Since its establishment in 1926, Lakshmi Vilas Bank has evolved into a significant player in India’s private banking sector. DBS Bank India has integrated with Lakshmi Vilas Bank, offering a variety of financial solutions. While the original fixed deposit schemes are no longer available, DBS Bank provides flexible and competitive fixed deposit options to help individuals achieve their financial goals.
Lakshmi Vilas Bank FD Rates (Below 2 Crores)
Lakshmi Vilas Bank offers fixed deposit rates for various durations to regular citizens and senior citizens, for deposits up to Rs. 2 crores (domestic deposits).
| Tenure | Interest Rates for General Public (p.a) | Interest Rates for Senior Citizens (p.a) |
|---|---|---|
| 7 days | 2.50% | 2.50% |
| 8 days & up to 14 days | 2.75% | 2.75% |
| 15 days & up to 29 days | 4.00% | 4.00% |
| 30 days & up to 45 days | 2.75% | 2.75% |
| 46 days & up to 60 days | 2.75% | 2.75% |
| 61 days | 4.50% | 4.50% |
| 62 days & up to 90 days | 3.00% | 3.00% |
| 91 to 180 days | 3.00% | 3.00% |
| 181 to 269 days | 4.75% | 5.25% |
| 270 to less than 1 year | 4.75% | 5.25% |
| 1 year to 375 days | 6.25% | 6.75% |
| 376 days to 540 days | 7.25% | 7.75% |
| 541 days to 599 days | 7.25% | 7.75% |
| 600 days | 7.25% | 7.75% |
| 601 days to less than 2 years | 7.25% | 7.75% |
| 2 years to less than 2 years & 6 months | 7.25% | 7.75% |
| 2 years & 6 months | 7.25% | 7.75% |
| 2 years 6 months 1 day & less than 3 years | 7.50% | 8.00% |
| 3 years and less than 4 years | 6.50% | 7.00% |
| 4 years to less than 5 years | 6.50% | 7.00% |
| 5 years and above | 6.50% | 7.00% |
*Note: Interest rates are subject to change. Please visit the official LVB website for the most recent updates.
LVB Tax Saver FD
LVB Tax Saver FD interest rates are shown in the following table:
| Tenure | Interest Rates (% p.a.) Regular Citizens | Interest Rates (% p.a.) Senior Citizens |
|---|---|---|
| 5 years | 6.50 | 7.00 |
* The interest rates may change. Refer to LVB’s official website for the latest information.
LVB NRE Deposit Rates
Below is a table showing the LVB NRE deposit rates below ₹2 crores.
| Tenure | Interest Rate % p.a. |
|---|---|
| 1 year to 375 days | 6.25% |
| 376 days to 540 days | 6.50% |
| 541 days to less than 2 years | 6.25% |
| 2 years & less than 2 years 6 months | 5.75% |
| 2 years & 6 months | 5.25% |
| 2 years 6 months 1 day & less than 3 years | 5.25% |
| 3 years and less than 4 years | 5.00% |
| 4 years to less than 5 years | 5.00% |
| 5 years and above | 5.00% |
*Note: Interest rates are subject to change. Please visit the official LVB website for the most recent updates.
Discover your potential LVB FD returns with ease!
An efficient method to gauge the potential returns on your LVB FD investment is through the use of an FD calculator. This handy tool dissects your maturity value into the principal amount and interest earned, providing a clearer insight into your earnings.
Explore the LVB FD calculator for a quick assessment of your ROI.
Features & Benefits of LVB Fixed Deposit
Features & Benefits of LVB Fixed Deposit
- Interest Calculation for Regular Savings Account: Experience calculated and phased interest payouts on your regular savings account balances.
- Flexible Deposit Tenure: Choose a deposit tenure that aligns with your financial goals, ranging from seven days to ten years.
- Reliable and Reasonable Interest: Benefit from term deposit schemes that offer a consistent and reasonable interest flow, ensuring a steady income stream.
- Accessible Minimum Deposit: Initiate your investment journey with a modest sum as the minimum deposit requirement starts at just a hundred rupees. No specific maximum limit is set for deposits.
