Dhanlaxmi Bank was established in 1927 in Thrissur, Kerala. For 95 years, this bank has been providing customer service and holds a position in the market with its innovation and best customer service. The bank has 541 touch points across India.
Fixed deposits are one of the traditional and safest ways of investment where customers get a fixed rate of return.
Dhanlaxmi Bank provides various fixed deposit schemes where customers can choose the best suitable scheme. This article will give detailed insights into Dhanlaxmi Bank fixed deposit schemes.
|Tenure||For General Citizens (p.a.)||For Senior Citizens (p.a)|
|7 days to 14 days||5.75%||6.25%|
|15 days to 45 days||5.75%||6.25%|
|46 days to 60 days||6.5%||7%|
|61 days to 90 days||6.5%||7%|
|91 days to 179 days||6.5%||7%|
|180 days - less than one year||6.5%||7%|
|1 Year and above up to & inclusive of 2 years||6.75%||7.25%|
|Above 2 years up to & inclusive of 3 years||6.5%||7%|
|Above 3 years up to & inclusive of 5 years||6.6%||7.1%|
|Note: All interest rates are updated as of 1st Aug 2023|
Dhanam Cumulative Deposit Certificate (DCDC)
Dhanam Tax Advantage Deposit
Senior Citizens Deposit
To invest in the Dhanlaxmi Bank following are eligible to invest in the FD scheme:
The following documents are required to invest in the Fixed deposit scheme of Dhanlaxmi Bank.
Documents accepted as ID and Address proof:
You can open fixed deposit accounts in both online and offline methods:
Step 1: Log in to the net banking of Dhanlaxmi Bank
Step 2: Select the investment in Fixed Deposit
Step 3: Select the type of scheme in which a customer wants to invest
Step 4: Follow the online instructions and apply for a term deposit
Step 1: Visit the bank branch
Step 2: Take the FD application form
Step 3: Fill in the required details and submit the necessary documents
Step 4: Submit the form to the branch
There is a penalty of 1% on premature withdrawal of the amount ₹5 lakhs and above and 0.5% for the amount less than ₹5 lakhs.
According to the Income Tax Act of India of 1961, taxpayers can seek deductions under Section 80C if they invest in FDs.
In a given financial year, a taxpayer can avail tax deduction to a maximum of ₹1.5 lakhs from their gross taxable income, provided the following conditions are fulfilled:
When filing the Income Tax Returns (ITR), the taxpayer can provide supporting documents to avail tax benefits on FDs.
Tax Deducted at Source (TDS)
A tax-saving FD has a lock-in period of 5 years. No premature withdrawals, overdrafts, or loan facilities are not available under a tax-saving FD. Whereas one can have a regular FD for any tenure as per an individual's choice, and they are eligible for premature withdrawals too.
Dhanlaxmi Bank allows a loan facility in its Dhanam DCDC (Cumulative Deposit Certificate) scheme. In this scheme, depositors can get a loan or overdraft facility up to 90% of the FD amount.
Yes. ₹5 lakhs DICGC (Deposit Insurance and Credit Guarantee Corporation) insurance cover is applicable on Dhanlaxmi Bank FD.
There are no charges at the time of opening or maturity of the fixed deposit. However, there is a penalty in case of premature withdrawal, and the bank may charge TDS (Tax Deducted at Source) at the rate of 10% if the amount of interest exceeds ₹40,000 (₹50,000 in the case of senior citizens).
Disclaimer: The calculator and the results of the same are based on information inputted by you and extracted from third party sources. The information on this page is for illustrative purposes only and does not amount to any investment advice or recommendation. Wint Wealth has no commercial interest or gain in or from the actions resulting from the information displayed on this page. The information displayed on this page does not constitute an invitation to invest in any product nor is it a promise of performance. Interest rates are not updated in real time and you are advised to make your own enquiries, consult a professional advisor and verify the information prior to taking any investment decisions.