Lakshmi Vilas Bank (LVB), which is now DBS, offers the Lakshmi Freedom Deposit at an attractive interest rate. Only customers who have a savings account with the bank are eligible for the Lakshmi Freedom Deposit initiative.
When your savings account balance exceeds the threshold limit, the rest of the amount will be transferred to your Fixed Deposit (FD) account. The FD plan offers flexibility to its customers by having a savings bank account with a high-interest rate.
Eligibility Criteria for Applying for Lakshmi Freedom Deposit
The applicant should have a savings account with LVB in order to apply for a Lakshmi Freedom Deposit.
Who can avail a LVB Lakhsmi Freedom Deposit?
Following are the type of investors who can avail of LVB Lakshmi Freedom Deposit:
- Indian citizens
- Business organizations
- Government departments
- Local governing bodies
- Members of Hindu Undivided Family (HUFs)
- Trust accounts
Interest Rates on LVB Lakshmi Freedom Deposit
|Tenure||Interest Rate p.a. (General Public)||Interest Rate p.a. (Senior Citizens)|
Features of Lakshmi Freedom Deposit
- In case the minimum balance is more than Rs.5,000, the system will consider automatically transferring Rs.5,000 and multiples of Rs.5,000 to Lakshmi Freedom Deposit (LFD) for a 46-day tenure.
- The entire deposit scheme will be renewed if there is no Sweep-in within that deposit term.
- When the (46-day) deposit plan matures, it will be automatically renewed for another 46 days.
- It is the best way to save money for important occasions.
- The interest on Sweep out deposits will be invested for another 46 days if it exceeds Rs.1,000.
- To meet the withdrawals, a sweep in for a portion of the deposit amount has occurred, and the rest of the deposit amount will be automatically renewed on the maturity date.
Documents Needed for LVB Lakshmi Freedom Deposit
Following are the documents that are required to open a Lakshmi Freedom Deposit in LVB:
- Address proof like ration card, electricity, gas, or water bills.
- Identity proof such as Permanent Account Number (PAN) Card, passport, Aadhar Card, and driving license.
- Passport-size photographs.
- Age proof like birth certificate PAN Card, Voter ID Card, and matriculation passing certificate.
- Bank account details like account number and passbook.
How to Apply for the Lakshmi Freedom Deposit Plan?
You can apply for the Lakshmi Freedom Deposit Plan online by following the steps given below:
- Step 1: Visit https://www.lvbank.com/lakshmi-freedom-deposits.aspx.
- Step 2: Click on ‘Apply Online’.
- Step 3: Provide your basic details such as your name, email ID, mobile number, city, state, preferred branch, and pin code.
- Step 4: Click on ‘Submit’.
- Step 5: Once you submit your details, the bank officials will get in touch with you.
FAQs on LVB Lakshmi Freedom Deposit
What is the current interest rate on the LVB Lakshmi Freedom Deposit Plan?
LVB Bank offers a 2.50% interest rate to both the general public and senior citizens on Lakshmi Freedom Deposit Plan.
What is the tenure of the Lakshmi Freedom Deposit account?
The tenure of the Lakshmi Freedom Deposit is 46 days.
Who is eligible for opening a Lakshmi Freedom Deposit account?
Individuals, Firms, HUFs, NRIs, and minors are eligible to open a Lakshmi Freedom Deposit account.
What are the documents required to open a Lakshmi Freedom Deposit account?
All the KYC documents and passport size photographs are mandatory to open a Lakshmi Freedom Deposit account.
Can a Lakshmi Freedom Deposit account be opened online?
Yes, you can open a Lakshmi Freedom Deposit account by visiting the LVB’s official website.