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.
Table of Contents
| 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
| 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% | |||||
| 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 | |
| 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 |
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 |
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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 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 higher interest rate of a fixed deposit account.
| Features of Lakshmi Freedom Fixed Deposit Scheme |
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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 |
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Premature withdrawal facility means that the depositor can withdraw the fixed deposit amount before the deposit tenure. Fixed Deposit is classified into two types:
However, individuals with Lakshmi Vilas Bank FD account need to pay a 1% penalty on premature withdrawal.
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 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.
| Proof of Identity |
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| Proof of Address |
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Customers can apply for Lakshmi Vilas Bank fixed deposit scheme via internet banking facility available on the bank’s official website. Alternatively, customers can visit the nearest bank branch and apply for the fixed deposit scheme.
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:
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:
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%.
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excellent
Applying for fixed deposits at SBI bank is easy and also it offered me good rate of returns.
HDFC came to help when I was in urgent need of cash. Thanks to Paisabazaar for showing me the right path.
I opened a fixed deposit in Bank of Baroda for senior citizens. My plan was for 5 years and it offered the interest rate of 7.9% p.a. I chose the option of monthly payment of interest and now the interest is credited to my account every month like a pension plan. This investment option is really very good for senior citizens.
I opened my fixed deposit in Bank of Baroda for 2 years at 7.4% p.a. interest rate. The bank provided excellent services as I got the FD opened in minutes. The documentation was quick and I also got the facility to view and track my interests and FD scheme easily with BOB. The staff was also very cordial and helpful.
