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Types of Dhanlaxmi Bank Savings Accounts

Dhanlaxmi Bank Savings Account

This account is specifically designed for women and it offers a range of privileges and other benefits with regards to banking. This account is also referred to as Dhanlaxmi Bank Women’s Savings Bank Account. The different benefits offered under the Dhanam Vanitha savings account are:

  • The account requires a minimum average balance of Rs. 500 to be maintained every month.
  • Sweep-in and Sweep-out facilities are offered as part of this account. This facility automatically transfers any balance exceeding Rs. 25,000 to a Fixed Deposit account. The amount is transferred in multiples of Rs. 5,000 for 45 days. Such transfer is made every fortnight.
  • The Daily ATM withdrawal limit is set at Rs. 30,000. POS transaction limit is Rs. 75,000.
  • If the account owner maintains a minimum average account balance of Rs. 5,000 every month, she can avail of a free accidental death insurance coverage of Rs. 4,00,000 for a year.
  • Customers can also avail of free monthly transactions which include, 2 NEFT and RTGS transactions from the branch along with 5 non-bank ATM withdrawals.
  • Email alerts, phone banking, internet banking, unlimited free fund transfers, are some of the other benefits attached to this savings account.

Dhanam Premium is a premium savings account offered by Dhanlaxmi Bank. It has some premium benefits and offers for customers who enrol for this savings account. Here are some of the benefits offered -

  • The minimum balance requirements for this account is Rs. 10,000 which has to be maintained as an average monthly balance.
  • ATM withdrawal limit is Rs. 50,000 and POS transaction limit is Rs. 75,000. Both these are daily limits.
  • For non-bank ATM transactions, there are no restrictions or charges.
  • Customers can avail of free NEFT and RTGS transactions up to 10 such per month. Both these transactions have to be from the branch.
  • The bank offers one free personalized cheque-book every quarter for account holders.
  • Account owners can make unlimited cash deposits at the home branch free of cost.
  • Free cash deposits and withdrawals can be made up to a maximum limit of Rs. 1,00,000 per day.
  • Customers can also avail of the facility of up to three free demand drafts per month.

Dhanam Preferred

Features and benefits

  • A minimum balance of Rs. 5,000 needs to be maintained under this account
  • Daily ATM withdrawal limit is Rs. 50,000 and POS transaction limit is Rs. 75,000
  • 5 free NEFT and RTGS transactions can be made per month. These need to be from the branch
  • The account offers free personalized cheque-book every quarter
  • Customers can make free unlimited cash deposits at home branch
  • NEFT transactions can be done through internet banking an unlimited number of times. These can be done free of cost
  • Daily cash deposits and withdrawals amounting to a maximum of Rs. 1 Lakh can be made free of cost
  • The account offers three free demand drafts to account owners every month

Dhanam Privilege Savings Account

This is a premium savings bank account which offers following benefits to customers -

  • Minimum average monthly balance of Rs. 25,000 needs to be maintained under this account
  • POS limit of Rs. 1 Lakh applies to this account
  • Unlimited non-bank ATM transactions can be carried out free of cost
  • Unlimited NEFT and RTGS transactions can be carried out free of cost
  • Every quarter, customers can avail of a free personalized cheque-book
  • Unlimited cash deposits can be made at the home branch free of cost
  • This account offers 5 free demand drafts every quarter

Dhanam + & Dhanam ++ Savings Account

This account combines the benefits of a savings account and a fixed deposit account.

Features and benefits

  • The monthly average balance of Rs. 5,000 can be maintained in this account
  • Flexible term deposits are offered as part of this account. These can be closed prematurely. In case of premature closure, the interest rate gets reduced
  • A minimum deposit of Rs. 5,000 is required for opening of this account and multiples of Rs. 1,000 thereafter
  • Interest is paid on the due date for term deposits ranging from 46-91 days.
  • Remittances can be made from the Fixed Deposit account. The minimum amount being Rs. 500 and multiples of Rs. 100 thereafter
  • A minimum amount of Rs. 500 is required for cheque withdrawals
  • In case the deposit is closed within 15 days from the account opening date, there will be no interest paid

