Lakshmi Vilas Bank Fixed Deposit

About Lakshmi Vilas Bank

Lakshmi Vilas Bank fixed deposit provides an opportunity to its customers for depositing their money in a safe financial instrument, assuring a steady pace of growth over a fixed period of time. The duration of these fixed deposits by the bank is stated earlier so as to accommodate your financial needs and commitments.

Fixed Deposit Interest Rates of Lakshmi Vilas Bank Fixed Deposit

For Interest Rate(% p.a.) Applicable for deposit below ₹1 crore (w.e.f. 09.08.2017)

Maturity Period
RegularSenior Citizen
7-14 days4.504.50
15-30 days4.504.50
31-45 days5.505.50
46-90 days6.00

6.00

91-180 days6.256.25
181 – 270 days6.506.50
271 days – 364 days6.756.75
1 year - 10 years7.00

7.50

Documentation

You need to submit the following documents as particulars to be furnished for making your FD.

Identity Proof:

  • Passport
  • PAN Card
  • Voter ID card
  • Driving Licence
  • Senior citizen ID card
  • Government ID card
  • Photo ration card

Address Proof:

  •     Passport
  •     Electricity bill
  •     Telephone bill
  •     Bank Statement with Cheque
  •     Certificate/ ID card issued by Post office

Please Note:

  • It is compulsory to provide your permanent address and telephone number.
  • Any other identity proof or document for address proof can be produced as per the Bank’s satisfaction.

Lakshmi Vilas Bank Fixed Deposit Schemes

1. Dhanachakra Deposit

Now you can make your investments grow faster by investing in Dhanachakra Deposit scheme where you can easily fulfill your financial obligations for the future-Children’s higher education/ your Son’s / Daughter’s marriage/ Celebration of festivals etc. Under this facility, you will get higher returns through automatic compounding of interest accrued over a period of time.

Features of the Dhanachakra Deposit Scheme

  • The tenure of the deposit period varies from 1 year to 10 years.
  • Minimum deposit for investment is Rs 100/- with no ceiling for the maximum.
  • You can make your deposit in the name of either Individual Deposit/Joint Deposit/Deposit in the name of minors.
  • Availability of loan facility comes along with nomination facility as well.

2. Lakshmi Tax Saver Deposit

Lakshmi Tax Saver Deposit offers several distinctive features which are customer friendly and considered to be an attractive form of investment.

Features of the Lakshmi Tax Saver Deposit Scheme

  • The tenure of fixed deposit is 5 years
  • Minimum Deposit Amount is ₹100 /- and maximum Amount is ₹1,50,000/-
  • You can open the deposit account individually/jointly. However, the deduction from income under section 80 C of the act shall be made applicable only to the first holder of the deposit.
  • Interest payment on fixed deposit is payable monthly, quarterly, half yearly or yearly at a stretch or Cumulative deposit along with interest payable on maturity.
  • The tax benefit is available up to a maximum limit of ₹1,50,000/- under Sec 80 C.
  • Nomination facility is also available.

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