CreditMantri Finserve Private Limited
Door No.3, Block B, No. 147, Workeasy Space Solutions, RK Swamy Centre, Hansa Building, Pathari Road,Thousand Lights, Chennai, Tamil Nadu600006
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Dhanlaxmi Bank offers attractive fixed deposit rates. Fixed deposits can be opened online or by visiting the nearest branch. Dhanlaxmi Bank Fixed deposit rates vary with the amount invested and the tenure. The rates are also different for non-withdrawable deposits and recurring fixed deposits.
A fixed deposit (FD) account is a savings option in which money can be deposited for a fixed period of time and earns a higher rate of interest for the selected tenure than a regular savings account. Keeping money in Fixed Deposits has been the norm amongst Indians for a long time now. This is due to the fact that it is a safe instrument for investment that has an assured return and is free from volatility and market risks.
Fixed deposits are opened for a time period that usually ranges from seven days to a maximum period of ten years. In some cases, certain banks will allow you to open a deposit for longer. The interest rates are decided by the respective banks, which in India, generally ranges from 4% to 8% per annum.
While opening a fixed deposit account, money can be deposited only once. If you want, you can open additional FD accounts. Once the deposit matures, the bank credits the principal amount along with the interest earned to the bank account specified on the application form when the FD is opened.
Interest on an FD is payable monthly /quarterly/ half yearly or annually. The drawback to an FD account is that the money deposited cannot be withdrawn before the maturity date, except upon payment of a penalty. The rate of interest paid for fixed deposits vary according to the principal amount, tenure and the issuing bank.
If you have some idle money, investing in an FD is the safest route, as it returns a “fixed” amount after a “fixed” period of time. The good news is, opening an FD is simple and the documentation process itself is hassle-free and simple.
Apart from banks, NBFCs and corporates too offer fixed deposits.
About Dhanlaxmi Bank Fixed Deposit Rate
As mentioned before, the rate of interest paid on a fixed deposit varies according to the amount deposited, period and the issuing bank. The general rule of thumb is, the longer the term of deposit, the higher the rate of interest. But a bank may also offer a lower rate of interest for a longer tenure if rates are expected to fall in the future. Dhanlaxmi Bank Interest Rates typically range from 4%-8% per annum.
Following is an overview of Dhanlaxmi Bank Term Deposit Rates and Dhanlaxmi Bank Short-Term Fixed Deposit Interest Rates.
Dhanlaxmi Bank Interest Rates on Fixed Deposits 2015 – 2016:
(Do keep in mind that these rates can change at any time and can be changed at the sole discretion of the Bank. For the latest rates, it is advisable to check with Dhanlaxmi Bank directly.)
The Senior Citizen's deposit is designed to provide senior citizens with that extra buffer in their retirement years in the form of an additional rate of interest over the prevailing interest rates for regular FDs. Dhanlaxmi Bank offers special Senior Citizen FD Rates which is generally marginally higher than the rates as applicable on a regular FD. As of now, the Dhanlaxmi Bank Senior Citizen FD rate of interest is 0.50% higher for all domestic term deposits of 1 year and above except for Dhanam Tax Advantage deposits.
There are many online websites that have easy-to-use FD calculators. You can use such online resources to help you identify how much interest you will earn on your principal amount. Using online FD calculators is easy and saves you the hassle of computing it manually. All you need to do is enter the amount to be deposited, number of years, and the rate of interest per annum – and the calculator will do the rest and present you with a breakup of the interest earned and the maturity amount. The FD calculator gives an accurate estimate of the returns on your principal amount instantly. There are several online websites that allow you to calculate the interest earned.
Using an online resource helps in determining how much you want to invest. It helps identify the final maturity amount. You can also calculate the interest earned and the maturity value on the principal amount using the following formula.
Calculate Dhanlaxmi Bank FD Rate
A = P x (1 + r/n)nt
I = A - P
A = Maturity Value
P = Principal Amount
r = Rate of Interest
t = Number of Years
n = Compounded Interest Frequency
I = Interest Earned
If you face an emergency, say for instance, a medical crisis or other personal emergency, the bank will allow you to withdraw the money from the deposit prematurely. The bank typically charges a nominal penalty which is communicated to you at the time of application of FD. Keep in mind that you might lose out on interest payout depending on the period your FD is running in. Keeping emergencies in mind, it is better to invest in certain kinds of FD that minimize the loss of interest on premature withdrawals, like the Dhanlaxmi Surabhi Deposit scheme.
1. What is the period for a fixed deposit in Dhanlaxmi Bank?
The minimum period of Fixed Deposit is 7 days and can go up to 10 years.
2. What is the minimum amount required to open a fixed deposit with Dhanlaxmi Bank?
The minimum amount for a fixed deposit is Rs.100
3. Who is eligible to open an FD with Dhanlaxmi Bank?
A fixed deposit account can be opened by individuals, two or more persons jointly in their names, firms, corporate bodies, partnership firms, private and public limited companies, clubs and associations.
4. Who are eligible to open a senior citizen deposit?
Indian citizens aged 60 years and above are eligible for opening a senior citizen fixed deposit.
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