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Dhan Laxmi FD Interest Rates

Dhan Laxmi FD Rates 2020

Last Updated 09th Sep 2020

Dhan Laxmi Bank is one of most reliable FD providers amongst a number of FD providers in the market. Dhan Laxmi Bank FD offers a number of benefits to investors such as higher returns, flexible tenure, lower minimum deposit limit, and loan against FD facility, among others. When it comes to the FD interest rate, the highest rate offered on Dhan Laxmi Bank FD is 5.60%. Latest Dhan Laxmi Bank FD interest rate for senior citizens, on the other hand ranges between 4.00% to 6.10%.

Tenure FD interest rates Senior Citizen FD interest rates
7 days to 14 days 3.50% 4.00%
15 days to 45 days 3.50% 4.00%
46 days to 90 days 4.00% 4.50%
91 days to 179 days 4.25% 4.75%
180 days to 364 days 4.50% 5.00%

Dhan Laxmi Fixed Deposit (FD)

Dhan Laxmi Bank FDs are one the best investment option available for depositors who are looking to invest in a fixed income instrument and earn higher returns than savings account. Key Features of Dhan Laxmi Bank Fixed Deposit are:

  • Deposit Amount: Dhan Laxmi Bank FD can be opened with an amount as a low to up to .
  • FD Tenure: Ranges between 7 days to 10 years.
  • Interest Rate Range: 3.50% p.a. to 5.60% p.a.
  • Senior Citizens FD Rate: 4.00% to 6.10% p.a.
  • Highest Interest Rate: As per today’s rate, Dhan Laxmi Bank’s highest interest rate on FD is 5.60% offered for a tenure of 10 years.
  • Safety of Dhan Laxmi Bank Deposits: Dhan Laxmi Bank deposits are covered under the Deposit Insurance Scheme of RBI in which up to ₹ 5 lakh of all deposits of a depositor are insured by DICGC.
  • Loan against FD: Dhan Laxmi Bank provides loan against FD to help its depositor meet their liquidity requirements without breaking the FD.
  • Auto Renewal Facility: Available
  • Nomination Facility: Available
  • Popular FD Schemes:

Dhan Laxmi Bank Best FD Plan

We need to compare tenure wise latest FD rate of Dhan Laxmi Bank to choose the tenure at which it provides the highest interest rate. Dhan Laxmi Bank FD rates are best for the deposits with a tenure of 5 years 1 day to 10 years, wherein the current FD rate of interest is 5.60% p.a

If one is looking to invest in short term deposits with Dhan Laxmi Bank, FD interest rates range from 3.50% p.a. to 4.50% p.a for deposits with a tenure of 7 days to less than 365 days. These deposits are known as short term deposits as they have a tenure of less than 1 year. Short term Dhan Laxmi Bank FD rates for senior citizens range from 4.00% to 5.00% p.a.

If one is looking to invest in long term deposits, Dhan Laxmi Bank FD interest rates with tenure of 5 years to 10 years are a good choice with interest rates on deposits with a tenure of 10 years at 5.60%. Senior citizens are offered special rates from bank with highest deposit rates of 6.10% p.a. on long term FDs.

Fixed Deposits of Dhan Laxmi Bank have a higher interest rate compared to their saving deposits. Benefits of opening a FD account in Dhan Laxmi Bank are:

  • Interest on deposit is paid only at the time of the maturity
  • Nomination facility available
  • Extra interest of 0.25% to 0.50% payable to the senior citizens
  • Availability of auto renewal facility on the deposit
  • Earn higher returns on the money deposited

FD in Dhan Laxmi Bank – Premature Withdrawal

Premature closure of Term Deposit with Dhan Laxmi Bank is along with the lower interest rate of 1% for deposits above Rs. 5 lakh and 0.5% for deposits below Rs. 5 lakh than the contracted rate. The penal provisions for premature closure on Dhan Laxmi Bank FD are subject to change from time to time and may also vary with deposit schemes.

Loan against Fixed Deposit Dhan Laxmi Bank

Dhan Laxmi Bank offers loan up to 0% against its own deposit. Note that Dhan Laxmi Bank will not give you loan against FD of any other bank. Dhan Laxmi Bank offers Loan against FD at the rate of 4.5% to 6.6%

FD Account Opening Process at Dhan Laxmi Bank

To open a Fixed Deposit account in Dhan Laxmi Bank, you can visit the official website and login to your account. Choose Fixed Deposit option from the menu and select the Type of FD you want to open and proceed. After this, you have to fill the deposit amount and select ‘Senior Citizen’ option if you are above 60. You have to choose the tenure of deposit and interest payout frequency. Click on Submit to open the Dhan Laxmi Bank FD after reading the terms and conditions.

Nomination Facility on Dhan Laxmi Bank FD

Dhan Laxmi Bank offers nomination facility on Fixed Deposit to claim the amount in case of the death of the depositor. An individual, single or joint account holders can appoint a nominee. Only one person can be appointed as nominee. You can fill nominee details while opening a Dhan Laxmi Bank fixed deposit. Nominee has to submit his/her identification proof at the time of claim.

FAQs

What is the highest FD rate for Dhan Laxmi Bank?

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

Are there any special rates for senior citizens FD of Dhan Laxmi Bank?

Yes, senior citizens get a higher rate on their deposits compared to FD rates. The rate of regular FD are in the range of 3.50% to 5.60%. Compared to this, the rate of senior citizens FD are in the range of 4.00% to 6.10%.

Can I deposit additional amount in my FD account?

No, you cannot deposit any additional amount in your existing FD account as you are allowed to deposit only once at the time of opening the account. If you want to invest any additional amount in FD, you are required to open a new FD account.

Who is eligible for opening an FD account in Dhan Laxmi Bank?

All resident individuals, HUFs, NRIs, Firms including minors are eligible to open a fixed deposit account.

Is it possible to change the tenure of my existing fixed deposit account with Dhan Laxmi Bank?

No, it is not possible to alter the tenure selected for the fixed deposit account once the account is opened. However, you may close your existing fixed deposit account and can open a new account with a desired tenure of your choice.

What are the implications of opening an FD bank account without having PAN?

Following are the implications for the customers opening an FD account with Dhan Laxmi Bank without their PAN card

  • TDS will be deducted at the rate of 20% as against 10% under section 206AA
  • NO TDS credit from the Income Tax department
  • NO TDS certificate will be issued
  • Form 15G/H and other exemption certificates will be invalid and penal TDS will apply

What is the current interest rate on FD in Dhan Laxmi Bank?

Current interest for FD in Dhan Laxmi Bank ranges between 3.50% - 5.60%.

Can a customer open a FD account online in Dhan Laxmi Bank?

Yes, you can submit your application for opening a FD account on the website of Dhan Laxmi Bank. After submitting the application, you will be contacted by the bank’s representative for further process which includes filling an application process and submitting KYC documents.

In how many years FD will double in Dhan Laxmi Bank?

The interest rate on FD depends upon the tenure you choose. To know the time period in which your FD amount will get doubled, you need to divide 72 with the 5.60%. For Dhan Laxmi Bank FD the number of years in which your FD will get doubled is; 72/5.60 = 13


Dhan Laxmi News - Sep 2020
  • 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 subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More