• 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.

    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: 2.50%

    Maximum: 6.25%

    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.) 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.

    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

    1. 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.

    2. 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.

    3. 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.

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