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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