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Dhan Laxmi FD Calculator

Dhan Laxmi Bank Fixed Deposit Calculator 2022

Last Updated 11th Jan 2022

Dhan Laxmi Bank FDs have tenures ranging from 5 years 1 day to 10 years with maximum rate of interest of 5.60%. Interest rates for senior citizens are higher than the normal rates and ranges upto 6.10%.

Tenure Interest Rate for General Public Interest Rate for Senior Citizens Max Maturity Amount per Lakh
7 days to 14 days 3.25% 3.75% ₹ 1,00,062 - ₹ 1,00,144
15 days to 45 days 3.25% 3.75% ₹ 1,00,134 - ₹ 1,00,462
46 days to 90 days 3.75% 4.25% ₹ 1,00,473 - ₹ 1,01,048
91 days to 179 days 4.00% 4.50% ₹ 1,00,997 - ₹ 1,02,219
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Dhan Laxmi Bank Fixed Deposit Calculator

Dhan Laxmi Bank fixed deposit calculator helps you calculate maturity value of your deposited amount at the interest rate which is compounded quarterly. The amount of fixed deposits, interest rates on FD, deposit tenure and compounding frequency of interest together determine the maturity amount of the FD at the end of the tenure.

  • Deposit amount – This is the initial amount deposited by a customer in Dhan Laxmi Bank. Banks may allow a higher interest rate on larger deposits. Dhan Laxmi Bank offers a deposit amount in the range of Rs. 1,000 to No Limit.
  • Rate of Interest - Interest rate is the rate charged by the bank on your fixed deposit. Dhan Laxmi Bank offers a higher rate of interest on fixed deposits of longer tenure and lower interest rate on deposits of less than a year. Highest interest rate offered by Dhan Laxmi Bank is 5.60% for deposit amount below Rs. 1 crore corresponding to a deposit tenure of 5 years 1 day to 10 years.
  • Period of deposit - Bank offers low interest rate for short tenure FDs and higher interest rate for long tenure FDs. Bank offers a rate of 3.25% for a 5 years 1 day FD and a rate of 5.60% for a 10 years FD.
  • Interest Compounding Frequency - This determines the frequency at which interest is compounded. Compounding frequency can be monthly, quarterly, half yearly or annual frequency.
  • TDS applicability and TDS rate - A TDS of 10% of interest amount is applicable if you earn more than Rs 40,000 in a year from FD, which is called FD income. If you do not submit the PAN Card to the bank then TDS rate will be 20% of interest amount.
    • Illustration: Mr. A opens a FD account of ₹ 1,00,000 with a tenure of 7 days at an interest rate of 3.25%. In this case, the maturity amount at the end of 7 days will be ₹ 1,00,671 which includes the principal of ₹ 1,00,000 and interest of ₹ 671 is earned on the principal amount during the period. Similarly, you can calculate the interest and maturity amount for higher tenures by using FD calculators.

      Dhan Laxmi Bank calculates quarterly interest on its fixed deposits. You can also opt for a tax saving scheme to save tax on fixed deposit.

How to Use MyLoanCare FD Calculator

Here is a simple procedure to use MyLoanCare FD calculator:-

  • Go to the FD Calculator.
  • Fill the fields like Deposit Amount, Rate of Interest, Period of Deposit (In years or months), Interest compound frequency.
  • Click Calculate.
  • Result will be shown, which will consist of total maturity amount and total interest earned

Dhan Laxmi Bank Fixed Deposit Interest Rate Calculator – Interest Payment Options

  • Non Cumulative- In a periodic interest payout option, Dhan Laxmi Bank would transfer the interest earned at each interval (say, quarterly) to your bank account. The interest would remain the same across the life of the deposit. On maturity, unless the deposit is renewed, would transfer the principal amount to your bank account.
  • Cumulative- In case you opt for a Dhan Laxmi Bank cumulative deposit on maturity you would get a credit for the principal and interest earned net of TDS.

How is Dhan Laxmi Bank FD Rate Calculated?

Dhan Laxmi Bank calculates fd interest in two ways, one is cumulative and non-cumulative as discussed above. It is a decision made by you whether you want interest payout at the end of the tenure or monthly, quarterly, half-yearly or yearly. To earn more money you can go for a cumulative method because interest earned throughout the tenure is added to the principal amount and is compounded then. However, if you are looking for monthly income or so then you can go for non-cumulative.

Dhan Laxmi Bank FD Maturity Calculation for 5 Year

The interest earned on a fixed deposit in Dhan Laxmi Bank depends on the deposit amount, interest applicable, deposit tenure and the type of interest calculation frequency. Interest on Dhan Laxmi Bank FD can be calculated monthly, quarterly, half-yearly and annually.

