Lakshmi Vilas Bank offers various types of fixed deposit schemes to its customers with the minimum deposit amount of Rs. 100. The bank also provides facilities against the fixed deposit such as loan, nomination, etc. Let’s look at Lakshmi Vilas Bank FD rates.
Lakshmi Vilas Bank FD Rates
| Card Rates (% Per Annum) | ||||||
|---|---|---|---|---|---|---|
| Maturity Period | Regular | Senior Citizen | ||||
| 7 Days | 2.50 | 2.50 | ||||
| 8 Days – 14 Days | 2.50 | 2.50 | ||||
| 15 Days – 29 Days | 2.50 | 2.50 | ||||
| 30 Days – 45 Days | 2.50 | 2.50 | ||||
| 46 Days – 60 Days | 2.50 | 2.50 | ||||
| 61 Days – 90 Days | 2.75 | 2.75 | ||||
| 91 Days – 180 Days | 2.75 | 2.75 | ||||
| 181 Days – 269 Days | 3.00 | 3.50 | ||||
| 270 Days – 364 Days | 3.50 | 4.00 | ||||
| 365 Days – 374 Days | 5.00 | 5.50 | ||||
| 375 Days – 540 Days | 5.25 | 5.75 | ||||
| 541 Days – 730 Days | 6.00 | 6.50 | ||||
| 731 Days to less than 2 Years 6 Months | 4.75 | 5.25 | ||||
| 2 Years 6 Months | 4.75 | 5.25 | ||||
| 2 Years 6 Months 1 Day to less than 3 Years | 4.75 | 5.25 | ||||
| 3 years to less than 4 Years | 5.50 | 6.00 | ||||
| 4 years to less than 5 Years | 5.50 | 6.00 | ||||
| 5 Years to 10 Years | 5.50 | 6.00 | ||||
* Senior citizen interest rate benefits are not applicable for NRO and NRE deposits.
Note: Interest rate applicable for deposit below Rs.2 Crs with effect from 04.05.2021. Senior Citizen rates are not applicable for NRO deposits.
| Deposit | Regular Citizen | Senior Citizen |
| Lakshmi Tax Saver Deposits | 5.50% | 6.00% |
Note: The above-mentioned interest rates are applicable w.e.f. 4th May 2021
Lakshmi Vilas Bank NRE and NRO FD Interest Rates
| NRO (All maturities) Same as Domestic (*Senior Citizen interest rate benefits are not applicable for NRO deposits.) | ||||||
| NRE (All Maturities) with effect from 04.05.2021 | ||||||
| 365 days to 375 days | 3.15% | |||||
| 376 days to less than 2 years | 3.15% | |||||
| 2 years to less than 2 years 6 months | 3.35% | |||||
| 2 years 6 months | 3.35% | |||||
| 2 years 6 months 1 day to less than 3 years | 3.35% | |||||
| 3 years to less than 4 years | 4.35% | |||||
| 4 years to less than 5 years | 4.35% | |||||
| 5 years to 10 years | 4.35% | |||||
Lakshmi Vilas Bank FCNR (B) FD Rates
| FCNR(B)– RATE OF INTEREST with effect from 01.05.2021 | ||||||
|---|---|---|---|---|---|---|
| FCNR(B) | 1 Year to < 2 Years | 2 Years to < 3 Years | 3 Years to < 4 Years | 4 Years to < 5 Years | 5 Years | |
| USD | 0.48 | 0.55 | 0.75 | 0.99 | 1.22 | |
| GBP | 0.39 | 0.57 | 0.73 | 0.87 | 0.98 | |
| AUD | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | |
| CAD | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | |
| SGD | 0.63 | 0.74 | 0.92 | 1.15 | 1.33 | |
Lakshmi Vilas Bank RFC FD Interest Rates
| RFC- Rate of Interest w.e.f 01.09.2019 | |||
| D.RFC | 1 month to < 6 months | 6 months to < 1 year | 1 year |
| USD | 0.15 | 0.26 | 0.33 |
| GBP | 0.04 | 0.06 | 0.13 |
Types of Lakshmi Vilas Bank FD Schemes
Lakshmi Vilas Bank offers various types of fixed deposit schemes:
1. Lakshmi Vilas Bank Fixed Deposit
| Features of Lakshmi Vilas Bank Fixed Deposit |
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2. Lakshmi Vilas Bank Dhanachakara Fixed Deposit Scheme
Lakshmi Vilas Bank offers Dhanachakra fixed deposit scheme to its customers which provides automatic compounding of accrued interest which yields higher returns. This scheme is ideal for planning one’s financial commitments for the future.
