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Term Deposits : Personal Banking - Dhanlaxmi Bank

Senior Citizen’s Deposit

The Senior Citizen's deposit is designed to provide senior citizens with extra protection through an additional rate of interest over the normal interest rate.
   
  • Senior Citizens are eligible for an additional interest rate of 0.50% p.a only for term deposits for periods starting from 180 days and above but excluding the 500 days product.
  • At par collection of 1 instrument for value up to Rs. 5,000 once a month
  • Issue of demand draft up to Rs. 5,000 once a month
  • 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. The additional rate of interest offered for deposits of Senior Citizens is applicable only to Resident Indians.
  • Indian nationals aged 60 and above.
 

Laxmi Recurring Deposits

The Laxmi Recurring Deposit allows for the investment of a small initial amount with recurring additions on a monthly basis for a predetermined fixed period of time. Interest accrued is added to the balance on a quarterly basis, which is then added to the invested amount. The principal and the cumulative interest is paid on maturity of the deposit.
   
  • For a much smaller investment per month, get interest rates equal to that of regular Fixed Deposits.
  • Frequency monthly
  • Minimum 12 months maximum 120 months
  • Pre mature penalty as per prevailing policy
  • TDS is not applicable on the interest earned by Recurring Deposits as per current income tax rules.
  • The account can be opened by individuals, firms, corporate bodies, clubs, and associations
 
 
 

 

Cumulative Deposit Certificate (DCDC)

Dhanam Cumulative Deposit Certificate (DCDC) returns quarterly interest that is added onto the principal amount. Both the cumulative quarterly interests and the principal amount are paid on maturity of the deposit.
   
  • 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
  • 90% of the balance in the account can accessible as a loan
  • The account can be opened by individuals, firms, corporate bodies, clubs, and associations
 

Tax Advantage

Dhanam Tax Advantage Deposit offers tax exemption under Sec 80C of IT Act.
   
  • 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.
  • 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
 
 

Manner of Calculation of interest: For all term deposits under Non IBA Scheme, Interest is calculated for actual number of days reckoning the year at 366 days in a Leap year and 365 days in other years. For deposits under cumulative scheme, compounding is done on calendar quarter basis.

For all term deposits under IBA Scheme, Interest is calculated reckoning the month at 30 days and year at 360 days. For deposits under cumulative scheme, compounding is done on anniversary quarter basis. For Broken period interest is calculated for actual number of days reckoning the year at 365 days.

Revised procedure on renewal of Domestic/NRO/NRE overdue term deposits effective from November 15, 2014

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