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Lakshmi Vilas FD Calculator

Lakshmi Vilas Bank Fixed Deposit Calculator 2022

Last Updated 12th Jan 2022

Lakshmi Vilas Bank FDs have tenures ranging from 3 years to 10 years with maximum rate of interest of 5.65%. Interest rates for senior citizens are higher than the normal rates and ranges upto 6.15%.

Tenure Interest Rate for General Public Interest Rate for Senior Citizens Max Maturity Amount per Lakh
7 days to 14 days 2.50% 2.50% ₹ 1,00,048 - ₹ 1,00,096
15 days to 30 days 2.50% 2.50% ₹ 1,00,103 - ₹ 1,00,205
31 days to 60 days 2.50% 2.50% ₹ 1,00,212 - ₹ 1,00,411
61 days to 90 days 2.75% 2.75% ₹ 1,00,460 - ₹ 1,00,678
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Lakshmi Vilas Bank Fixed Deposit Calculator

Lakshmi Vilas 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 Lakshmi Vilas Bank. Banks may allow a higher interest rate on larger deposits. Lakshmi Vilas 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. Lakshmi Vilas 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 Lakshmi Vilas Bank is 5.65% for deposit amount below Rs. 1 crore corresponding to a deposit tenure of 3 years 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 2.50% for a 3 years FD and a rate of 5.65% 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 2.50%. 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.

      Lakshmi Vilas 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

Lakshmi Vilas Bank Fixed Deposit Interest Rate Calculator – Interest Payment Options

  • Non Cumulative- In a periodic interest payout option, Lakshmi Vilas 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 Lakshmi Vilas Bank cumulative deposit on maturity you would get a credit for the principal and interest earned net of TDS.

How is Lakshmi Vilas Bank FD Rate Calculated?

Lakshmi Vilas 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.

Lakshmi Vilas Bank FD Maturity Calculation for 5 Year

The interest earned on a fixed deposit in Lakshmi Vilas Bank depends on the deposit amount, interest applicable, deposit tenure and the type of interest calculation frequency. Interest on Lakshmi Vilas 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 Lakshmi Vilas Bank FD for a 5-year tenure at an interest rate of 5.65% for depositors below 60 years and 6.15% for senior citizens.The maturity schedule of Lakshmi Vilas Bank FD for 5 years is explained below in the table –

Maturity Schedule for ₹ 1,00,000 FD at 5.65% for Citizens below 60 years and at 6.15% 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 ₹ 5,771 ₹ 1,05,771 ₹ 6,293 ₹ 1,06,293
2023 ₹ 6,104 ₹ 1,11,875 ₹ 6,689 ₹ 1,12,982
2024 ₹ 6,456 ₹ 1,18,331 ₹ 7,110 ₹ 1,20,092
2025 ₹ 6,829 ₹ 1,25,160 ₹ 7,558 ₹ 1,27,650
2026 ₹ 7,223 ₹ 1,32,383 ₹ 8,033 ₹ 1,35,683

Lakshmi Vilas 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 Lakshmi Vilas 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

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What is the highest interest earned on Lakshmi Vilas Bank fixed deposit?

You can earn a maximum interest of 5.65% on Lakshmi Vilas Bank fixed deposits.

How many years FD will double in Lakshmi Vilas Bank?

The growth of Lakshmi Vilas 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 Lakshmi Vilas Bank FD.You can also use Lakshmi Vilas 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 Lakshmi Vilas Bank.

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

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

Can I withdraw my premature FD from Lakshmi Vilas Bank?

Yes, you can withdraw your premature FD amount if you want money before the tenure ends.

How can I calculate Lakshmi Vilas Bank premature FD amount?

To calculate premature FD amount you can use Lakshmi Vilas 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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Lakshmi Vilas News - Jan 2022
  • 2021-09-16 : RBI Moves Laxmi Vilas Bank Under a Moratorium
    Reserve Bank of India has placed Laxmi Vilas Bank under a 1-month moratorium. The central bank has restricted withdrawal amounts to Rs 25,000 per customer from any savings or deposit account. The moratorium period ends on November 26, 2021.
  • 2020-12-21 : Revised FD rates for Lakshmi Vilas Bank
    Lakshmi Vilas Bank revised its Fixed deposit rate with effect from 9 December 2020. The revised rate for 7 to 60 days 2.50%, the rate for 61 to 180 days is 2.70%, and it stands at 3% for 181 to 269 days. Further, the FD rates for 270 to 364 days is 3.50%, for 365 to 1 year 364 days it is 5% and stands at 4.75% for 2 years to 2years 11 months and 29 days. Th FD rate for 3 years to 10 years is 5.50%.
  • 2020-12-01 : Lakshmi Vilas Bank customers can access all services
    DBS Bank India announced that customers of the merged bank Lakshmi Vilas Bank can continue to access all banking services. DBS Bank further clarified that the interest rates on savings and fixed deposits are unchanged.
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