Lakshmi Vilas Bank Tax Saving Fixed Deposit
The Lakshmi Vilas Bank that merged with DBS Bank offers a tax saving fixed deposit to its customers. The fixed deposit offers a minimum interest rate of 2.50%. One can open a fixed deposit account for a minimum tenure of 7 days and a maximum of 10 years.
The Laxmi Vilas Bank was merged into the Indian subsidiary of DBS Bank on 27 November 2020.
Lakshmi Vilas Bank Tax Saving Fixed Deposit Features
The various features of Lakshmi Vilas Bank Tax Saving Fixed Deposit Scheme are given below:
Account type | Single or Joint |
Interest rate | Minimum: 5.50% Maximum: 7.00% |
Deposit amount | Minimum: Rs.100 Maximum: Rs.1,50,000 |
Premature withdrawal | Not available before lock-in period of 5 years |
Nomination facility | Available |
Interest payout | Monthly, quarterly, half yearly and yearly |
Laksmi Vilas Bank Tax Saving Fixed Deposit Interest Rate of Deposits below Rs.2 Crore
The interest rates for Laksmi Vilas Bank Tax Saving Fixed Deposit Scheme for deposits below Rs.2 crore are given below:
Tenure | General Interest Rate (p.a.) |
7 days | 2.50% |
8 to 60 days | 2.75% |
61 days to 90 days | 3.00% |
91 to 180 days | 3.00% |
181 to 269 days | 4.75% |
270 to less than 1 year | 4.75% |
1 year to 375 days | 5.75% |
376 days to less than 2 years | 6.00% |
2 years & less than 2 years 6 months | 6.50% |
2 years & 6 months | 6.50% |
2 years 6 months 1 day & less than 3 years | 6.50% |
3 years and less than 4 years | 6.25% |
4 years to less than 5 years | 6.25% |
5 years and above | 6.25% |
Note: These interest rates are effective since 10 October 2022 and can be changed as per bank's rules and regulations.
How to Apply for Lakshmi Vilas Bank Tax Saving Fixed Deposit Account
To open a Lakshmi Vilas Bank tax saving fixed deposit account, you can visit the nearest Lakshmi Vilas Bank. A representative of the bank will guide you through the process.
FAQs on Lakshmi Vilas Bank Tax Saving Fixed Deposit
- What is the maximum tenure of an account under the Lakshmi Vilas Bank tax saving fixed deposit scheme?
The maximum tenure of an account under the Lakshmi Vilas Bank tax saving fixed deposit scheme is 10 years.
- Is the nomination facility available for the Lakshmi Vilas Bank Tax Saving Fixed Deposit Account?
Yes, nomination facility is available for the Lakshmi Vilas Bank Tax Saving Fixed Deposit Account.
- Are there any special interest available for senior citizens under the Lakshmi Vilas Bank tax saving fixed deposit scheme?
Yes, senior citizens get an additional 0.50% interest rate under the Lakshmi Vilas Bank tax saving fixed deposit scheme.
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