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  • Dhanalakshmi Bank Fixed Deposit

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  • Dhanlaxmi, with its rich heritage, is a trusted name and a safe haven for your investments. It has several customised fixed deposit schemes in order to meet the variant requirements of all of its customers.

    Types of Dhanalaxmi Bank Fixed Deposit (FD) schemes

    • Dhanam Abhivridhi
    • Surabhi Deposit
    • Sri Dhana Chakra Deposit scheme
    • Senior Citizen’s Deposit scheme
    • Tax Advantage FD scheme
    • Cumulative Deposit Certificate (DCDC)

    Features of Dhanalaxmi Bank Dhanam Abhivridhi FD scheme

    • Minimum amount of deposit: Rs.100
    • Range of maturities available: 7 days to 10 years
    • No limit on maximum deposit amount
    • Interest compounded at quarterly rests
    • Interest paid on the date of maturity
    • Interest rates: 4.00% p.a. to 7.25% p.a.
    • You can apply for a loan or overdraft facility against this Term Deposit.
    • Nomination is available
    • Senior citizens are eligible for higher rates of interest
    • Premature withdrawals are not charged with any penalty
    • Tax Deducted at Source (TDS) is deducted from the interest income according to the Income Tax Act, 1961.

    Features of Dhanalaxmi Bank Surabhi Deposit scheme

    • Facility to link your Savings Account or Current Account to the Term Deposit account
    • This Surabhi FD account can be linked to more than one accounts.
    • In case of deficits in the linked Savings/Current Account, funds will be transferred from the FD account in units of Rs.1,000.
    • After the deposit matures, the account is automatically renewed.
    • Maturity period: 6 months and above
    • Lower limit of investment: Rs.10,000

    Features of Dhanalaxmi Bank Sri Dhana Chakra Fixed Deposit

    • Minimum investment: Rs.5,000
    • Minimum tenure: 15 days
    • Higher FD interest rates as opposed to standard deposit rates
    • Auto to renewal of the deposit after maturity for a tenure of your choice
    • If the Sri Dhana Chakra Deposit account is closed 15 days since renewal, you will not receive any interest.

    Features of Dhanalaxmi Bank Senior Citizen’s Term Deposit scheme

    • 0.50% additional rate of interest offered to senior citizens
    • Special rates only applicable for domestic deposits with a tenure of 1 year and above except for the 500 to day tenure.
    • Range of Term Deposit rates: 7.00% p.a. to 7.50% p.a.
    • Range of FD maturity: 6 months to 120 months

    Features of Dhanalaxmi Bank Tax Advantage Fixed Deposit scheme

    • Tax Advantage FD interest rates:
    • Range of tenure period: 5 years to 10 years
    • Minimum FD amount: Rs.100
    • Tax benefits as outlined under Section 80 C of the Income Tax Act, 1961
    • Tax to based exemptions only valid for a deposit value of up to Rs.1.50 lakh in a financial year.
    • Permanent Account Number (PAN) card is mandatory to apply for this scheme
    • Cannot prematurely withdraw from the Term Deposit scheme before 5 years of lock to in period
    • Cannot avail loans against the Term Deposit scheme

    Features of Dhanalaxmi Bank Cumulative Deposit Certificate (DCDC) scheme

    • Interest added to the principal amount every quarter
    • Cumulative payment of interest
    • Lower limit of deposit: Rs.100
    • Range of tenure: 6 months to 5 years
    • Rates of interest: 4.00% p.a. to 7.25% p.a.
    • Loans can be availed for up to 90% of the deposit value
    • Lower limit of remittance amount: Rs.500

    Dhanalaxmi Bank Fixed Deposit interest rates: Under Rs.1 crore

    Tenure bracket Regular FD rates (per annum) Senior Citizens FD rates (per annum)

    7 days to 15 days

    4.00%

    4.00%

    15 days to 46 days

    4.00%

    4.00%

    Above 45 days to 3 months

    5.00%

    5.00%

    Above 3 months to 6 months

    5.50%

    5.50%

    6 months to 12 months

    6.50%

    6.50%

    12 months to 500 days

    7.00%

    7.50%

    500 days

    7.25%

    7.25%

    Above 500 days to 24 months

    7.00%

    7.50%

    Above 24 months to 36 months

    6.50%

    7.00%

    Above 36 months to 60 months

    6.50%

    7.00%

    Above 60 months to 120 months

    6.50%

    7.00%

    *The Dhanalaxmi Bank FD rates tend to vary at the discretion of the bank. The FD interest rates are valid as of 15 January 2019.

    How is the interest calculated for Dhanalaxmi Bank FD scheme?

    • Indian Banks’ Association (IBA) scheme:
      • Number of days in a month considered as 30 days
      • Number of days in a year considered as 360 days
      • In case of ‘Broken Period Deposit’, number of days is considered as 365 days
    • Non to IBA scheme: Quarterly compounding of interest for cumulative deposit scheme

    Premature withdrawal of Dhanalaxmi Bank Term Deposits

    In case of premature encashment, the following penalties are applicable:

    • Penal interest of 1% levied on deposits adding up to Rs.5,00,000 and more.
    • 0.50% penalty is charged for Term Deposits under the value of Rs.5,00,000.

    Who can apply for the Dhanalaxmi Bank Fixed Deposit scheme?

    • Any individual who is a resident of India
    • Firms
    • Corporates
    • Associations
    • Societies
    • Clubs
    • Trust Accounts

    What documents should you submit to open a Dhanalaxmi Bank FD account?

    • Permanent Account Number (PAN) Card
    • Identity proof:
      • Aadhaar Card
      • Driving license
      • Passport
      • Voter ID Card
      • An official ID card issued by your employer
    • Address proof:
      • Aadhaar Card
      • Ration Card
      • Electricity Bill or Telephone Bill
    • 2 latest colour passport-size photographs

    FAQs on Dhanalaxmi Bank Term Deposit scheme

    1. What is the highest FD rate of interest available through Dhanalaxmi Bank?
    2. The maximum FD rates available is 7.25% p.a. for a maturity period of 500 days.
    3. What is the range of tenure for Dhanalaxmi Bank FD scheme?
    4. The tenure range for the Dhanalaxmi Bank Fixed Deposit scheme is between 7 days and 120 months.
    5. What is the minimum deposit amount needed to open a Sri Dhana Chakra FD account?
    6. You need to invest at least Rs.5,000 for this Term Deposit scheme.
    7. What is the minimum amount of balance needed for the Surabhi Deposit scheme?
    8. You need to maintain a minimum balance of Rs.10,000 to operate the Surabhi Term Deposit scheme.
    9. What is the FD rate for Tax Advantage Deposit scheme?
    10. The Dhanalaxmi Bank Tax Advantage FD scheme comes at an interest rate of 6.50% p.a.
    11. Are senior citizens eligible for special Fixed Deposit rates?
    12. Yes, senior citizens can receive 0.50% higher interest rate for deposits with a tenure of 1 year and above.

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    Dhanalakshmi Bank Fixed Deposit Reviews

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