Lakshmi Vilas Bank Fixed Deposit Rates 2022

Founded in 1926, Lakshmi Vilas Bank is one of India’s leading private sector banks headquartered in Chennai, Tamil Nadu. Offering a wide variety of financial products and services under corporate and private banking, the Lakshmi Vilas Bank offers a fixed deposit scheme with attractive interest rates and a wide range of tenure options to choose from. The highest Lakshmi Vilas Bank (LVB) fixed Deposit rate is 5.75% p.a. for a maturity period ranging between 5 years and 10 years.

The minimum tenure for a fixed deposit is 7 days and the maximum is 10 years. The minimum amount required to open a term deposit account at Lakshmi Vilas Bank is Rs.100.

Highlights of LVB Fixed Deposit rates

  • Range of interest rates available for the general public: 2.50% p.a. to 5.75% p.a.
  • Highest Lakshmi Vilas Bank FD rate: 5.75% p.a. (5 years and 10 years)
  • Highest FD rate for Senior Citizens: 6.25% p.a. (years and 10 years)
  • Lakshmi Tax Saver Fixed Deposit rate: 5.75% p.a.
  • Tenure range available: 7 days to 10 years

Lakshmi Vilas Bank Fixed Deposit Rates

Tenure bracket General FD rates (per annum) Senior Citizens FD rates (per annum)
7 days to 60 days 2.50% 2.50%
61 days to 180 days 2.75% 2.75%
181 days to 269 days 3.00% 3.50%
270 days to 364 days 3.50% 4.00%
365 days to 540 days 5.00% 5.50%
541 days to 730 days 5.15% 5.65%
731 days to less than 3 years 5.25% 5.75%
3 years to less than 5 years 5.65% 6.15%
5 years to 10 years 5.75% 6.25%

*The LVB Term Deposit rates are subject to change at the discretion of the bank. The rates of interest are valid as of 10 October 2021.

** Above rates are for deposits below Rs. 2 Crore.

Lakshmi Vilas Bank Tax Saver Deposit Rate

Tenure bracket General FD rates (per annum) Senior Citizens FD rates (per annum)
5 years 5.75% 6.25%

*The Lakshmi Tax Saver FD rates are subject to change at the discretion of the bank. The rates of interest are valid as of 10 October 2021.

Lakshmi Vilas Bank term deposits for Non-Resident Indians

For Non-Resident Indians, term deposits are offered in terms of NRO, NRE, FCNR and RFC deposits.

The interest rates for NRO deposits are the same as the domestic rates of interest along with the tenure.

Interest rates for NRE term deposit

Tenure bracket Rate of Interest (per annum)
1 year to less than 2 years 3.15%
2 years to less than 3 years 3.35%
3 years to less than 5 years 4.35%
5 years to 10 years 4.35%

Interest rate effective from 10 October 2021.

Interest rates for NRO term deposit

Tenure bracket General FD rates (per annum)
7 days to 60 days 2.50%
61 days to 180 days 2.75%
181 days to 269 days 3.00%
270 days to 364 days 3.50%
365 days to 540 days 5.00%
541 days to 730 days 5.15%
731 days to less than 3 years 5.25%
3 years to less than 5 years 5.65%
5 years to 10 years 5.75%

Interest rates for RFC term deposits

Tenure/Currency GBP USD
1 month to less than 6 months 0.04% 0.15%
6 months to less than 1 year 0.06% 0.26%
1 year 0.13% 0.33%
RFC SB 0.05% 0.05%

Interest rate effective from 10 October 2021

Features & Benefits of Laxmi Vilas Bank Fixed Deposits

Features and benefits of Laxmi Vilas Bank Fixed Deposits are:

  • Deposit period ranges up to 10 years with assured monthly or quarterly income.
  • Minimum deposit amount is Rs.100. There is no maximum deposit amount.
  • You can open a fixed deposit account with the bank individually or jointly. An account can also be opened in the name of a minor.
  • Loan and nomination facility are available.
  • Interest paid quarterly or at a discounted value on a monthly basis.

Eligibility criteria and Documents Required

Eligibility

  • Should have an account with the bank.
  • The account holder should be aged 18 years and above. A guardian aged 18 years and above can open an FD account on behalf of a minor.

Documents required

  • Proof of identity such as PAN card, voter id, etc.
  • Proof of address such as Aadhaar, utility bills, passport, etc.
  • Duly filled application form.
  • Other documents as asked for by the bank.

Laxmi Vilas Bank Loan Against FD

  • Avail loan amount of up to 90% of the fixed deposit amount.
  • The loan amount of up to Rs.24.99 lakh will be disbursed on the same day.
  • Rate of interest charged will be 1% above the fixed interest rate.
  • No processing fee charged.
  • No part-prepayment or foreclosure charges to be paid.

Nomination Facility on Laxmi Vilas Bank FD

The bank will offer you the nomination facility if you open a fixed deposit account with them. The nominee can also be changed or cancelled anytime by the accountholder.

Laxmi Vilas Bank Premature Withdrawal Facility

In case of any cash crunch, you can avail of the premature withdrawal facility. The bank will levy a fee of 1% on all the pre-closures including the deposit accounts closed for reinvestment purposes. No interest will be payable if the minimum period prescribed is not completed.

FAQs on Lakshmi Vilas Bank Fixed Deposit Rates

  1. What is the highest and lowest rate of interest on FD schemes by the Laxmi Vilas Bank?

    The lowest interest rate offered is 2.50% for tenure ranging between 7 days and 60 days, and highest being 5.75% p.a. for tenure ranging between 5 years and 10 years.

  2. What is the minimum deposit amount?

    The minimum deposit amount in Rs.100

  3. What is the special rate of interest for senior citizens?

    Senior citizens will receive an additional interest rate of 0.50% on their deposits for tenures ranging between 181 days and 10 years. The interest rate offered ranges between 2.50% to 6.25% p.a.

  4. Who can open FD account with Laxmi Vilas Bank?

    Anyone who is aged 18 years and above and holds a bank account with Lakshmi Vilas Bank can open an FD account. The person, however must submit the necessary documents to successfully open an FD account with the bank.

  5. How much time it takes for the FD investment amount to double?

    The return you will receive will depend on factors such as the deposit amount and tenure chosen by you.

  6. Can you alter the tenure of an existing FD account?

    No, you cannot alter the tenure of an existing FD account. However, once your deposit matures, you can reinvest the maturity amount and choose a new tenure then.

  7. Can a customer open an FD account online in Laxmi Vilas Bank?

    Yes, you as a customer can visit the bank’s official website to open an FD account online.

Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

reTH65gcmBgCJ7k
This Page is BLOCKED as it is using Iframes.