Dhanlaxmi Bank Savings Account

Dhanlaxmi Bank Savings Account
0 Reviews

Write Review

Dhanlaxmi Bank Savings Account

A savings account is often the first bank account for many as it is very easy to open and operate. A savings account is one of the most popular types of bank accounts. Though it offers a low interest rate, it is a safe and convenient way of storing money. There are different kinds of savings accounts for different needs. Banks also offer zero-balance savings accounts for those who want only basic banking facilities like withdrawals and deposits.

Benefits of a savings account

There are several advantages to having a savings account:

  • Easy access to your money: You can deposit and withdraw money from a savings account as you require.
  • Interest income: While you earn less interest in a savings account as compared to an FD or RD account, you also have far greater freedom in operating the account.
  • Bill payment: With the advent of digital banking, it is extremely easy to pay your utility bills etc.
  • Transferring funds with ease: You can transfer funds and conduct various banking transactions with a savings account.
  • Safety: It is definitely better to store your money securely in a bank rather than keeping it in your home.
  • Requires minimal documentation: A savings bank account is easy to open and requires minimal documentation.

Disadvantages:

  • There are various fees associated with a savings account.
  • You need to maintain a specific balance each month in order to avoid penalties. The minimum balance required, interest rate and fees and charges vary from bank to bank and the type of account opened.
  • The interest is far lower when compared to that of, say, a Fixed Deposit account and offers low returns in comparison to other forms of savings.

Even with the downsides, a savings account is popular with the old and the young, as it provides easy access to money in times of need and inculcates a habit of saving. With the easy banking modes it has on offer, a savings account is a must to have.

Dhanlaxmi Bank Savings Account

A Dhanlaxmi Bank savings account provides a host of banking benefits like flexible easy accounts management, along with a competitive interest rate. You can make quick utility bill payments via NetBanking, and enjoy various features in convenience banking with a Dhanlaxmi Bank Savings Account.

Features and Benefits of a Dhanlaxmi Bank Savings Account

There are various benefits to having a savings account with Dhanlaxmi.

  • Safety and security when you store your cash in a savings account
  • Different savings account for different needs.
  • Access your account with ease via Internet Banking / SMS Bank / Phone Banking

Types of Dhanlaxmi Bank Savings Accounts

Below are a few of the different savings accounts available. For the full list of savings accounts options, check the bank website or visit the nearest branch.

Dhanam Basic Savings Bank Deposit (BSBD)

This is a no-frills basic account that does not require any balance in the account and offers basic withdrawal and deposit facilities.

  • The account can be opened by individuals, singly or jointly and also can be opened in the name of a minor. However, this is not open to NRIs.
  • Free cash withdrawal from any other bank’s ATM
  • Debit card facility
  • Free Anywhere Banking - unlimited non-cash transactions
  • 5 Cash transactions free per month
  • Average Monthly Balance – Nil

Dhanam Preferred

The account can be opened by individuals, trusts, societies, clubs or associations, and can even be opened in the name of a minor.

  • ATM Withdrawal limit of Rs. 50000/ Day
  • POS limit of Rs.75000/Day
  • Free 5 NEFT and 5 RTGS per month
  • Free one Personalised Cheque book per quarter
  • Free unlimited cash deposit at Home branch
  • Free cash deposit/withdrawal at non base branch up to Rs. 1,00,000/day
  • Free 3 DD/Month
  • Average monthly balance Rs.5000

Regular Savings Account

  • Free 1 ‘Payable at Par’ Cheque Book
  • Debit card facility
  • Free Anywhere Banking - unlimited non-cash transactions
  • Door Step Banking facility
  • Average Monthly Balance – Rs.1,000

Dhanam Vanitha

  • The account can be opened with primary applicant as any resident Indian woman (majors above 18 years).
  • Balance required to maintain (AMB) Rs.500/-
  • Sweep-in / Sweep-out facility - Balance in the account above Rs. 25,000 will be converted into FD (in multiples of Rs. 5000) on a fortnightly basis for tenure of 45 days.
  • ATM Withdrawal limit Rs.30,000/ day
  • POS Limit Rs.75,000/ day
  • Free Insurance Coverage - Accidental Death Insurance cover of Rs.4,00,000/- for 1 year provided for the customers who agree to maintain an AMB of Rs.5000/-.
  • Number of other Bank ATM Withdrawals 5 Free / month
  • NEFT-From Branch Free 2 NEFT from branch / month
  • Number of other Bank ATM Withdrawals 5 Free / month
  • Free NEFT-Internet Banking
  • RTGS-From Branch - 2 RTGS free from branch / month.

Dhanam Yuvak

Dhanam Yuvak Savings Account is designed for youth aged 18 years to 35 years.

  • Average Monthly Balance - Rs.1000.00
  • Free Accidental Death Insurance coverage of Rs.4 lacs for one year (provided the customer agrees to maintain an Average Monthly Balance of Rs.5000.00)
  • ATM Card with Personalized Photo (One time charge of Rs.200 applicable). For others standard debit card without AMC and issuance charge
  • Anywhere Banking - You can walk into any branch across the country for all your banking needs.
  • ATM withdrawal per Day - Rs. 30,000/-
  • POS Limit per Day - Rs. 50,000/-
  • NEFT (Internet Banking), RTGS (Internet Banking), Internet Banking, E-Mail Alerts, E-Mail Statements, Phone Banking, Mobile Banking, all free
  • Credit Card - subject to eligibility

Dhanlaxmi Bank Savings Account Minimum Balance

The minimum balance required in a Dhanlaxmi Bank savings account differs with each kind of account. It is advisable to contact the bank directly for details. Following is an overview:

Type of Savings Account Average Monthly Balance Required
Basic Savings Bank Deposit Nil
Dhanam Preferred Rs. 5000
Dhanam Vanitha Rs. 500
Dhanam Yuvak Rs.1000
Regular Savings Account Rs. 1000

Dhanlaxmi Bank Savings Account Interest Rate

Dhanlaxmi Bank savings account comes with interest rates of 4%, depending on the daily balance, and the type of account. Do keep in mind that the rates are subject to change at the sole discretion of the bank. It is advisable to check with the Bank for accurate rates.

Dhanlaxmi Bank Savings Account Charges

Different Dhanlaxmi Bank savings accounts have a different schedule of charges. It is best to contact the Bank directly for the most up to date charges.

How to open a Dhanlaxmi Bank Savings Account

It is simple to open a Dhanlaxmi Bank savings account. You can visit your nearest branch and have a customer care representative help you with the forms. You can talk to the representative about your saving needs and open an account accordingly.

Alternatively, you can open a savings account online. You need to fill the online account opening form and submit it online. You will be contacted once your form is received.

Dhanlaxmi Bank Savings Account FAQS

What is the best interest rate on a Dhanlaxmi Bank saving account?

The interest rates are currently at 4 %. For the latest interest rates, it is best to contact the nearest branch.

Who is eligible to open a Basic Savings Account with Dhanlaxmi Bank?

All resident individuals, singly or jointly, minors along with parent or legal guardian, are eligible to open an account.

Is it possible to open a Dhanlaxmi Bank savings account online?

Yes, you can open a savings account online. You need to fill in and submit the online account opening form on their website. Once your application is received you will be contacted by a bank representative.

Customer Reviews