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Lakshmi Vilas Bank Recurring Deposit Rate

A Recurring Deposit (RD) is a type of a term deposit that is offered by many banks. It permits the customer to deposit a certain amount of money on a regular basis with the bank and it earns a certain amount of interest on the same. These regular monthly deposits can be made over a certain period. This period to deposit can be chosen by the customer.

The main difference between a Fixed Deposit and a Recurring Deposit is that the RD account allows one to make periodic investments in the deposit that goes on for the entire duration, whereas a fixed deposit, allows one to deposit the entire lump amount at the time they open the Fixed Deposit account.

Lakshmi Vilas Bank Recurring Deposit Schemes

Lakshmi Vilas Bank Recurring Deposit Rate

A Recurring Deposit in Lakshmi Vilas Bank enables one to save at regular intervals. There are two Recurring Deposit schemes that are offered to the customers by Lakshmi Vilas Bank. They are Recurring Deposit and Lakshmi Freedom Deposit (LFD).

Features of Recurring Deposit

  • One can deposit a minimum amount of Rs.100/- or in multiples thereof.
  • There is no maximum deposit amount
  • The duration for the Recurring Deposit ranges between 1 year to 10 years.
  • The periodic instalments that are made are repaid to the customer when the deposit matures along with the interest it has earned
  • Recurring deposits can be made as individual deposits, joint deposits or deposits in the name of minors.
  • Loan facility against the Recurring Deposit is possible
  • Nomination facility is available
  • It can be utilized for tax planning, annual payment commitments and for other needs.

Features of Lakshmi Freedom Deposit (LFD)

  • This is a combination of a savings account and a Recurring Deposit.
  • If the minimum account balance is more than Rs.5000/-, the bank system will look at the possibility of moving Rs.5000/- and multiples thereof automatically to the Lakshmi Freedom Deposit for a span of 46 days.
  • Once 46 days is completed, it is automatically renewed for another span of 46 days.
  • If there is no sweep in of money, the entire deposit is renewed.
  • If the interest on the sweep in deposits is more than Rs.1000/- then it will be invested for 46 days with the next deposit.
  • It is perfect for large financial needs such as weddings.

Benefits of Lakshmi Vilas Bank RD Account

  • It permits one to safely deposit a small amount of money on a regular basis rather than a large deposit as in the case of a Fixed Deposit.
  • It is suited for people with a regular monthly income who may not be able to spare enough money to open a Fixed Deposit
  • It has flexible tenures that range from 1 year to 10 years
  • It is a safe, low-risk form of investment
  • It is safe from market fluctuations
  • The interest is paid only on maturity of the deposit
  • Nomination facility is available

Lakshmi Vilas Bank Recurring Deposit Interest Rates

Lakshmi Vilas Bank Recurring Deposit interest rates are like the rates offered for the Fixed Deposit accounts. Following is an overview of Lakshmi Vilas Bank RD interest rates. For the latest and accurate RD interest rates in Lakshmi Vilas Bank, it is advisable to check with the bank directly.

Following is an overview of Lakshmi Vilas Bank Recurring 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:

Lakshmi Vilas Bank Recurring Deposit Rates
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 years 7.007.007.007.007.00

Lakshmi Vilas Bank Recurring Deposit Calculator

You can make use of the Lakshmi Vilas Bank Recurring Deposit Calculator to compute the interest and the maturity that is received on your invested amount. Using an RD calculator is easy as you just need to enter the amount you want to invest monthly, mention the date of opening of RD, the tenure and due date of RD. The calculator will then provide the maturity amount that you get at the time of maturity of the Recurring Deposit.

Using an RD calculator gives you the maturity amount and you can accordingly decide how much you want to invest. You can try various investment amount options and opt for the one that is most suited to your budget and helps achieve your financial goals.

Who can open an RD account with Lakshmi Vilas Bank?

  • An individual
  • Two or more persons
  • A minor with a guardian
  • A literate minor of 12 years
  • A Partnership Firm
  • Joint Stock Company
  • Clubs
  • Society
  • Trusts

Advantages of opening a Recurring Deposit account

  • Suited for people who cannot deposit a big amount of money initially for a fixed deposit but want to deposit small amounts at periodic intervals.
  • A Recurring Deposit account can be opened with small minimum amount.
  • A large amount of money is received at maturity, along with the interest amount that is earned on it.
  • The rate of interest is much higher when compared to an ordinary saving bank account
  • The interest earned is generally equal to that of a Fixed Deposit
  • Flexible tenures are available for the customer to choose from
  • Recurring Deposit Interest Rates are fixed so you are guaranteed of a steady return
  • Loan / overdraft facility is available with some banks.
  • More liquid than most financial investment instruments

Disadvantages of opening a Recurring Deposit account

  • If you need to withdraw money from your Recurring Deposit due to a financial emergency, you might need to pay a penalty on the same.
  • The interest earned might be lesser than other, riskier forms of financial investment, say investing in mutual funds, etc.

Lakshmi Vilas Bank Recurring Deposit Rate FAQs

1. What is the minimum amount required to open an RD with Lakshmi Vilas Bank?

The minimum opening balance for a regular recurring deposit with Lakshmi Vilas Bank is Rs. 100.

2. What is the minimum and maximum deposit period?

The minimum deposit tenure is 1 year and can extend up to a maximum of 10 years.

3. Who can open an RD with Lakshmi Vilas Bank?

An individual, two or more persons, minor with a guardian, literate minor of 12 years, Partnership Firm, Joint Stock Company, Clubs, Society and Trusts

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