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Lakshmi Vilas Bank Fixed Deposit Rate
What is a fixed deposit?
A fixed deposit is a type of investment that is used by most people wherein, one can deposit a desired amount of money for a certain period of time and earn an interest on the same. Fixed deposits are offered to people by many banks and Non-Banking Financial Companies (NBFCs). The tenures on fixed deposits generally range from 7 days to 10 years or more in some cases. The money deposited for this period earns an interest and is given back to the person after the tenure has ended. This is a financial tool that gets guaranteed returns.
You can deposit your desired amount at Lakshmi Vilas Bank fixed deposit account for a period of time that typically ranges from 15 days to 10 years. The minimum amount that can be deposited in a Lakshmi Vilas account is Rs.100. The bank offers competitive interest rate on fixed deposits. The interest earned on the fixed deposit will attract the TDS as applicable.
Apart from the regular fixed deposit scheme, Lakshmi Vilas Bank provides three different fixed deposit schemes catering to the needs of the customers. One can choose a fixed deposit scheme that is convenient based on personal needs. The three schemes are Dhanachakra deposit, Lakshmi freedom deposit, Lakshmi tax saver deposit.
Lakshmi Vilas Bank fixed deposit
Lakshmi Vilas Bank fixed deposit duration ranges from 15 days to 10 years. It gives guaranteed regular monthly or quarterly income. The minimum amount that can be deposited is Rs.100 and there is no maximum amount. This fixed deposit can be opened individually or jointly. Quarterly payment of interest is given to the customer or at discounted value monthly. Loan can be available against this fixed deposit. Nomination facility is available.
Dhanachakra deposit
Dhanachakra deposit has automatic compounding of accrued interest that gives higher returns. The deposit duration ranges from 1 year to 10 years. The minimum amount one can deposit is Rs.100 and there is no maximum limit. Individual, joint or deposit in the name of minors can be made. Loan can be available against this fixed deposit. Nomination facility is available.
Lakshmi Freedom Deposit
Under this scheme, if the minimum balance is above Rs.5000/- then the system will look at the possibility of transferring Rs 5000/- and multiples of Rs 5000/- automatically, to LFD (Lakshmi Freedom Deposit) for a period of 46 days. On maturity of the deposit (46 days), it will automatically be renewed for another 46 days. If no sweep occurs within that deposit period, then the entire deposit is renewed.
Lakshmi Tax saver deposit
This scheme is made to help the customer save on taxes and also get high interest rates on the deposits. It has a fixed deposit duration of 5 years. The minimum amount that can be deposited is Rs.100 and the maximum amount allowed is Rs.1,50,000. The deposit can be opened individually or jointly. If applied for jointly, then the first holder of the deposit is only eligible for the tax deduction. Interest payment can be done monthly, quarterly, half yearly, yearly or along with the deposit on maturity. Nomination facility is available.
Interest Rate on Lakshmi Vilas Bank Fixed Deposit
The rate of interest paid on a fixed deposit varies according to the amount deposited, period and the issuing bank. Lakshmi Vilas Bank interest rates typically ranges from 4.50% to 8% per annum.
Lakshmi Vilas Bank Fixed Deposit rates
Following is an overview of Lakshmi Vilas Bank Fixed Deposit Rates as of 03.11.2018
(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 Lakshmi Vilas Bank directly.)
Deposit below Rs.1 crore:
| Maturity Period | Regular |
|---|---|
| 7-14 days | 4.50 |
| 15-30 days | 4.50 |
| 31-45 days | 5.50 |
| 46-90 days | 6.00 |
| 91-180 days | 6.50 |
| 181 - 364 days | 7.30 |
| 1 year to less than 449 days | 7.60 |
| 450 days | 8.00 |
| 451 days to less than 3 years | 7.60 |
| 3 years to 10 years | 7.75 |
Deposits above Rs.1 crore
| Period | 1 < 5 crores | 5 < 10 crores | 10<25 crores | 25<50 crores | 50 & above |
|---|---|---|---|---|---|
| 7 – 14 days | 6.55 | 6.55 | 6.55 | 6.55 | 6.55 |
| 15 – 30 days | 6.90 | 6.90 | 6.90 | 6.90 | 6.90 |
| 31 – 45 days | 7.10 | 7.10 | 7.10 | 7.10 | 7.10 |
| 46 – 60 days | 7.10 | 7.10 | 7.10 | 7.10 | 7.10 |
| 61 – 90 days | 7.25 | 7.25 | 7.25 | 7.25 | 7.25 |
| 91 – 120 days | 6.90 | 6.75 | 6.75 | 6.75 | 6.75 |
| 121 – 150 days | 6.90 | 6.75 | 6.75 | 6.75 | 6.75 |
| 151 – 180 days | 6.90 | 6.90 | 6.90 | 6.90 | 6.90 |
| 181 – 210 days | 7.00 | 7.00 | 7.00 | 7.00 | 7.00 |
| 211 – 240 days | 7.00 | 7.00 | 7.00 | 7.00 | 7.00 |
| 241 – 270 days | 7.00 | 7.00 | 7.00 | 7.00 | 7.00 |
| 271 – 300 days | 7.00 | 7.00 | 7.00 | 7.00 | 7.00 |
| 301 – 330 days | 7.00 | 7.00 | 7.00 | 7.00 | 7.00 |
| 331 – 364 days | 7.00 | 7.00 | 7.00 | 7.00 | 7.00 |
| 1 < 2 years | 7.00 | 7.00 | 7.00 | 7.00 | 7.00 |
| 2<5 years | 7.00 | 7.00 | 7.00 | 7.00 | 7.00 |
| 5 – 10 years | 7.00 | 7.00 | 7.00 | 7.00 | 7.00 |
Senior Citizens Deposits:
| Maturity Period) | Senior Citizen (Not applicable for RD and NRO) |
|---|---|
| 7-14 days | 4.50 |
| 15-30 days | 4.50 |
| 31-45 days | 5.50 |
| 46-90 days | 6.00 |
| 91-180 days | 7.00 |
| 181 - 364 days | 7.80 |
| 1 year to less than 449 days | 8.20 |
| 450 days | 8.60 |
| 451 days to less than 3 years | 8.20 |
| 3 years to 10 years | 8.35 |
How to Calculate Lakshmi Vilas Bank Fixed Deposit Interest?
You can use online resources to calculate the interest accrued on your Lakshmi Vilas Bank FD. There are several online sites that allow you to instantly calculate the interest earned. All you have to do is enter the FD amount, tenure and rate of interest and the calculator will do the hard number crunching and present you with a breakup of the interest earned and the maturity amount
You can enter as many combinations as you want, and the calculator will give you instant and accurate results.
You can also calculate the interest earned and the maturity value on the principal amount using the following formula.
The following is the formula to calculate the interest earned in a Fixed Deposit account:
Calculate Lakshmi Vilas Bank FD Rate
A = P x (1 + r/n)nt
I = A - P
Where
A = Maturity Value
P = Principal Amount
r = Rate of Interest
t = Number of Years
n = Compounded Interest Frequency
I = Interest Earned
Lakshmi Vilas Bank FD Premature Withdrawal Penalty
For all pre-closure including deposits closed for reinvestment purposes, bank will pay the rate applicable for the period the deposit remained, or from the contracted rate, whichever is lower, after deducting 1%. However, the penalty for premature withdrawal/closure of deposits is not applicable in the case of single deposits of Rs.1 crore & above
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