Dhanam Yuvak

This account is exclusively designed for young individuals in the age range of 18-35 years. This unique savings account offered by Dhanlaxmi Bank offers a minimum average monthly balance of Rs. 1,000 to be maintained. It allows young individuals to save money in a secure account and also make the best of the savings. Some of the best features and benefits of this account are as follows -

  • This savings account offers free accidental death insurance cover up to Rs. 4 Lakhs for one year. This is applicable for account owners who can maintain a minimum average monthly balance of Rs. 5,000
  • ATM withdrawal limit of Rs. 30,000 per day is applicable for this account
  • This account allows for a maximum of Rs. 50,000 as POS transaction per day
  • Free internet banking, fund transfer, standing instructions, ATM pin generation, are some of the other benefits offered by this account
  • The customers can also avail of the flexibility to visit any branch across the country for resolution of queries or concerns

Dhanum Genius

This savings account is designed for kids and students between the age of 10 years and 23 years. With Dhanum Genius savings accounts Dhanlaxmi Bank helps in building a habit of savings in the future generation. Following are the benefits and features of this account -

  • This is an easy-to-maintain account with a minimum balance requirement of Rs. 500
  • With Sweep-in and Sweep-out facility, account owners can maximize returns and also avail of liquidity. If weekly balance crosses Rs. 5,000 then the additional amount automatically gets transferred to a Fixed Deposit account. This is transferred in multiples of Rs. 1,000 and such transfer is made for 30 days
  • Personalized ATM card can be sought along with this account. It comes at a small charge of Rs. 200. This card offers a choice to include a picture of the account holder’s choice. The idea behind this concept is to instill personal financial responsibility in youngsters
  • ATM card comes with a daily withdrawal limit of Rs. 5,000

Eligibility for Savings Account

Dhanam Vanitha - A Resident Indian woman aged 18 years or more can request to open this account either solely or jointly.

Dhanam Yuvak - Any individual who is an Indian citizen and aged between 18 and 35 years can apply for this account.

Dhanam Genius - Kids and students of age between 10 years to 23 years are eligible to open this account.

Dhanam Basic Savings Bank Deposit Account (Small) - The account can be opened by individuals only.

Documentation Requirement

Following documents are required to be submitted to open a savings account with Dhanlaxmi Bank.

  • Passport-sized photograph
  • Proof of identity which can be any of - voter id, driving license, PAN card, passport, etc
  • Residential address proof which can be either of ration card, electricity bill, passport, etc
  • Initial deposit is required to open the account. This is as per the minimum opening balance requirements of each account

About Dhanlaxmi Bank Savings Account

Owning a savings bank account with Dhanlaxmi Bank can have numerous benefits. These include accumulation of savings in a secure account, easy shopping, payment of bills, funds transfer, and a lot more. Dhanlaxmi Bank offers several savings account options which can be chosen basis an individual’s requirement and preferences.

Dhanlaxmi Bank Savings Account FAQ

1. What does Dhanlaxmi Bank’s internet banking service include?

Dhanlaxmi Bank offers a wide range of internet banking facilities to make the banking experience of consumers easy and secure. With net banking, users can avail a variety of facilities from the comfort of their homes. Users have to register themselves to avail the internet banking facility. Some of the features of internet banking offered by Dhanlaxmi Bank include easy viewing of balances and summary, account statements, requesting for stop cheque, cheque book request, transfer of funds, etc.

2. How to open a savings account with Dhanlaxmi Bank?

It is a very easy and quick process to open a savings account with Dhanlaxmi Bank. Customers can visit the official website and click on ‘personal banking’ section. After this, customers can select ‘savings account’ which is available in the drop-down menu. They can select the type of savings account that they want to open and click on apply. Certain personal information will have to be entered to proceed further with the application. Once this is done, a bank representative will get in touch to help in completing the account opening procedure. Another option is to visit any of the bank branches to fill out the form and open an account.

3. What is the interest rate offered by Dhanlaxmi Bank on a savings account?

The ongoing interest rate on a savings account is 4% per annum as offered by Dhanlaxmi Bank.

Dhanlaxmi Bank Savings Account - Customer Reviews

4 / 5 (5 Reviews)
26 Sep 2020

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