- Individual and Joint Account Options: Open deposit accounts either individually or jointly, providing flexibility in account ownership.
- Accounts for Minors: Parents or guardians can open deposit accounts for minors, fostering financial growth from an early age.
- Loan Facilities and Nominations: Avail yourself of the convenience of applying for loans against your deposits and nominate beneficiaries for a seamless transfer of assets.
- Guaranteed Income: Enjoy the assurance of guaranteed quarterly or monthly income, enhancing the reliability of your investment strategy.
LVB FD Account Eligibility
The following criteria determine eligibility for LVB FD schemes:
- Open to individuals, allowing anyone to establish a fixed deposit with the bank.
- Joint or group FDs are permissible, extending the opportunity for entities like companies or societies to open fixed deposits.
- Minors, above a certain age, can initiate fixed deposits either with guidance from a guardian or independently.
- Non-Resident Indians (NRIs) are eligible to open fixed deposits with Lakshmi Vilas Bank.
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Documents Required to Open Lakshmi Vilas Bank FD
To start their investments with LVB, investors need to furnish the following documentation:
- KYC documents for identity and address verification, such as Aadhaar card, PAN card, driving license, and utility bills like electricity or telephone bills.
- A bank statement, accompanied by a cheque, acting as proof of income.
- Passport-size photographs.
- The completed LVB FD application form.
Types of LVB Fixed Deposits
LVB provides a diverse range of FD schemes crafted to cater to the specific needs of various depositors. Delve into the FD scheme offered by LVB below.
Regular Fixed Deposits
Regular Fixed Deposits with Reinvestment of Interest Component offer flexibility with a minimum deposit of Rs 10,000 and tenure ranging from 7 days to 5 years and beyond. This scheme allows the reinvestment of interest, enhancing returns. Senior citizens enjoy an additional 0.50% interest on deposits less than Rs 2 crore for tenures of 181 days and above. For deposits below 6 months, a simple interest rate is applied, while tenures of 6 months or more benefit from quarterly compounding. Depositors can choose between monthly (at a discounted rate) or quarterly payout options, adding further convenience.
Tax Saver Fixed Deposit
The Tax Saver Fixed Deposit is an ideal tax-saving option, offering deductions of up to Rs 1.5 lakhs under section 80C of the Income Tax Act. With a minimum deposit of Rs 100 and a maximum of Rs 1.5 lakhs per financial year, this deposit has a fixed 5-year tenure. No premature withdrawal is allowed, ensuring stability for tax-saving purposes. Depositors can choose from various interest payout options. The deposit also allows reinvestment of interest, and senior citizens enjoy an additional 0.50% interest, making it a tax-efficient and rewarding investment.
Flexi Deposit
The Flexi Deposit scheme offers flexibility with a minimum deposit of Rs 10,000, allowing savings in multiples of Rs 1,000 up to less than Rs 15 lakhs for 364 days. Depositors can liquidate the FD in multiples of Rs 1, and the remaining balance continues to earn interest at the initial contracted rate. If there are multiple FDs linked to the savings account, the last FD created is broken first for maximum returns. Different savings accounts have varying balance thresholds to be maintained: Rs 50,000 for Savings Plus, Rs 2 lakh for Savings Power Plus, and Rs 5 lakh for Treasures Savings.
NRO Fixed Deposits
NRO Fixed Deposits cater to Non-Resident Indians (NRI) and Persons of Indian Origin (PIO). These deposits can be opened jointly with either a non-resident or a resident Indian citizen. Simple interest is paid on deposits below 6 months, and for tenures of 6 months or more, interest is compounded quarterly. Although the principal is not fully repatriable, the entire interest earned can be transferred to a foreign currency. The facility offers auto-renewal and nomination options, and depositors must maintain the account for a minimum of 7 days to earn interest.
NRE Fixed Deposits
NRE Fixed Deposits offer flexibility with joint holdings for multiple non-resident Indians. With tenures ranging from 1 to 10 years, both the principal amount and earned interest are freely repatriable. Online renewal adds convenience to the process. To be eligible for interest payments, depositors are required to maintain FDs for a minimum of 12 consecutive months. The option for nomination is also available for added convenience.
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