridhi fixed deposit schemes. Individuals, firms, corporate bodies, clubs, and associations are entitled to open the account.
The features of Dhanam Abhivridhi fixed deposit schemes are as follows:
- Period of deposit will differ based upon the card rates issued by the bank from time to time.
- Deposit Amount: Minimum amount-Rs.100/- , Maximum amount-No limit
- The rate of interest is based on card rates issued by the bank from time to time.
- Payment of interest is made at the time of maturity along with principal with quarterly compounding interest.
- Availability of obtaining loan/overdraft facility as opposed to Dhanam bahuvrihi deposit schemes.
- Availability of nomination facility.
- Special interest rate benefit accrues to senior citizens.
- The product is available in all branches.
- There are no premature withdrawal charges
- TDS Applicable are based as per IT rules.
2. Surabhi Deposit
Minimize the loss of interest on premature closure by investing in Surabhi Deposit scheme. In this scheme, you can make the higher initial investment as compared to most deposits and can make higher deposits to the existing term deposit.Individuals, firms, corporate bodies, clubs, and associations are entitled to open the account.
Let’s know about the features of Surabhi Deposit Scheme:
- You can choose either a Savings Account or Current Account for linking it with your Fixed Deposit.
- You can link multiple deposits to the account.
- The linked fixed deposit is divided partially(in multiples of Rs.1000) for covering up the deficit in the account thereby minimizing the exposure of interest loss.
- You may have an option to go for automatic renewal on maturity.
- Senior Citizens benefit with a higher interest rate on their Fixed Deposits.
- You can deposit minimum balance of Rs. 10,000 with a tenure of 180 days and above
3. Sri Dhana Chakra Deposit
Now, you are allowed for an automatic renewal of your deposit on the maturity. Yes, it is possible if you have deposited your money in Sri. Dhana Chakra Deposit scheme. Just begin with a relatively higher initial investment in any time period and there is no upper limit to it. Individuals, even in the name of minors are entitled to open an account jointly with their guardian. Moreover, they can open an account through corporate bodies, institutions, and public or private sector organizations as well.
The features of Sri Dhana Chakra Deposit are as follows:
- You will be getting a higher interest rate in comparison to your regular fixed deposits.
- You can deposit minimum amount of Rs. 5,000.
- The minimum deposit period is 15 days
- Your deposit bears a rate of interest and that too in accordance with RBI directives, as applicable, that are subject to change without prior notice to the depositor.
- Automatic renewal on expiry is available for a period decided by the depositor.
- There will be no interest if the deposit is closed 15 days before the last renewal; the amount repaid will be shown as the balance available in the account at the end of the last maturity period.
4. Cumulative Deposit Certificate (DCDC)
On investing in Cumulative Deposit Certificate (DCDC), your quarterly interest returns gets added onto the principal amount. At the time of the maturity of your deposit, you will be paid with both the cumulative quarterly interests and the principal amount. Individuals, firms, corporate bodies, clubs, and associations are entitled to open the account.
The features of Cumulative Deposit Certificate are as follows:
- Minimum deposit starts up with Rs. 100 or in multiples thereof
- Deposit period ranges between 6 and 60 months. Consecutive multiples at 3-month intervals are permitted thereafter.
- Rate of interest are applicable on term deposits
- Minimum remittance is of Rs. 500, amounts in excess approximating to Rs. 100
- Rate of premature penalty is applicable on term deposits up to 31st May 2010
- In case of premature closure within one year -> 0.50%
- In case of premature closure after one year -> 1.00%
- Rate of premature penalty is applicable on the term deposits w.e.f 1st June 2010
- In case of premature closure – 1.00%
- 90% of the balance in the account can be made available as a loan
5. Tax Advantage
Get the tax exemption by investing in Tax Advantage scheme. It offers tax exemption under Sec 80C of IT Act. The eligibility criteria accompany as follows:
- Deduction under Section 80 C is permissible to the first holder in case of joint deposits.
- Individuals and the Karta of a Hindu Undivided family are entitled to open single accounts while adults, minor and their guardian can open the joint accounts.
Following are the features of Tax Advantage scheme as under:
- Permissible rate of interest is for 5 years.
- Tax is exempted up to Rs. 1.50 lakh in a financial year as per the provisions of Section 80 C of the Income Tax Act
- Availability of Nomination facility
- Deposit period ranges between 5 and 10 years
- Permanent Account Number (PAN) is required to open the account
- There is no premature encashment until 5 years
- Loan against deposit facility is not permissible
- Other rules relating to Term Deposits are applicable on this scheme as well
- Senior Citizens are entitled to an additional interest rate of 0.50% p.a. for all domestic term deposits of 1 year and above excluding Dhanam Tax Advantage deposits.
6. Senior Citizen’s Deposit
Dhanlaxmi Bank offers an extra protection to the Senior Citizens through Senior Citizen’s deposit scheme. Under this scheme, senior citizens avail the benefit of additional interest rate over the normal interest rate. Indian nationals aged 60 and above are the participants of such scheme.
Following are the features of Senior Citizen’s Deposit scheme as under:
- Senior Citizens are entitled to an additional interest rate of 0.50% p.a only for term deposits for periods ranging from 180 days and above except the 500 days product.
- At par collection of 1 instrument valuing up to Rs. 5,000 once a month
- In this scheme, demand draft is permissible to be issued up to Rs. 5,000 once a month
- Senior citizens are eligible for an additional interest rate of 0.50% p.a. for all domestic term deposits of 1 year and above excluding Dhanam Tax Advantage deposits. The additional rate of interest applicable on deposits of Senior Citizens is allowed only to Resident Indians.
Documents required to open an FD with Dhanlaxmi Bank
Following are the documents which are required for opening a Dhanlaxmi Bank Fixed Deposit account:
- I.D. proof
- Address proof
- 1 passport size photograph
- Signature verification
- Age verification for senior citizens
- PAN card / Form No. 60/61 (for those who do not have a PAN card)
- Form No. 15G/ 15H, in case the depositor is eligible for no TDS (tax deduction at source)
- Interest Rates of Dhanlaxmi Bank’s Fixed Deposits
Dhanlaxmi Bank Fixed Deposit Calculator
Want to evaluate how much your total amount will be after a fixed time period? Why not? Just go to the fixed deposit calculator of Dhanlaxmi Bank, fill up the details such as the principal amount, rate of interest, lock-in-period and the compounding rate and the final amount & interest gets calculated for you.
Fixed deposit calculator is a very handy, easy to use and useful online tool. You can evaluate the compound interest on the total amount deposited in FD for a fixed period of time. The longer the maturity period the more interest you earn, which again can simply be calculated by the fixed deposit calculator. You need to know that if you withdraw your fixed deposit amount or cancel it before the expiry of the maturity period, be ready to bear the penalty imposed on you for being the defaulter.