Product Details
Bank Name
Dhanlaxmi Bank Ltd.
Eligibility
Single accounts can be opened by individuals and the Karta of a Hindu undivided family (HUF) while joint accounts can be opened by adults as well as a minor and their guardian
Interest Rate
3.25% - 7.25%
Tenure
Deposit period between 5 and 10 years
Fixed Deposit Type
Tax Saver
Tax Advantage
Tax Benefits
Dhanam Tax Advantage Deposit offers tax exemption under Sec 80C of IT Act.
Credit Ratings
N/A
Interest Payment Frequency
Quarterly
Cummulative/Non-Cummulative
Non-Cumulative
Features
Applicable rate of interest for 5 years Tax exemption of up to Rs. 1.50 lakh in a financial year, under Section 80 C of the Income Tax Act Minimum deposit of Rs.100 and maximum of Rs. 1.50 lakh in a financial year Nomination facility available Deposit period between 5 and 10 years Permanent Account Number (PAN) needed to open the account No premature encashment up to 5 years Loan against deposit facility is not allowed Other rules pertaining to Term Deposits applicable to this scheme as well 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.
Minimum Investment Amount
Minimum deposit of Rs.100 and maximum of Rs. 1.50 lakh in a financial year
Fees and Charges
Pros
Tax benefit
Competitive interest rates
Deposits are insured up to a certain limit by Deposit Insurance and Credit Guarantee Corporation (DICGC).
Cons
Lock-in period of 5 years.
Pros & Cons
Account Opening and Procedure
How to Open?
Visit a Dhanlaxmi Bank Branch: This is the traditional method.Locate a Dhanlaxmi Bank branch near you.
Ask for a Dhanam Tax Advantage Deposit account opening form.
Fill out the form with your details.
Provide the required documents, which typically include:Identity proof (Aadhaar card, PAN card is mandatory for tax benefits)
Address proof (electricity bill, bank statement, etc.)
Recent passport-sized photograph
Choose your deposit details:Deposit amount: Minimum Rs. 100 and a maximum of Rs. 1.5 lakh in each financial year to avail tax benefits under Section 80C of the Income Tax Act.
Tenure: Choose a lock-in period between 5 and 10 years. No premature withdrawals are allowed for the first 5 years.
Application Procedure
Add paragraph text. Click “Edit Text” to update the font, size and more. To change and reuse text themes, go to Site Styles.
Add a Title
Add paragraph text. Click “Edit Text” to update the font, size and more. To change and reuse text themes, go to Site Styles.