Fixed Deposit Details
Bank Name
Dhanlaxmi Bank
Eligibility
The account can be opened by individuals, firms, corporate bodies, clubs, and associations
Interest Rate
5 to 7.25% per annum.
Tenure
6 to 60 months.
Fixed Deposit Type
Cumulative Deposit Scheme
Dhanam Cumulative Deposit Certificate (DCDC)
Tax Benefits
None
Credit Ratings
CARE BB+ Stable
Interest Payment Frequency
At maturity. Typically for fixed deposits having interest payment at maturity, compound interest is applicable and for fixed deposits having monthly interest payment, simple interest is applicable. Typically fixed deposits having a tenure of one year or less, simple interest is applicable. It is best to consult the bank officials before you book a fixed deposit.
Cummulative/Non-Cummulative
Cumulative
Features
Quarterly compounding of interest.
Loan facility is available.
Minimum deposit requirement of Rs. 100.
Minimum Investment Amount
100
Features & Benefits
Pros
Low initial deposit requirement.
Quarterly compounding of interest.
Cons
Payment of interest is done at maturity only.
Tenure of up to 5 years only.
Pros & Cons
Account Opening Procedure
How to Open?
Visit a Dhanlaxmi Bank Branch:
This is the most traditional way.
Locate your nearest Dhanlaxmi Bank branch using their branch locator https://www.dhanbank.com/branch-locator/.
Once at the branch, inform the bank representative that you want to open a "Senior Citizen's Deposit" account.
You'll likely be provided a specific application form for this scheme.
Fill out the form with your details including name, address, contact information, PAN, nominee details, etc.
Choose your deposit amount, tenure (ranging from 180 days to 10 years, excluding the 500-day product), and how you want to receive interest payouts (monthly, quarterly, or on maturity).
Submit the completed form along with the required documents and your deposit amount (cash or cheque).
The bank will verify your documents and provide you with an account opening confirmation.
Application Procedure
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