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Lakshmi Vilas FD Calculator

Lakshmi Vilas Bank Fixed Deposit Interest Calculator

Last Updated 25th Jun 2021

Lakshmi Vilas Bank FDs have tenures ranging from 1 year 5 months 26 days to 2 years with maximum rate of interest of 6.00%. Interest rates for senior citizens are higher than the normal rates and ranges upto 6.50%.

Tenure Rates Maturity Amount for ₹ 1 Lakh
7 days to 14 days 2.50% to 2.50% ₹ 1,00,048 - ₹ 1,00,096
15 days to 30 days 2.50% to 2.50% ₹ 1,00,103 - ₹ 1,00,205
31 days to 60 days 2.50% to 2.50% ₹ 1,00,212 - ₹ 1,00,411
61 days to 90 days 2.75% to 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 to calculate maturity value of your deposited amount at the interest rate offered compounded at 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. Bank may allow higher interest rate on larger deposits. Lakshmi Vilas Bank offers deposit amount in the range of 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 6.00% for deposit amount below Rs. 1 crore corresponding to a deposit tenure of 1 year 5 months 26 days to 2 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 1 year 5 months 26 days FD and a rate of 6.00% for a 2 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
    • 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 tax saving scheme to save tax on fixed deposit.

Lakshmi Vilas Bank Fixed Deposit Interest Calculator – Interest Payment Options

  • 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.
  • 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.
  • Calculate the FD maturity amount using the FD calculator.

FD Maturity Calculator

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. The interest rates for senior citizens are higher than normal rates of Lakshmi Vilas Bank FD.

Suppose if you make an investment of ₹ 1,00,000 in Lakshmi Vilas Bank FD for a 5-year tenure at an interest rate of 6.00% for depositors below 60 years and 6.50% for senior citizens. The maturity amount for this deposit amount is ₹ 1,34,686 and the total interest earned is ₹ 34,686 for below 60 years age citizens. However, the interest earned for senior citizens is ₹ 38,042 which is higher. 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 6.00% for Citizens below 60 years and at 6.50% 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
2021 ₹ 3,023 ₹ 1,03,023 ₹ 3,276 ₹ 1,03,276
2022 ₹ 6,322 ₹ 1,09,345 ₹ 6,878 ₹ 1,10,154
2023 ₹ 6,710 ₹ 1,16,055 ₹ 7,336 ₹ 1,17,490
2024 ₹ 7,122 ₹ 1,23,177 ₹ 7,825 ₹ 1,25,315
2025 ₹ 7,559 ₹ 1,30,736 ₹ 8,346 ₹ 1,33,661
2026 ₹ 3,951 ₹ 1,34,687 ₹ 4,379 ₹ 1,38,040

Lakshmi Vilas Bank FD Calculator Formula

Along with 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 6.00% on Lakshmi Vilas Bank fixed deposit.

How is Lakshmi Vilas Bank FD interest calculated?

The formula to calculate interest on Lakshmi Vilas Bank FD is
A = P(1+r/n)^nt
Here: A = Maturity amount
P = Invested amount
r = Interest rate as decimal
n = number of times interest is compunded
t = tenure of deposit
However, you can use online FD calculator to estimate the value of interest earned on the deposited amount.

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. Now to apply the rule, one needs the rate of interest we get on FD. Let’s say the interest offered on FD is 6.95%. Now applying the rule, just divide the number 72 by the rate of interest. So 72/6.95 = 10.36. 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.

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Lakshmi Vilas News - Jul 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.
*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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