Fixed Deposit Details
Bank Name
Dhanlaxmi Bank Ltd.
Eligibility
Indian nationals aged 60 and above.
Interest Rate
5.50% to 7.75%
Tenure
1 Year to 10 years
Fixed Deposit Type
Regular
Senior Citizen’s Deposit
Tax Benefits
Credit Ratings
CARE BB+ Stable.
Interest Payment Frequency
Quarterly. 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
No information provided
Features
At par collection of 1 instrument for value up to Rs. 5,000 once a month Issue of demand draft up to Rs. 5,000 once a month Senior citizens are eligible for an additional interest rate of 0.50% p.a. for all domestic term deposits of 1 year and above except for Dhanam Tax Advantage deposits. The additional rate of interest offered for deposits of Senior Citizens is applicable only to Resident Indians.
Minimum Investment Amount
INR 100
Features & Benefits
Pros
- Senior citizens get an additional 0.5% interest rate on their FDs.
- Par collection of instruments
- Easy access to small amounts
Cons
- Limited Liquidity
- Tax on Interest Income
Pros & Cons
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.
Product Review
About this content
Public source: Original MyRupaya page
Captured 2026-11-06T10:59:05Z. Public page text has been preserved and restyled. Historical financial/product information may be outdated. Embedded widgets and forms are not copied or connected to live services.
