Product Details
Bank Name
Dhanlaxmi Bank Ltd.
Eligibility
The account can be opened by individuals, firms, corporate bodies, clubs, and associations
Interest Rate
3.25% - 7.25%
Tenure
Deposit period between 6 and 60 months. Subsequent multiples at 3 month intervals are permitted
Fixed Deposit Type
Cumulative
Dhanlaxmi Cumulative Deposit Certificate (DCDC)
Tax Benefits
No
Credit Ratings
N/A
Interest Payment Frequency
Quarterly
Cummulative/Non-Cummulative
Cumulative
Features
Minimum deposit of Rs. 100 or multiples thereof Deposit period between 6 and 60 months. Subsequent multiples at 3 month intervals are permitted Rate of interest as applicable to term deposits Minimum remittance of Rs. 500, amounts in excess rounded off to the nearest Rs. 100 Upto 90% of the balance in the account can accessible as a loan
Minimum Investment Amount
Minimum deposit of Rs. 100 or multiples thereof
Fees and Charges
Pros
Guaranteed Returns
The interest earned is added to the principal amount quarterly, leading to a higher payout at maturity due to compounding.
Flexible Tenure
Loan Facility
Senior Citizen Benefit
Cons
Tax on Interest
Not Suitable for All Goals
Pros & Cons
Account Opening and Procedure
How to Open?
Visit a Dhanlaxmi Bank Branch: This is the traditional method. Here's what you'll need to do:Locate your nearest Dhanlaxmi Bank branch.
Ask for a Dhanlaxmi DCDC account opening form.
Fill out the form with your details.
Provide the required documents, which typically include:Identity proof (Aadhaar card, PAN card, etc.)
Address proof (electricity bill, bank statement, etc.)
Recent passport-sized photograph
Choose your deposit tenure (minimum 6 months, maximum 60 months in multiples of 3 months) and deposit amount (minimum Rs. 100 in multiples of Rs. 100 thereafter).
Decide on your interest payout option (interest is compounded quarterly and paid along with the principal amount at maturity).
Select a linked savings account from which your interest can be credited (optional, but recommended).
Discuss any questions you may have with a bank representative.
Once everything is finalized, submit the form and documents along with your initial deposit amount. You will receive a Term Deposit Certificate as confirmation.
Open an Online DCDC through Dhanlaxmi Net Banking (if you're a Dhanlaxmi Bank customer): This is a faster option, but requires an existing account.Visit the Dhanlaxmi Bank Net Banking website (https://www.dhanbank.com/retail-netbanking/).
Log in using your customer ID and password.
Look for the "Term Deposits" or "Open Fixed Deposit" section.
Choose "Dhanam Cumulative Deposit Certificate (DCDC)" from the available deposit options.
Select your preferred tenure and deposit amount.
Link your existing Dhanlaxmi savings account for interest credit (if desired).
Confirm the details and complete the online application.
Application Procedure
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