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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 Rate

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 PeriodRegular
7-14 days4.50
15-30 days4.50
31-45 days5.50
46-90 days6.00
91-180 days6.50
181 - 364 days7.30
1 year to less than 449 days7.60
450 days8.00
451 days to less than 3 years7.60
3 years to 10 years7.75

Deposits above Rs.1 crore

Period1 < 5 crores5 < 10 crores10<25 crores25<50 crores50 & above
7 – 14 days6.556.556.556.556.55
15 – 30 days6.906.906.906.906.90
31 – 45 days7.107.107.107.107.10
46 – 60 days7.107.107.107.107.10
61 – 90 days7.257.257.257.257.25
91 – 120 days6.906.756.756.756.75
121 – 150 days6.906.756.756.756.75
151 – 180 days6.906.906.906.906.90
181 – 210 days7.007.007.007.007.00
211 – 240 days7.007.007.007.007.00
241 – 270 days7.007.007.007.007.00
271 – 300 days7.007.007.007.007.00
301 – 330 days7.007.007.007.007.00
331 – 364 days7.007.007.007.007.00
1 < 2 years7.007.007.007.007.00
2<5 years7.007.007.007.007.00
5 – 10 years7.007.007.007.007.00

Senior Citizens Deposits:

Maturity Period)Senior Citizen (Not applicable for RD and NRO)
7-14 days4.50
15-30 days4.50
31-45 days5.50
46-90 days6.00
91-180 days7.00
181 - 364 days7.80
1 year to less than 449 days8.20
450 days8.60
451 days to less than 3 years8.20
3 years to 10 years8.35

How to Calculate Lakshmi Vilas Bank Fixed Deposit Interest?

Lakshmi Vilas Bank Fixed Deposit Rates

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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