• Overview of Lakshmi Vilas Bank Fixed Deposit

    Lakshmi Vilas Bank is one of India’s prominent banks which was established in 1926 under the guidance of V.S.N. Ramalinga Chettiar. The bank was established to help the industrialists and traders and agriculturalists that resided in the region of Karur. Between the years 1961 and 1965 the bank grew rapidly and post 1974, it started to expand to other parts of the country as well.

    Today, the bank offers its services through an impressive network of over 400 branches spread across the country. It also has 11 regional offices and well over 800 ATMs. A majority of this network is still spread strongest throughout Tamil Nadu. It has also seen steady and impressive growth over the past few years. Among the many services offered by the bank are fixed deposits that can be used to invest money in a safe environment.

    Fixed Deposits of Lakshmi Vilas Bank

    Lakshmi Vilas Bank fixed deposits provide depositors with the opportunity to invest their money in a safe environment where the money can grow at a steady pace over a fixed period of time. The banks schemes even let investors use these fixed deposits in order to gain tax benefits and get attractive returns on the investment. The duration of these FDs can also be chosen to suit your financial commitments and needs.

    Eligibility - Who can open an FD account with Lakshmi Vilas Bank

    Any individual can open a fixed deposit with the bank. The FD can also be opened jointly or by a group like a company or a society. Even minor above the age can open fixed deposits either under the guidance of a guardian or on their own. Even NRIs (Non Resident Indian’s) can open these fixed deposits.

    What Fixed Deposit Schemes does Lakshmi Vilas Bank offer?

    The fixed deposit schemes offered are meant to help depositors enjoy the benefits of attractive interest rates and tax savings. The deposits can be opened for tenures that may vary from 15 days to 5 years. The interest earned will depend on the duration of the deposit and the classification of the account based on it being opened by a resident of India or an NRI.

    The fixed deposits can also be used to generate additional income as the interest earned through these deposits is credited to you every quarter.

    Can NRIs open fixed deposits with Lakshmi Vilas Bank?

    Yes, NRIs too can open fixed deposits with Lakshmi Vilas Bank. They will need to go in for NRE, NRO or FCNR deposits. The interest earned on these deposits will differ slightly from domestic deposits based on them being NRO or FCNR deposits.

    What is the minimum amount required to open an FD account with Lakshmi Vilas Bank?

    The minimum amount required to open an FD will be Rs. 100 irrespective of the account being a tax saver fixed deposit or a normal fixed deposit.

    What is the maximum amount that can be deposited in a Lakshmi Vilas Bank FD account?

    The bank also offers fixed deposits for large sums with no defined limit on the maximum amount that can be deposited.

    What is the minimum / maximum period for which funds can be held in as fixed deposits with Lakshmi Vilas Bank?

    The minimum period for which funds can be held in a fixed deposit is 15 days and the maximum is 5 years or more.

    What is the procedure to open a fixed deposit account at Lakshmi Vilas Bank?

    A fixed deposit with this bank can be opened in two ways. The first is the traditional way of approaching the bank’s branches and submitting the appropriate documents. The second is the online method where all you have to do is fill up a form on the website with your details and which account you want to open.

    Once the form is completed it will provide you with a unique number to track your request and also a list of documents that will be needed. Thereafter, a representative of the bank will get in touch with you to help with the remaining formalities.

    What are the interest rates offered on Lakshmi Vilas Bank fixed deposits?

    The fixed deposit interest rates offered by Lakshmi Vilas Bank depend on the duration of the deposit and the type of deposit.

    Domestic deposits can earn an interest rate of 5.5% per annum to 8.75% per annum on deposits held for 15 days to 364 days. For deposits held from 1 year to 2.5 years the interest rate is 8.80% per annum and 9% per annum for deposits held for 900 days. Long term deposits of 901 days to just under 5 years earn 8.80% per annum and those above 5 years earn 8.75% per annum.

    NRE and NRO deposits earn 8.80% interest for deposits held for 1 year up to 899 days. Those held for 900 days earn 9% per annum and those held up to 5 years earn 8.80% per annum. Long term deposits of 5 years to 10 years earn 8.75% per annum.

    The interest rate on FCNR deposits depends on the currency the account is held in and can range from 1.32% per annum to 5.55% per annum.

    The interest rates may change without prior notice at the banks discretion.

    Does Lakshmi Vilas Bank offer senior citizens special rates on their fixed deposits?

    Yes. Senior citizens get an additional interest rate of 0.50% per annum higher than the prescribed rate. The only condition to avail this interest rate is that the FD opened should be of a tenure greater than 1 year.

