Fixed Deposit or FD is a good interest rate investment option. Lakshmi Vilas Bank offers a Fixed Deposit Account with a high interest rate. Fixed Deposit can open for the duration of a minimum of 7 days and a maximum of ten years. Fixed Deposit gives you a high-interest rate on your deposit amount. The Deposit minimum amount is depending upon the bank.
Benefits of Lakshmi Vilas Bank Fixed Deposit
- You get a higher interest rate on your fixed Deposit while comparing with saving accounts.
- Multiple fixed deposits can open.
- Lakshmi Vilas Bank also gives a loan on your fixed Deposit so that, you don’t need to break your Deposit for your need.
- You can get an Rs.1.5 lakh exemption under Section 80 C of the Income Tax Act, 1961.
- If you are a senior citizen, then you will get a high-interest rate on your Fixed Deposit account.
Fixed Deposit Eligibility
- Fixed Deposits can open the name of Individual, Joint, Society, Company, Partnership, etc.
- The applicant must have a savings account in the bank.
Income Tax Facts on Lakshmi Vilas Bank Fixed Deposit Interest
If you are looking for income tax fact on Fixed Deposit interest, then you can check below:
- If Fixed Deposit interest is less then Rs. 40, 000/-, then the Lakshmi Vilas Bank will deduct TDS on interest.
- Interest earned on Fixed Deposit is taxable. It will treat as Income from Other Sources.
- If you don’t want to pay any TDS on Fixed Deposit, then you have to submit Form 15G and Form 15H in Lakshmi Vilas Bank.
Lakshmi Vilas Bank Tax Benefit Fixed Deposit
- Interest Rate is 6.5% for 5 years term deposits.
- The amount can not withdraw before five years.
- The deposit account can not transfer to another bank.
Lakshmi Vilas Bank Fixed Deposit Interest Rate
| Card Rates (% Per Annum) | ||||||
|---|---|---|---|---|---|---|
| Maturity Period | Regular | Senior Citizen (Not applicable for RD and NRO) |
||||
| 7-14 Days | 4.50 | 4.50 | ||||
| 15-30 Days | 4.50 | 4.50 | ||||
| 31-45 Days | 5.50 | 5.50 | ||||
| 46-90 Days | 6.00 | 6.00 | ||||
| 91-120 Days | 6.50 | 7.00 | ||||
| 121-150 Days | 6.75 | 7.25 | ||||
| 151-180 Days | 7.00 | 7.50 | ||||
| 181 – 364 Days | 7.35 | 7.85 | ||||
| 365 Days to 449 Days | 7.50 | 8.10 | ||||
| 450 Days | 7.80 | 8.40 | ||||
| 451 Days to 989 Days | 7.50 | 8.10 | ||||
| 990 Days | 7.60 | 8.20 | ||||
| 991 Days to less than 5 Years | 7.50 | 8.10 | ||||
| 5 Years to 10 Years | 7.25 | 7.85
|
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Senior citizen interest rate benefits is not applicable for NRO and NRE deposits
| Deposit | Regular | Senior Citizen |
|---|---|---|
| Lakshmi Tax Saver Deposits – w.e.f 05.09.2019 | 7.25% | 7.85% |
| B.Non-Resident accounts | ||||||
|---|---|---|---|---|---|---|
| a.NRO(All maturities) Same as Domestic (*Senior Citizen interest rate benefits are not applicable for NRO deposits.) | ||||||
| b.NRE(All Maturities) with effect from 21.10.2019 | ||||||
| 365 Days to 449 Days | 7.50% | |||||
| 450 Days | 7.80% | |||||
| 451 Days to 989 Days | 7.50% | |||||
| 990 Days | 7.60% | |||||
| 991 Days to less than 5 Years | 7.50% | |||||
| 5 Years to 10 years | 7.25% | |||||
| C. FCNR(B)– RATE OF INTEREST with effect from 01.02.2020 | ||||||
|---|---|---|---|---|---|---|
| C.FCNR(B) | 1year to < 2 years | 2years to <3 years | 3years to < 4years | 4years to <5years | For 5 years(Maximum) | |
