Dhanalakshmi Bank Recurring Deposit 2025
Dhanlaxmi Bank makes it simple to start a Recurring Deposit (RD) account. The bank's RD accounts are available for a variety of terms. The interest rate on the RD account goes from 6.50% to 6.90%. The minimum deposit required in the RD account is Rs.1,000.
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.
The 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.
FAQs on Dhanalakshmi Bank Recurring Deposit
- What are the vital documents required to start an RD in Dhanalakshmi Bank?
The vital documents required to start an RD in Dhanalakshmi Bank are passport sized photograph, proof of address, proof of identification, application form, and other KYC documents as mentioned by the bank.
- How much tax is deducted on RD interest?
RD interest earned up to Rs.10,000 is tax free. If the interest earned is more than Rs.10,000, then TDS gets deducted at a rate of 10%.
- Can I avail myself of a loan against RD at Dhanalakshmi Bank?
Yes, you can avail yourself of a loan or overdraft against an RD opened at Dhanalakshmi bank.
- Can I start a recurring deposit at Dhanalakshmi Bank online?
Yes, you can log on to your net banking account of Dhanalakshmi Bank to apply for an RD account. Provide all the required details such as name, age, monthly instalment amount, and tenure. Submit the application form. The confirmation will be sent by mail and SMS to the registered email address and mobile number. The monthly installment will be deducted every month on the date on which the initial investment was made.
- I run a partnership firm. Can I apply for an RD at Dhanalakshmi Bank?
Yes, you can apply for an RD at Dhanalakshmi Bank. Other than partnership firms, sole proprietorship, commercial enterprise, corporation, government institutions are also eligible for opening an RD.
- Can I deposit different monthly installments in RD account?
No, you cannot deposit different monthly installments in an RD account. The monthly installment set for a specific RD account cannot be altered once started.
- How many types of recurring deposits are there?
There are mainly three types of recurring deposits that are generally provided by most Indian bank are General RD, Senior Citizen RD, NRI/NRE RD, and Minor RD.
- Can I opt for partial withdrawal of RD?
No, recurring deposit scheme does not allow the deposit to opt for partial withdrawal. In some banks partial withdrawal of RD is allowed along with a certain percentage of penalty.
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