Dhanlaxmi Bank was established at Thrissur, Kerala in the year 1927. Today, Dhanlaxmi Bank is a major market player in the Indian Banking front and has over 678 branches across India. Over the last 80 years, the bank has grown massively in terms of number of customers, scale of business and breadth of financial products and services that it offers. The bank caters to the banking needs of the Indians by providing personal and corporate banking services. Dhanlaxmi Bank recurring deposits and term deposits are favourite among people because of the flexibility and profitability that comes with the scheme.
Recurring Deposit Scheme from Dhanlaxmi Bank
The Laxmi Recurring Deposits scheme offered by Dhanlaxmi bank allows for investment of an initial amount with recurring monthly additions for a fixed period of time. A special kind of term deposit, recurring deposits help people to deposit a fixed initial amount and earn interest rates on that amount. Laxmi Recurring Deposit scheme will allow you to build your savings and also earn interest on the amount that you deposit monthly.
Features of Dhanlaxmi Bank Recurring Deposits
Laxmi Recurring Deposits from Dhanlaxmi bank comes with a plenty of customer-centric benefits that makes it very flexible and convenient. Here are some of the benefits that come with Dhanlaxmi bank recurring deposit scheme.=
- Attractive Interest Rates Dhanlaxmi Bank offers one of the best interest rates in the market for Laxmi Recurring Deposit Scheme.
- Flexibility Recurring deposit account holders can start the scheme with a small initial amount and make monthly additions in varied denominations.
- Principal and Interest The interest accrued on the amount is added to the balance on a quarterly basis. The cumulative interest is paid along with the principal upon the maturity of the deposit.
- Senior Citizen Privileges All senior citizens are eligible for an additional 0.5% interest rate per annum for all recurring deposits of one year and above.
Interest Rates for Dhanlaxmi Bank Recurring Deposits
Here are the interest rate for Dhanlaxmi bank’s Laxmi Recurring Deposit scheme.
- For terms ranging from 7 days to 45 days, the rate of interest is 6.00% per annum.
- For terms ranging between 46 days to 179 days, the interest rate per annum ranges from 7.50% to 7.75% depending on the period.
- An interest rate of 8.25% to 8.75% is offered for periods ranging from 180 days to 10 years.
Process for Opening a Recurring Deposit Account with Dhanlaxmi Bank
Recurring deposit accounts can easily be created either at the physical bank branches or through Dhanlaxmi bank web portal. Existing customers can easily apply online or contact the nearest bank branch to create a recurring deposit account. New customers can apply online by providing personal information like name, contact number and preferred branch. Once you submit the online form, a representative from Dhanlaxmi bank will contact you shortly to discuss the Alternatively, they can also get in touch with the nearest Dhanlaxmi bank to get more details and open a recurring deposit account.