| USD | 2.59 | 2.45 | 2.50 | 2.46 | 2.47 | |
| GBP | 1.43 | 1.44 | 1.53 | 1.53 | 1.53 | |
| EUR | 0.40 | 0.39 | 0.51 | 0.54 | 0.58 | |
| AUD | 1.46 | 1.40 | 1.50 | 1.62 | 1.67 | |
| CAD | 2.78 | 2.50 | 2.57 | 2.55 | 2.53 | |
| CHF | 0.11 | 0.08 | 0.18 | 0.20 | 0.24 | |
| JPY | 0.76 | 0.73 | 0.84 | 0.81 | 0.81 | |
| SGD | 2.20 | 2.12 | 2.19 | 2.19 | 2.20 | |
| D. RFC– RATE OF INTEREST with effect from 01.02.2020 | ||||||||
|---|---|---|---|---|---|---|---|---|
| D.RFC | 1 month to < 6 months | 6 months to <1 year | 1 year | RFC SB | ||||
| 1. USD | 1.66 | 1.75 | 1.81 | 0.05 | ||||
| 2. GBP | 0.71 | 0.82 | 0.88 | 0.05 | ||||
| 3. EUR | 0.00 | 0.00 | 0.00 | 0.00 | ||||
Bank’s MCLR effective
| Sr.No. | MCLR | Rate of Interest (%) P.A |
|---|---|---|
| 1. | Overnight MCLR | 10.20 |
| 2. | One Month MCLR | 10.20 |
| 3. | Three Month MCLR | 10.30 |
| 4. | Six Month MCLR | 10.40 |
| 5. | One Year MCLR | 10.65 |
Facility/product-wise Spread under the MCLR System Sector: Industry, Trade & Services
| Sr.No. | Loan facility/product | Interest Rate |
|---|---|---|
| 1. | WC credit facilities & Term Loan credit facilities – Other than Micro and Small Enterprises | One year MCLR + Business Strategy spread +Credit Risk Premia. (Depending upon the Credit Rating of the Borrower) |
| WC credit facilities & Term Loan credit facilities – For Micro and Small Enterprises | RBI Repo Rate + Operating Expenses + Business Strategy Spread + Credit Risk Premia (Depending upon the Credit Rating of the Borrower | |
| 2. | Advances under Lakshmi Business Credit (LBC) scheme – Other than Micro and Small Enterprises | (a)For loans up to Rs.100.00 lacs:
One year MCLR + 1.45% (PER:12.10% p.a.) (b)For loans above Rs.100.00 lacs: One year MCLR+1.20% (PER:11.85% p.a) |
| Advances under Lakshmi Business Credit (LBC) scheme – For Micro and Small Enterprises | (a)For loans up to Rs.100.00 lacs:
Repo Rate + Operating Expenses + 3.20% (PER: 11.05% p.a) (b)For loans above Rs.100.00 lacs: Repo Rate + Operating Expenses +2.95% (PER: 10.80% p.a) |
|
| 3. | Lakshmi Business Term Loan – Other than Micro and Small Enterprises | (a)For loans up to Rs.100.00 lacs:
One year MCLR + 1.70% (PER:12.35% p.a.) (b)For loans above Rs.100.00 lacs: One year MCLR+1.45% (PER:12.10% p.a) |
| Lakshmi Business Term Loan – For Micro and Small Enterprises | (a)For loans up to Rs.100.00 lacs:
Repo Rate + Operating Expenses +3.45% (PER: 11.30% p.a) (b)For loans above Rs.100.00 lacs: Repo Rate + Operating Expenses +3.20% (PER: 11.05% p.a) |
|
| 4. | Advances to Medium Enterprises (Manufacturing & Services) | I. Exposure less than or equal to Rs.5Crores:
(i) Working Capital: (Ii) Term Loan: II. Exposure more than Rs.5Crores: (i) Working Capital: (Ii) Term Loan: |
| Advances to Micro Enterprises (Manufacturing & Services) | I. Exposure less than or equal to Rs.5Crores: (WC & TL) Refer to Table No.1 (https://www.lvbank.com/UserFiles/EBM_05OCT19.pdf)II. Exposure more than Rs.5Crores: Refer to Table No.2 (https://www.lvbank.com/UserFiles/EBM_05OCT19.pdf) |
|
| Advances to Small Enterprises (Manufacturing & Services) | I. Exposure less than or equal to Rs.5Crores: (WC & TL)
(i) Working Capital: (Ii) Term Loan: II. Exposure more than Rs.5Crores: (i) Working Capital: (ii) Term Loan: |
|
| 5. | Lakshmi Loan Against Properties (LLAP) | One year MCLR+1.75% (PER: 12.40% p.a.) |