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Lakshmi Vilas Bank FD Interest Rates

Lakshmi Vilas Bank FD Rates 2021

Last Updated 03rd Jan 2021

Lakshmi Vilas Bank is one of most reliable FD providers amongst a number of FD providers in the market. Lakshmi Vilas 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 Lakshmi Vilas Bank FD is 6.00%. Latest Lakshmi Vilas Bank FD interest rate for senior citizens, on the other hand ranges between 2.50% to 6.50%.

Tenure FD interest rates Senior Citizen FD interest rates
7 days to 14 days 2.50% 2.50%
15 days to 30 days 2.50% 2.50%
31 days to 60 days 2.50% 2.50%
61 days to 90 days 2.75% 2.75%
91 days to 180 days 2.75% 2.75%
Earn upto 6.95% on FD APPLY NOW

Lakshmi Vilas Fixed Deposit Features

Lakshmi Vilas 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 Lakshmi Vilas Bank Fixed Deposit are:

  • Deposit Amount: Lakshmi Vilas Bank FD can be opened with an amount as a low to up to .
  • FD Tenure: Ranges between 7 days to 730 days.
  • Interest Rate Range: 2.50% p.a. to 6.00% p.a.
  • Senior Citizens FD Rate: 2.50% to 6.50% p.a.
  • Highest Interest Rate: As per today’s rate, Lakshmi Vilas Bank’s highest interest rate on FD is 6.00% offered for a tenure of 730 days.
  • Safety of Lakshmi Vilas Bank Deposits: Lakshmi Vilas 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: Lakshmi Vilas 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:

Lakshmi Vilas Bank Best FD Plan

We need to compare tenure wise latest FD rate of Lakshmi Vilas Bank to choose the tenure at which it provides the highest interest rate. Lakshmi Vilas Bank FD rates are best for the deposits with a tenure of 1 year 5 months 26 days to 2 years, wherein the current FD rate of interest is 6.00% p.a

If one is looking to invest in short term deposits with Lakshmi Vilas Bank, FD interest rates range from 2.50% p.a. to 3.50% 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 Lakshmi Vilas Bank FD rates for senior citizens range from 2.50% to 4.00% p.a.

If one is looking to invest in long term deposits, Lakshmi Vilas 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 5.50%. Senior citizens are offered special rates from bank with highest deposit rates of 6.00% p.a. on long term FDs.

Fixed Deposits of Lakshmi Vilas Bank have a higher interest rate compared to their saving deposits. Benefits of opening a FD account in Lakshmi Vilas 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

Lakshmi Vilas Bank Fixed Deposit Rates – Premature Withdrawal

Premature closure of Term Deposit with Lakshmi Vilas Bank is along with the lower interest rate of than the contracted rate. The penal provisions for premature closure on Lakshmi Vilas Bank FD are subject to change from time to time and may also vary with deposit schemes.

Loan against Fixed Deposit Lakshmi Vilas Bank

Lakshmi Vilas Bank offers loan up to 0% against its own deposit. Note that Lakshmi Vilas Bank will not give you loan against FD of any other bank. Lakshmi Vilas Bank offers Loan against FD at the rate of 3.5% to 7%

FD Account Opening Process at Lakshmi Vilas Bank

To open a Fixed Deposit account in Lakshmi Vilas 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 Lakshmi Vilas Bank FD after reading the terms and conditions.

Nomination Facility on Lakshmi Vilas Bank FD

Lakshmi Vilas 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 Lakshmi Vilas Bank fixed deposit. Nominee has to submit his/her identification proof at the time of claim.

FAQs

What is the highest FD rate for Lakshmi Vilas Bank?

You can earn a maximum interest of 6.00% on Lakshmi Vilas Bank fixed deposit.

Are there any special rates for senior citizens FD of Lakshmi Vilas 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 2.50% to 6.00%. Compared to this, the rate of senior citizens FD are in the range of 2.50% to 6.50%.

What are the current Lakshmi Vilas Bank FD interest rates 2021?

Current interest for FD in Lakshmi Vilas Bank ranges between 2.50% - 6.00%.

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 Lakshmi Vilas 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 Lakshmi Vilas 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 Lakshmi Vilas 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

Can a customer open a FD account online in Lakshmi Vilas Bank?

Yes, you can submit your application for opening a FD account on the website of Lakshmi Vilas 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 Lakshmi Vilas 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 6.00%. For Lakshmi Vilas Bank FD the number of years in which your FD will get doubled is; 72/6.00 = 12


Lakshmi Vilas News - Jan 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 subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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