Interest for 3 years
Note: All interest rates shown below are as on 2nd May 2022
|Tenure||Normal Citizen FD Rate||Senior Citizen FD Rate|
|7 days - 1 month 14 days||3.25%||3.25%|
|1 month 15 days - 2 months 29 days||3.75%||3.75%|
|2 months 30 days - 5 months 26 days||4%||4%|
|5 months 27 days - 11 months 29 days||4.25%||4.25%|
|1 year - 1 year 11 months 29 days||5.15%||5.65%|
|2 years - 2 years 11 months 29 days||5.3%||5.8%|
|3 years - 4 years 11 months 29 days||5.4%||5.9%|
|5 years - 9 years 11 months 27 days||5.5%||6%|
Dhanlaxmi Bank Ltd. was incorporated in 1927 at Thrissur, Kerala. The bank has a balance sheet size of Rs 13,096 Cr as on 31st March 2021. The bank recorded a Loss of Rs 37 Cr in FY21
3.25% - 5.5%
3.25% - 6%
FD Rate for Seniors
₹ 2 Crores
Flexible tenure & partial withdrawal facility, without the hassle of opening a savings account.
|Investment Amount||For 3 years with interest of 5.3%||For 5 years with interest of 5.4%|
|₹ 1 lakh||₹117193||₹130917|
|₹ 2 lakh||₹234386||₹261834|
|₹ 5 lakh||₹585964||₹654586|
|₹ 10 lakh||₹1171928||₹1309171|
Use FD calculator to change values and compare your returns from top banks.
|Maturity Amount||₹105273||₹ 105326|
|Total Investment Amount||₹ 100000||₹ 100000|
|Total Interest Gained||₹5273|
|Income Tax on Wealth Gained||₹ 12898||₹ 13092|
|Bank Name||FD Interest Rates|
|ICICI Bank FD||5.2% - 5.7%|
|UCO Bank FD||5.1% - 5.6%|
|SCB FD||5.35% - 5.85%|
|Andhra Pradesh Grameena Vikas Bank FD||5.65% - 6.15%|
|Bank of India FD||5.2% - 5.95%|
|Madhyanchal Gramin Bank FD||5.3% - 5.8%|
|Axis Bank FD||5.4% - 6.05%|
|Vidharbha Konkan Gramin Bank FD||5% - 5%|
|Jammu And Kashmir Grameen Bank FD||5.3% - 5.8%|
|Kerala Gramin Bank FD||5.25% - 5.75%|
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Dhanlaxmi Bank offers higher fixed deposit interest rates than their savings bank account. Moreover, the interest rates range between 3.5% to 5.6% for regular citizens for a tenure of 7 days to 10 years. Also, senior citizens get an additional 0.5% on their Dhanlaxmi Bank FD investments. There is also a premature withdrawal facility and loans against Dhanlaxmi Bank term deposits. This article covers Dhanlaxmi Bank FDs and their interest rates in detail.
Dhanlaxmi FD schemes offer better returns than a savings bank account. Following are the key features of Dhanlaxmi Bank fixed deposits:
The Dhanlaxmi FD tenure ranges between 7 days to 10 years. Once invested, one cannot change the tenure of Dhanlaxmi FD investment. However, one can opt for premature withdrawal, and they can close the existing Dhanlaxmi Bank fixed deposit and start a new FD with the desired tenure.
The minimum amount of deposit for Dhanlaxmi Bank FDs is INR 100. However, there is no limit on the maximum investment amount for Dhanlaxmi FDs.
Dhanlaxmi Bank offers preferential interest rates for senior citizen depositors. Also, the Dhanlaxmi fixed deposit interest rates for senior citizens range between 4% to 6.10%. Moreover, they get an additional interest of 0.5% per annum.
It is not possible to deposit any additional amount in an existing Dhanlaxmi Bank fixed deposit. However, one can always invest in a fresh Dhanlaxmi fixed deposit with an additional amount.
Investment in Dhanlaxmi Bank Tax Advantage Fixed Deposit qualifies for tax saving under Section 80C of the Income Tax Act, 1961. Other than this deposit, no other Dhanlaxmi Bank FD qualifies for tax saving. Moreover, the interest that one earns on their Dhanlaxmi Bank fixed deposit investments is taxable as per the depositor’s income tax slab rates. Furthermore, Dhanlaxmi bank deducts a TDS of 10% in case the interest income exceeds INR 40,0000 (INR 50,000 for senior citizen investors). Also, the TDS rate will be 20% of the PAN Card details aren’t submitted to Dhanlaxmi Bank.
