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Senior Citizens Fixed Deposit Interest Rates in Dhanlaxmi Bank

Updated 15 Dec 2023

In banking, Dhanlaxmi Bank has carved a niche by empathising with the financial needs of the senior demographic. Recognising the value of hard-earned savings, the bank has tailored its Fixed Deposit rates, especially for senior citizens. These competitive rates aim to ensure a more lucrative growth of their savings, enhancing post-retirement financial security.


This blog delves deep into the specifics of these FD rates, showcasing Dhanlaxmi Bank's commitment to rewarding our esteemed seniors. Join us as we navigate the offerings, enabling you to make informed decisions for a financially comfortable and dignified retirement.

Features of Senior Citizen FD

  • Enhanced Interest Rates: Senior citizens typically receive a bonus interest rate on top of the regular FD rates. The specific rate hinges on the bank's current offerings.
  • Qualification: Only individuals 60 or older can establish a senior citizen FD account.
  • Duration: Depositors can choose from a diverse range of FD durations, usually between 7 days and 10 years.
  • Early Withdrawal: Although penalties may apply, senior citizens often benefit from more accommodating terms for premature FD closures.
  • Borrowing Options: Like other depositors, senior citizens have the privilege of securing loans against their FDs.
  • Beneficiary Assignment: The bank allows a beneficiary to inherit the FD funds after the account holder's passing.
  • Tax Deduction at Source (TDS) Implications: Earnings from interest are taxable under Indian tax regulations. Yet, by submitting Form 15H, eligible senior citizens can avoid TDS deductions.
  • Automatic Renewal: IDBI, among other banks, possibly features an automatic renewal mechanism, ensuring the FD's continuation post-maturity unless directed otherwise.
  • Deposit Limits: The deposit range for a senior citizen FD can differ. While a minimum threshold is often set, a maximum limit might be absent.
  • Unique Offerings: Periodically or based on bank initiatives, exclusive perks or attributes tailored for senior citizens may be presented.

Interest Rate of Senior Citizen FDs

Dhanlaxmi Bank FD Interest Rates 2023

TenureSenior Citizen FD Rate
7 days - 1 month 14 days3.25%
1 month 15 days - 11 months 29 days6.50%
11 months 30 days - 1 year 6 months 4 days7.30%
1 year 6 months 5 days - 1 year 6 months 5 days7.80%
1 year 6 months 6 days - 1 year 11 months 30 days7.30%
2 years - 2 years 11 months 30 days7%
3 years - 9 years 11 months 28 days7.10%

Note: All interest rates shown above are as on 4th Aug 2023

Eligibility Criteria

The eligibility criteria for the senior citizen FDs is that they need to be at least or above the age of 60 on the day of opening the FD account. They typically need to be residents to open a senior citizen FD; However, NRIs can also open accounts through NRE and NRO accounts.

Documents Required

The documentation required is similar to that of a normal FD account opening. One metric being essential is your age proof.


Identity Proofs

  • Aadhar Card 
  • Passport
  • Driver’s License


Address Proof

  • Gas Bill 
  • Utility Bill 
  • Bank Statement 
  • Cancelled Cheque

Age proof is mandatory to avail of a Senior Citizen FD account.


Who qualifies as a senior citizen at Dhanlaxmi Bank?

Generally, individuals aged 60 years and above are considered senior citizens by most banks, including Dhanlaxmi Bank.

Is there a specific tenure for senior citizen FDs at Dhanlaxmi Bank?

Dhanlaxmi Bank offers a range of tenures for FDs. However, the special interest rate for senior citizens is applicable across various tenures.

Can I open a joint FD account with a senior citizen rate?

Yes, but typically, the primary account holder must be a senior citizen to avail of the special rates.


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Disclaimer: Wint Wealth makes no guarantee or warranty on the accuracy of the data provided on this site, the information displayed is subject to change and are provided on an as-is basis. Nothing contained herein is intended to or shall be deemed to be investment advice, implied or otherwise. You are advised to make your own enquiries, consult a professional advisor and verify the information prior to taking any investment decisions. We accept no liability for any loss arising from the use of information contained on this website.

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