    This interest rate is applicable only to domestic deposits and not NRE, NRO or FCNR deposits.

    Does Lakshmi Vilas Bank offer tax saver fixed deposits?

    Yes the bank does offer a tax saver fixed deposit. It is called the Lakshmi Tax Saver Deposit and comes with a lock-in period of 5 years. The interest rate offered on this deposit is 8.75% per annum and offers tax benefits under section 80C of the IT Act. The maximum amount for which tax benefits can be claimed is Rs. 1.5 lakhs.

    Are FD accounts with Lakshmi Vilas Bank taxable?

    If the interest earned through the FDs held with the bank will be liable for tax if the interest earned crosses the defined limit. These deductions will be made at source.

    What if I want to close my fixed deposit prematurely?

    Fixed deposits held with Lakshmi Vilas Bank can be closed prematurely however such a premature closure will be liable for a penalty. The penalty will be the payment of an interest rate which is 1% per annum lower than the agreed interest rate.

    The deposit will also have to be held with the bank for a minimum of 15 days before foreclosure and this facility is not available for the tax saver fixed deposits.

    What are the main features of Lakshmi Vilas Bank fixed deposit schemes?

    The fixed deposits of this bank offer many features to depositors. Some of which are:

    • Nomination facilities
    • Tax saving fixed deposits
    • NRE, NRO and FCNR deposit facilities
    • Loans against the FD held with the bank
    • Auto renewal of fixed deposits on maturity

    Are loans provided against FDs at Lakshmi Vilas Bank?

    Yes. The bank can provide loans, to depositors, against the deposits held with them for up to 75% of the value of the deposit.

    Does Lakshmi Vilas Bank issue credit cards against fixed deposits held at Lakshmi Vilas Bank?

    No the bank does not offer credit cards against fixed deposits held with them.