Let’s understand how much interest you will earn if you invest ₹ 1,00,000 in Dhan Laxmi Bank FD for a 5-year tenure at an interest rate of 5.60% for depositors below 60 years and 6.10% for senior citizens.The maturity schedule of Dhan Laxmi Bank FD for 5 years is explained below in the table –

Maturity Schedule for ₹ 1,00,000 FD at 5.60% for Citizens below 60 years and at 6.10% for Senior Citizens for 5 years

Year Citizens below 60 Years of Age Senior Citizens above 60 Years
Interest Earned Closing Balance Interest Earned Closing Balance
2022 ₹ 5,719 ₹ 1,05,719 ₹ 6,241 ₹ 1,06,241
2023 ₹ 6,046 ₹ 1,11,765 ₹ 6,630 ₹ 1,12,871
2024 ₹ 6,392 ₹ 1,18,157 ₹ 7,044 ₹ 1,19,915
2025 ₹ 6,757 ₹ 1,24,914 ₹ 7,484 ₹ 1,27,399
2026 ₹ 7,143 ₹ 1,32,057 ₹ 7,951 ₹ 1,35,350

Dhan Laxmi Bank FD Calculator Formula

Along with an online FD Calculator, you can use the formula to do the mathematical calculation of the maturity amount and interest earned on Dhan Laxmi Bank FD.

A = P (1 + r/n) ^ n*t
In the above formula –

  • A - Amount received on maturity
  • P - Deposit amount
  • r - Annual interest rate
  • n - Number of times the interest is compounded
  • t is Investment tenure

Other Investment Calculators

FAQs

What is the highest interest earned on Dhan Laxmi Bank fixed deposit?

You can earn a maximum interest of 5.60% on Dhan Laxmi Bank fixed deposits.

How many years FD will double in Dhan Laxmi Bank?

The growth of Dhan Laxmi Bank FD depends on the rate of interest and tenure. There is a method called Rule 72, which computes the number of years it will take to double one’s amount invested in Dhan Laxmi Bank FD.You can also use Dhan Laxmi Bank fd calculator to calculate the maturity amount. Now to apply the rule, one needs the rate of interest we get on FD. Let’s say the interest offered on FD is 7.05%. Now applying the rule, just divide the number 72 by the rate of interest. So 72/7.05 = 10.21. So it will take a little more than 14 years for one’s investment to get doubled in Dhan Laxmi Bank.

What are the minimum and maximum amounts that I can invest in an Dhan Laxmi Bank FD?

The minimum investment limit in Dhan Laxmi Bank Fixed deposit account is ₹ 1,000 and there is no maximum investment limit on FD.

Can I withdraw my premature FD from Dhan Laxmi Bank?

Yes, you can withdraw your premature FD amount if you want money before the tenure ends. However, you might have to pay a penalty fee ranging from 1% for deposits above Rs. 5 lakh and 0.5% for deposits below Rs. 5 lakh of FD amount for premature withdrawal.

How can I calculate Dhan Laxmi Bank premature FD amount?

To calculate premature FD amount you can use Dhan Laxmi Bank bank fd calculator. All you have to put is the value of the invested amount, tenure, interest rate and premature penalty rate (if any).


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Dhan Laxmi News - Jan 2022
  • 2021-08-26 : Dhan Laxmi Bank revise fixed deposit rates
    Private sector bank- Dhan Laxmi Bank has slashed fixed deposit interest rates on different tenures. For deposits of less than Rs 2 crore, the bank is offering a 3.25% interest rate for the tenure of 7 to 45 days. For fixed deposits maturing in 180 days to less than one year, 1 Year and above up to & inclusive of 2 years have an interest rate of 4.25%, 5.15%, respectively.
  • 2021-06-03 : Dhanlaxmi Bank posts ₹5.28 crore net profit in Q4
    Dhanlaxmi Bank reported a net profit of Rs 5.28 crore in the fourth quarter of FY2020-21, boosted by retail loans home, LAP, personal, two-wheeler, car education and doctor loan along with business and mudra loan. The bank had posted a net profit of Rs 2.60 crore in the year-ago same quarter.
  • 2020-03-04 : New FD rates for Dhan Laxmi Bank
    Dhan Laxmi Bank revised its FD rates with effect from 1 March 2020. The FD rate for 7 to 45 days is 4%, for 46 to 90 days it is 5% and it is 5.50% for 91 to 179 days. The Fixed deposit rate for 180 days to less than one year is 6.15% and for one year to and upto two years is 6.90%. In addition to this, the fixed deposit rate for above two years upto and inclusive of 10 years is 6.50%.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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