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 various features of Lakshmi Vilas Bank Tax Saving Fixed Deposit Scheme are given below:
|Account type||Single or Joint|
|Premature withdrawal||Not available before lock-in period of 5 years|
|Interest payout||Monthly, quarterly, half yearly and yearly|
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.)||Senior Citizen Interest Rate (p.a.)|
|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 2 years 6 months||5.25%||5.75%|
|2 years 6 months||5.25%||5.75%|
|2 years 6 months 1 day 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%|
Note: These interest rates are effective since 10 November 2021 and can be changed as per bank’s rules and regulations.
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.
Yes, nomination facility is available for the Lakshmi Vilas Bank Tax Saving Fixed Deposit Account.
Yes, senior citizens get an additional 0.50% interest rate 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.
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.