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    • Lakshmi Vilas Bank Fixed Deposit
      "Better safety locker"
      0.5 5.0/5 "Blown Away!"
      Based on my savings account , I have got the Fixed deposit from the Lakshmi vilas bank. I have also got the safety locker with the Lakshmi vilas bank. I have this Fixed deposit for past 6months. I get the average interest rate with the Lakshmi vilas fixed deposit.
      Was this review helpful? 8
      , chennai
      Reviewed on Dec 05, 2017
    • Lakshmi Vilas Bank
      Lakshmi Vilas Bank Fixed Deposit
      "Good savings"
      0.5 5.0/5 "Blown Away!"
      I have invested Rs. 3 lakhs it has the tenure one year,I am holding Fixed deposit around Rs. 3 months. After maturity I well receive the interest of 8% and investment amount credits to my account, I am working as a staff in the same bank, hence they provides 8% as a staff for other they give 7% and for senior citizen 7.5% of interest.
      Was this review helpful? 4
      , rajapalayam
      Reviewed on Sep 13, 2017
    • Lakshmi Vilas Bank Fixed Deposit
      "Better service when compared with other banks"
      0.5 5.0/5 "Blown Away!"
      LAKSHMI VILAS bank I had opted for FD. Interest rate offered by them was the best. I had opted this for a period of 2 years. The interest rate offered by them was 0.5% to 1% was higher than other banks. They also provide special schemes for women and senior citizen.
      Was this review helpful? 7
      , warangal
      Reviewed on Nov 11, 2016
    • Lakshmi Vilas Bank Fixed Deposit
      "Joint account"
      0.5 5.0/5 "Blown Away!"
      This is basically a joint account with my wife and I hold the same with LAKSHMI VILAS bank, it is basically a normal FD. I had not been to the branch till date. I had been asked to sign the FORM and I had it signed and sent it to them. They were in need of normal documents like ration card and other address proof etc., for opening this FD.
      Was this review helpful? 4
      , chennai
      Reviewed on Oct 22, 2016
    • Lakshmi Vilas Bank Fixed Deposit
      "Good bank for fixed deposit "
      0.5 5.0/5 "Blown Away!"
      Lakshmi villas Bank is giving 7.5% interest rate for the fixed deposit with the minimum lock in period of 91 days. There is no any nationalized or private bank to give such higher interest rate for FD. I visited the branch to avail the facility and within 20-25 minutes the producer was completed. We can liquid the cash any time but they will charge 1% on the amount.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jun 03, 2016
    • Lakshmi Vilas Bank Fixed Deposit
      0.5 5.0/5 "Blown Away!"
      I use an account and on that basis opened the fixed deposit. Interest rate will be less in the government banks. Over draft features is present on the fixed deposit. Usually the interest rate would be 0.5% high for senior citizens. Now the fixed deposit rate is 7.8 to 9% at Lakshmi Vilas bank.
      Was this review helpful? 14
      , coimbatore
      Reviewed on Mar 09, 2016
    • Lakshmi Vilas Bank Fixed Deposit
      "Excellent rate of interest"
      0.5 4.5/5 "Excellent!"
      Lvb provides one of the best rates of interest with no lock in period. I have been holding my FD's with them for the past 3-4 years renewing them each year with no problem as such. They provide Good customer service and, overall, I am very happy with the bank
      Was this review helpful? 3
      , hosur
      Reviewed on Oct 19, 2015
    • Lakshmi Vilas Bank Fixed Deposit
      "Beneficial One.."
      0.5 4.0/5 "Great!"
      On the opening date I approached them and applied for a fixed deposit and recurring deposit. I already had a salary account with them. They asked me to fill a form and offered an interest rate of 10.5%. Tenure period for FD is 3 years and RD is 2 years. No locking period. Anytime we can break and take the money. Same interest will be provided for pe closure.
      Was this review helpful? 2
      , tirupur
      Reviewed on Aug 18, 2015
    • Lakshmi Vilas Bank Fixed Deposit
      "Highest Interest Rate on Fixed Deposit for 900 days"
      0.5 5.0/5 "Blown Away!"
      I am very happy to place fixed deposit with Lakshmi Vilas Bank, Secunderabad branch for a period of 900 days with interest rate of 9% p.a. It seems it is the highest interest among all banks. For Senior Citizens they offer 9.50% p.a. They have good no of branches in Andhra Pradesh and Telangana.
      Was this review helpful? 11
      , secunderabad
      Reviewed on Apr 26, 2015
    • Lakshmi Vilas Bank Fixed Deposit
      "Short Term FD"
      0.5 4.5/5 "Excellent!"
      This is very suitable bank with attractive interest rate around (9 ~ 9.5%) on short term fixed deposits. Interest rate offered by this bank is good compared with any public and private banks. i have operated 2 - 3 deposits in this bank and customer service also is flexible with customer needs
      Was this review helpful? 6
      , chennai
      Reviewed on Apr 21, 2015
    • Lakshmi Vilas Bank Fixed Deposit
      0.5 2.5/5 "Just OK"
      I have tried to open a Fixed deposit in LVB 2 months back in our city. Initially I was asked to open a Savings Bank a/c before opening a FD in the bank, but it has taken a more than weeks time as the branch didn't have the facility with them and applications were send to their HO for processing.As it was got delayed to open the savings account I am unable to open the FD in time, in the mean time the bank has also reduced the lending rate by 0.25 pts and it result me loss of around Rs.1500/- in the FD maturity amount. The Bank has to improve the speed of processing the SB application and ensure that all branches should have the facility to open the SB a/c by themselves. But interest rate offered by this bank is good compared with other public/pvt banks.
      Was this review helpful? 9
      , cuddalore
      Reviewed on Feb 21, 2015
    • Lakshmi Vilas Bank Fixed Deposit
      0.5 5.0/5 "Blown Away!"
      Lakshmi Vilas Bank fixed deposit: In simple terms i can say that this bank is friendly in access. The interest rate is better when compared with other banks, it was very simple for me in opening this Fixed deposit account. The customer service executives are very friendly in approach.
      Was this review helpful? 5
      , bangalore
      Reviewed on Sep 02, 2014
    • Lakshmi Vilas Bank Fixed Deposit
      "Fantastic Service"
      0.5 5.0/5 "Blown Away!"
      Hello Friends, I am a customer of this bank from the last 3 years. They have provided me the best service i had ever used. Their staff is so cooperative. They have well educated staff they know how to talk with customers. I will recommend you to use the services of this bank. Thank you
      Was this review helpful? 8
      , new delhi
      Reviewed on Aug 21, 2014
    • Lakshmi Vilas Bank Fixed Deposit
      "Satisfactory service"
      0.5 4.0/5 "Great!"
      It is mainly for the tax savings purpose I have created the fixed deposit with Lakshmi Vilas bank. I am depositing around rs60000 for five years and I won't be able to get the amount before the tenure completes. I am holding two different FD's with them. Interest rate is normally good. It would be better if the improve the customer service.
      Was this review helpful? 2
      , ghaziabad
      Reviewed on Aug 08, 2014
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