Dhanlaxmi Recurring Deposit Interest Rates
Dhanlaxmi Bank Recurring Deposit
A Recurring Deposit (RD) is a safe and convenient way of saving money while also earning interest on it. An RD allows you to deposit a fixed amount on a regular basis with your bank, and it is similar to a Fixed Deposit (FD) in that you enjoy a higher rate of interest than a savings account for the same principal amount.
The main difference between an FD and an RD is that a recurring deposit allows you to make ongoing periodic investments in the deposit, whereas in a fixed deposit, you need to deposit the entire lump amount at the time you open the FD account.
Advantages to opening an RD account:
- Interest Rate earned is generally equal to that of an FD
- Safe and secure form of investment
- Ideal for people who cannot deposit a large initial lump sum, but want to deposit small amounts on a regular basis
- Can be opened with small minimum amount.
- Lump sum received at maturity, including the interest
- The rate of interest is higher as compared to an ordinary saving bank account
- Flexible tenures to suit the budget of the individual
- Loan / overdraft facility available with some banks.
Dhanlaxmi Recurring Deposit
An RD in Dhanlaxmi Bank instills a habit of regular savings, where in you can invest a fixed amount every month for a fixed number of months. You can make these installments to a Dhanlaxmi Bank recurring deposit scheme either by a Standing Order, ECS mandate or by regular direct remittance.
The Laxmi Recurring Deposit allows for the investment of a small initial amount with recurring additions on a monthly basis for a predetermined fixed period of time.
Key Features of Dhanlaxmi Bank RD Account
- Allows you to safely deposit small amount of money on a regular basis rather than a bulky one-time payment at opening of the RD.
- Ideal for people with a regular, steady income who may not be able to spare enough money for the minimum amount to open an FD.
- Flexible tenure – you can choose tenures which can range from a few months to several years depending on your financial goal
- Attractive interest rates: Offers a higher rate of interest than a savings bank account—similar to an FD—but with a smaller ongoing investment.
- Is a safe, low-risk form of investment.
- Quick liquidity options and access to your funds when you need it
Types of Recurring Deposits Offered by Dhanlaxmi Bank:
Regular Recurring Deposit:
- Preferential interest rate for senior citizens
- TDS on Interest is applicable
- Nomination facility available
- Premature Closure of RD Allowed
- Loan/ Overdraft against deposit is available
- Interest accrued is added to the balance on a quarterly basis,
- The principal and the cumulative interest is paid on maturity of the deposit.
Dhanlaxmi Recurring Deposit Interest Rates
Dhanlaxmi Bank RD interest rates are similar to rates offered for FD accounts. You can get the best rates for a Dhanlaxmi Bank Recurring Deposit by investing in any of its RD schemes. Following is an overview of Dhanlaxmi Bank RD interest rates including Dhanlaxmi Bank Short-Term RD Interest Rates. For the latest and accurate RD interest rates in Dhanlaxmi Bank, it is advisable to check with the bank directly.
Dhanlaxmi Bank recurring deposit interest rates 2015 – 2016
The current RD Interest rate ranges from 6% to 7% for normal Indian residents including minors and HUF. It is advisable to contact the bank directly for the revised and up to date interest rates as they fluctuate on a regular basis.
Dhanlaxmi Bank Senior Citizen RD Interest Rates
Senior citizens enjoy preferential rates, i.e., 0.50% more on the interest rate as applicable for normal customers. For the latest revised or updated interest rates, it is advisable to contact the bank directly.
How to apply for an RD in Dhanlaxmi Bank:
You can apply for an RD online on the bank’s website, or call their customer care for help with your application. You can also walk in directly to your nearest Dhanlaxmi bank branch.
If you are not a Dhanlaxmi Bank Customer, then you will need to open a Dhanlaxmi Bank Savings Account and have it linked with your Dhanlaxmi Bank Recurring Deposit. Opening one is simple and quick. You can visit your nearest branch and have a bank representative help you with the process. You can also apply for one online. A bank representative will get in touch with you and talk to you through your savings needs.
Dhanlaxmi Bank Recurring Deposit Calculator:
You can make use of any trusty online RD Calculator to compute the interest and the maturity earned on your invested amount. Using an RD Calculator is easy— you need to enter the instalment amount you want to invest monthly, the duration, the interest rate, method of compounding (monthly, quarterly, half-yearly or annually) and the calculator will provide the maturity amount that you get at the time of maturity of the Recurring Deposit. Using an RD calculator helps you find out how much you need to save. You can try various amount and opt for the one that helps achieve your financial goal and suits your budget.
Dhanlaxmi Bank RD FAQs
What is the eligibility criteria to open an RD account with Dhanlaxmi Bank?
Following are eligible to open an RD with Dhanlaxmi Bank:
- Individual (singly or jointly) with others.
- Minor who have attained the age of 10 years and above in his/her own name (proof of age required)
- Minors below the age of 10 years under guardianship of Natural/legal guardian.
- Proprietorship/Partnership Firm, Commercial Organization, Company / Corporate Body
- Hindu Undivided Family
- Association, Club, Society, Trust or Religious/Charitable Educational Institutions,
- Municipality or Panchayat, Government or Quasi-Government body.
- Illiterate and blind persons can also open accounts.
How do I apply for a regular recurring deposit?
If you are a new customer, you can start with opening a savings account, which can be linked with an RD account.
Alternately, you can visit your nearest branch and submit the Deposit Account form.
What is the documentation required to open an RD account?
You will require the following documents:
- Filled-in application form
- Passport size photograph
- Proof of residence, PAN Card, ID Proof
- Any other KYC documents as required by the bank