| Features of Dhanachakra Deposit Scheme |
|
3. Lakshmi Freedom Fixed Deposit Scheme
Customers having a savings account with Lakshmi Vilas Bank can only opt for the Lakshmi Freedom Deposit scheme. Whenever the account holder’s balance in the savings account is higher than the threshold limit, the surplus amount will be transferred to the FD account automatically.
This deposit scheme gives its customers the flexibility of a savings bank account and a higher interest rate of a fixed deposit account.
| Features of Lakshmi Freedom Fixed Deposit Scheme |
|
4. Lakshmi Vilas Bank Tax Saver Fixed Deposit Scheme
Lakshmi Vilas Bank Tax saver fixed deposit is a type of fixed deposit in which an investor can get tax deduction under section 80C of the Income Tax Act, 1961. With the Tax saver FD, one can easily claim deduction of the investment amount up to Rs. 1.5 lakh u/s 80C.
| Features of Lakshmi Vilas Bank Tax Saver Fixed Deposit |
|
Lakshmi Vilas Bank FD Premature Withdrawal Facility
Premature withdrawal facility means that the depositor can withdraw the fixed deposit amount before the deposit tenure. Fixed Deposit is classified into two types:
- With the premature withdrawal facility
- Without premature withdrawal facility (For instance – Tax Saving FD that comes with a lock-in period of 5 years)
However, individuals with Lakshmi Vilas Bank FD account need to pay a 1% penalty on premature withdrawal.
Lakshmi Vilas Bank FD Calculator
Investors can check the maturity amount of the scheme by using the Lakshmi Vilas Bank FD Interest Rate Calculator at Paisabazaar.com. Also, Lakshmi Vilas Bank FD Interest rates differ for different tenures. So, the investors can also decide a preferred tenure of investment by entering different rates and calculating their total earning. In the case of reinvestment schemes, investors can check the interest and the maturity amount by using the compound interest calculator.
Moreover, using the Lakshmi Vilas FD calculator, account holders can check and compare Lakshmi Vilas FD Rates with other banks as well.
Lakshmi Vilas Bank Loan Against FD
Lakshmi Vilas Bank may consider the request of the depositors for loan against term deposits duly discharged by the depositors on execution of necessary security documents. A deposit under the name of the minor can also be considered by the bank for loan against deposit. However, bank has the right to demand the required margin to be maintained while granting loan against deposit. If the deposit maturity proceeds are just sufficient to meet the obligation under the loan availed along with interest accrued/ debited, the bank can set off and close both the fixed deposit and loan against fixed deposit.
FAQs
Q. What are the various types of fixed deposit schemes offered by Lakshmi Vilas Bank?
A. The various types of fixed deposit schemes offered by Lakshmi Vilas Bank are:
- Lakshmi Vilas Bank Fixed Deposit
- Dhanachakra
- Lakshmi Freedom Deposit
- Tax-Saver
Q. Can an account holder apply for Lakshmi Vilas Bank fixed deposit schemes via internet banking?
A. Yes, an account holder can apply for Lakshmi Vilas Bank fixed deposit schemes via internet banking.
Q. Does the bank offers any extra benefits to the senior citizens?
A. Yes, the bank offers additional 0.50% interest rates to the senior citizens than the regular individuals.
Q. What are the various documents that an investor needs to provide for proof of identity?
A. The various documents that an investor needs to provide for proof of identity are:
- PAN card (mandatory)
- Aadhaar card
- Voter ID
- Passport
- Driving license, etc.
Q. Can an account holder prematurely withdraw his fixed deposit?
A. Yes, an account holder can prematurely withdraw his fixed deposit along with a penalty of 1%.