To determine if the interest income from a Dhanlaxmi Bank term deposit is above or below the TDS threshold limit, one can use the Dhanlaxmi bank fixed deposit calculator available online. Also, one can determine their tax liability using the Income Tax Calculator. Scripbox’s Income Tax Calculator is available online. It also helps in estimating tax liability from Dhanlaxmi FD investment for free.
Under the Deposit Insurance Scheme of RBI, DICGC insures all Dhanlaxmi Bank fixed deposits up to INR 5,00,000.
Dhanlaxmi Bank allows premature withdrawal of fixed deposits. However, these withdrawals attract a penalty of 1% on the contracted interest rate if the deposits are above INR 5 lakhs. Also, if the deposits are below INR 5 lakhs, the penalty is 0.5% on the contracted interest rate.
Depositors can nominate beneficiaries for their Dhanlaxmi Bank term deposits.
Dhanlaxmi Bank provides an auto-renewal facility for deposits.
Opening and managing Dhanlaxmi Bank fixed deposit investments is easy and convenient through their online portal.
Dhanlaxmi Bank investors can take a loan against their term deposits. This also helps them in meeting their liquidity requirements without breaking their deposit. Moreover, investors can get a loan of up to 90% against their Dhanlaxmi Bank.
Investors can take loans such as business loan, personal loan, student loan, loan against property (home loan), etc., against Dhanlaxmi Bank FD. One can also estimate their loan EMI using the loan EMI calculator. The loan EMI calculator works as a personal loan EMI calculator. It also works as a house loan EMI calculator and car loan EMI calculator. Moreover, the investor can use the EMI calculator in multiple scenarios to compare the results. They have to change the input variables like personal loan interest rate. They can also change the house loan interest rate and car loan interest rate.
A PAN card is mandatory to open a Dhanlaxmi Bank FD account. There are few implications for not disclosing PAN details to Dhanlaxmi Bank. As per the regulations of section 206AA, the applicable TDS rate for non-disclosure of PAN will be 20% instead of the usual 10%. The Dhanlaxmi Bank will not issue any TDS certificate. Furthermore, all the exemption certificates will be invalid, for example, Form 15G and Form 15H.
The Dhanam Abhivridhi scheme doubles the deposit amount within a specific time period.
The deposit scheme helps in minimizing the loss of interest on premature closures. The initial investments are high and also allows higher deposits to the existing term deposit. Depositors can choose between a current account or savings account to link their fixed deposits. Multiple deposits can be linked to this account.
The Sri Dhana Chakra scheme allows deposits for any period of time without any upper limit. Furthermore, the initial investment is higher for this scheme.
The quarterly interest is added to the principal amount, and therefore on maturity, the interest amount, as well as the principal amount, is paid.
Deposits in the Tax Advantage scheme qualify for tax exemption under Section 80C of the Income Tax Act. The exemption is on deposits worth INR 1,50,000 per annum.
The scheme aims to provide senior citizens with extra protection through additional fixed deposit rates. Senior citizen deposits are eligible for an additional interest of 0.50%.
For opening a fixed deposit account with Dhanlaxmi Bank, one has to be eligible. Following are the individuals that are eligible to invest in Dhanlaxmi Bank FDs.
For opening a fixed deposit account with Dhanlaxmi Bank, one needs the following documents.
Dhanlaxmi Bank FD rates range between 3.5% and 5.6% for regular citizens. And, between 4%-6.10% for senior citizens for a tenure of 7 days to 10 years. The Dhanlaxmi Bank FD rates are higher than their savings account. Moreover, senior citizens get a higher rate of interest p.a on their Dhanlaxmi Bank term deposits. Also, the interest payments will be made at the time of maturity, and the interest will be compounded quarterly.
The highest term deposit rate for Dhanlaxmi Bank is 5.6% for a regular investor for the tenure of 5-10 years and above. Also, for the same tenure, the highest senior citizen FD rate is 6.1%. Moreover, returns from Dhanlaxmi Bank fixed deposits can be calculated by using a FD calculator.
Yes, Dhanlaxmi Bank offers a recurring deposit scheme. The Dhanlaxmi RD scheme allows small investments with recurring additions on a monthly basis for a predetermined period. The interest accrued gets added to the principal, and the cumulative sum is paid on maturity.
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