Indians have chosen fixed deposits as their preferred investment option for ages. The most important benefits of an FD are that it guarantees returns and is quite a low-risk investment option. Dhanlaxmi Bank is another private-sector bank that offers fixed deposits. The bank, which started its operations way back in 1927 in Thrissur, Kerala, has made a name for itself with its financial products and customer service. So, if you have been considering opening an FD account, check out Dhanlaxmi Bank FD rates.
Let’s explore more about the fixed deposit rates offered by Dhanlaxmi Bank:
| Minimum Deposit | ₹100 |
| Maximum Deposit | No upper limit |
| Minimum Tenure | 7 Days |
| Maximum Tenure | 10 Years |
| Interest Rates | 5.75% to 7.75% |
| Lock-in Period | 5 years (for Tax-Saving Fixed Deposits) |
| Senior Citizen | 6.25% to 7.75% |
| General Citizen | 5.75% to 7.25% |
Features and Benefits of Dhanlaxmi Bank FD Rate
Check the features and benefits of fixed deposit schemes offered by Dhanlaxmi Bank:
- You can open a fixed deposit scheme within the range of 7 days to 10 years.
- The process of availing of Dhanalakshmi Bank FD rates is quite convenient. There are no hassles involved in its online procedure.
- Senior citizens who are uncomfortable with the online procedure of opening an FD account can visit their nearest branch and open FD accounts offline as well.
- Dhanalakshmi Bank offers additional interest rates to senior citizens.
- As depositors, you can choose your beneficiaries for investing in fixed deposit schemes offered by Dhanlaxmi Bank.
How to Book Dhanlaxmi Bank FD?
In this section, we will explore how you can open a fixed deposit account at Dhanlaxmi Bank.
1. Online
Follow these steps to open an FD account online:
- Step 1: Visit the official net banking website of Dhanlaxmi Bank.
- Step 2: Navigate to the ‘investments’ section and choose the ‘fixed deposit’ option from it.
- Step 3: Choose the scheme in which you wish to invest. The bank will notify you of the following instructions on how to proceed on your registered mobile number.
2. Offline
People, especially senior citizens, may face problems in opening FD schemes online. They can follow these steps to avail of Dhanlaxmi Bank fixed deposit rates offline:
- Step 1: Visit the nearest branch of your bank.
- Step 2: Collect the bank officials’ FD account opening application form.
- Step 3: Make sure you fill in the required details with care. Don’t forget to attach the required documents.
- Step 4: Before submitting the application form to the branch, don’t forget to check the details.
Documents Required to Book Dhanlaxmi Bank FD
Check the documents you would require to open an FD account at Dhanlaxmi Bank:
- Filled up the FD account opening form for Dhanlaxmi Bank
- 4 Passport-size photographs
- Proof of identity – Aadhaar card / Voter ID card / Driving license etc.
- Proof of address – PAN card / Voter ID card / Aadhaar card / Passport etc.
- PAN card or Form 60 / 61
- Proof of age – Certificate of birth / School passing certificate / Graduation certificate
- Bank account details – Account number / IFSC code / Branch name
Eligibility to Open Dhanlaxmi Bank FD
The bank has put forward certain eligibility criteria you must fulfil if you wish to avail of the attractive Dhanalakshmi Bank fixed deposit interest rates.
- Applicant type – Individuals, Hindu Undivided Families (HUFs), Non-Resident Individuals (NRIs), Partnership Firms, Public and Private Companies, Clubs, Societies etc.
- Age (in case of individual applicants)- 18 and above (Minors can open an FD account under the supervision of guardians)
Types of Dhanlaxmi Bank FD Schemes
In this section, we’ll explore the different types of fixed deposit schemes offered by Dhanlaxmi Bank.
1. Dhanam Cumulative Deposit Certificate
Under this cumulative deposit scheme, the bank issues quarterly interest, which gets added to the principal amount. The depositor receives both the cumulative quarterly interest and principal amount after maturity.
- Minimum Deposit: ₹100
- Maximum Deposit: No upper limit
- Tenure: 6 months to 60 months (Subsequent multiples at the interval of 3 months are allowed)
- Interest Rate: 5.75% to 7.25%
- Eligibility: Individuals / Firms / Corporate Bodies / Associations / Clubs
2. Dhanam Tax Advantage Deposit
If you wish to receive tax-saving benefits while investing in an FD scheme, consider investing in the Dhanam Tax Advantage Deposit scheme.
- Minimum Deposit: ₹100
- Maximum Deposit: ₹1.50 lakh
- Tenure: 5 years to 10 years
- Interest Rate: 5.75% to 7.25%
- Eligibility: Individuals/HUFs/Minors under their guardians
3. Senior Citizens Deposit
Dhanlaxmi Bank also offers a fixed deposit scheme for senior citizens, allowing them to receive an additional interest rate of 0.50% per annum on all domestic term deposits for 1 year or above. However, Dhanlaxmi Bank Senior Citizen interest rates are not applicable under Dhanam Tax Advantage deposits.
- Minimum Deposit: ₹100
- Maximum Deposit: No limit
- Tenure: 5 years to 10 years
- Interest Rate: 6.25% to 7.75%
- Eligibility: Individuals/HUFs/Minors under their guardians
4. NRE Account
Under this scheme, depositors can repatriate the balance in savings and current accounts abroad, along with their principal amount and interest received. An important feature to be noted here is that the balance in an NRE Account does not fall under the purview of income tax, gift tax, or wealth tax. Moreover, when the depositor returns to India permanently, an NRE account will be converted to a resident account.
- Minimum Deposit: No limit specified
- Maximum Deposit: No limit specified
- Tenure: 1 year to 10 years
- Interest Rate: 6.60% to 7.25%
- Eligibility: Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs)
5. NRO Account
The most important feature of an NRO account offered by Dhanlaxmi Bank is that the account can be a current account, a savings account, a cumulative deposit, or a term deposit. Depositors can use normal banking channels for the remittance of funds from abroad. Non-resident Indians can even open NRO accounts jointly with a resident Indian.
- Minimum Deposit: No limit specified
- Maximum Deposit: No limit specified
- Tenure: 7 Days to 10 years
- Interest Rate: 5.75% to 7.25%
- Eligibility: Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs)
Knowing the details of Dhanlaxmi Bank FD rates is essential if you wish to open a bank account at this renowned bank. But don’t forget to ensure that your investment requirements are aligned with the scheme.
Moreover, don’t forget to carefully review the terms and conditions before opening an FD account. Remember to check the premature withdrawal charges and other applicable fees.
FAQs
You can apply for a loan facility against the fixed deposit if you open a Dhanam DCDC (Cumulative Deposit Certificate).
No, you do not have to pay any charge while opening or closing a fixed deposit account at Dhanlaxmi Bank.
Unlike a regular FD, a tax-saving FD comes with a lock-in period of 5 years. You cannot avail of any overdraft, loan facilities, or premature withdrawals under tax-saving FDs. On the other hand, you can open a regular FD with any tenure of your choice. You can also withdraw the amount before maturity in case of financial emergencies.
There’s a penalty of 1% on premature withdrawal charges applicable if the amount exceeds ₹5 lakhs. In case the amount is below ₹5 lakhs, the premature withdrawal charges will be 0.5%.
Yes, the Rs. 5 lakh DICGC (Deposit Insurance and Credit Guarantee Corporation) cover is applicable on fixed deposits offered by Dhanlaxmi Bank.
