Fixed Deposit Details
Bank Name
Dhanlaxmi Bank
Eligibility
In case of joint deposits, deduction under Sect 80C is available to first holder
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
7.25%
Tenure
5 to 10 Years
Fixed Deposit Type
Tax Saver
Tax Advantage
Tax Benefits
Tax exemption under Section 80C of the Income Tax Act, 1961
Credit Ratings
CARE BB+ Stable
Interest Payment Frequency
Not specified by the bank.
Cummulative/Non-Cummulative
Not specified by the bank.
Features
Tax Saver Fixed Deposit offers tax deduction on income of up to ₹1.5 Lakh under section 80C of the Income Tax Act.
No premature withdrawal facility or auto-renewal facility.
Minimum deposit of Rs 100 and a maximum of 1,50,000 per financial year for a 5-year lock-in period.
The lock-in period of 5 years.
Nomination facility is available.
Premature withdrawal is not allowed.
Minimum Investment Amount
100
Features & Benefits
Pros
Tax exemption under Section 80C of the Income Tax Act, 1961.
Cons
No additional concession for senior citizens.
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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