Lakshmi Vilas Bank FD Calculator
Lakshmi Vilas Bank Fixed Deposit Rates - General Public
| Tenure bracket | General FD rates (per annum) |
| 7 days to 60 days | 2.50% |
| 61 days to 180 days | 2.75% |
| 181 days to 269 days | 3.00% |
| 270 days to 364 days | 3.50% |
| 365 days to 540 days | 5.00% |
| 541 days to 730 days | 5.15% |
| 731 days to less than 3 years | 5.25% |
| 3 years to less than 5 years | 5.65% |
| 5 years to 10 years | 5.75% |
Note: The FD interest rates are effective as of 10 October 2021
Lakshmi Vilas Bank Fixed Deposit Rates - Senior Citizens
| Tenure bracket | Senior Citizens FD rates (per annum) |
| 7 days to 60 days | 2.50% |
| 61 days to 180 days | 2.75% |
| 181 days to 269 days | 3.50% |
| 270 days to 364 days | 4.00% |
| 365 days to 540 days | 5.50% |
| 541 days to 730 days | 5.65% |
| 731 days to less than 3 years | 5.75% |
| 3 years to less than 5 years | 6.15% |
| 5 years to 10 years | 6.25% |
Note: The FD interest rates are effective as of 10 October 2021
Lakshmi Vilas Bank Tax Saver Deposit Rate - General Public
| Tenure bracket | General FD rates (per annum) |
| 5 years | 5.75% |
Note: The FD interest rates are effective as of 10 October 2021
Lakshmi Vilas Bank Tax Saver Deposit Rate - Senior Citizens
| Tenure bracket | Senior Citizens FD rates (per annum) |
| 5 years | 6.25% |
Note: The FD interest rates are effective as of 10 October 2021
Interest rates for NRE term deposit
| Tenure bracket | Rate of Interest (per annum) |
| 1 year to less than 2 years | 3.15% |
| 2 years to less than 3 years | 3.35% |
| 3 years to less than 5 years | 4.35% |
| 5 years to 10 years | 4.35% |
Note: The FD interest rates are effective as of 10 October 2021
Interest rates for NRE term deposit
| Tenure bracket | General FD rates (per annum) |
| 7 days to 60 days | 2.50% |
| 61 days to 180 days | 2.75% |
| 181 days to 269 days | 3.00% |
| 270 days to 364 days | 3.50% |
| 365 days to 540 days | 5.00% |
| 541 days to 730 days | 5.15% |
| 731 days to less than 3 years | 5.25% |
| 3 years to less than 5 years | 5.65% |
| 5 years to 10 years | 5.75% |
Note: The FD interest rates are effective as of 10 October 2021
Interest rates for RFC term deposits
| Tenure/Currency | GBP | USD |
| 1 month to less than 6 months | 0.04% | 0.15% |
| 6 months to less than 1 year | 0.06% | 0.26% |
| 1 year | 0.13% | 0.33% |
| RFC SB | 0.05% | 0.05% |
Note: The FD interest rates are effective as of 10 October 2021
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Lakshmi Vilas Bank FD calculator
Chennai-based Lakshmi Vilas Bank was merged with DBS Bank in November 2020. All DBS Bank FD rates are now applicable for Lakshmi Vilas Bank Fixed Deposit.
However, before opening an FD account in Lakshmi Vilas Bank Fixed Deposit, you can check the maturity amount seamlessly using an online Lakshmi Vilas Bank FD calculator. This calculating tool offers depositors an idea of the returns of their investments. Read on to know more.
Lakshmi Vilas Bank Fixed Deposit Interest Rates and FD calculator
Lakshmi Vilas Bank offers highly attractive interest rates and flexible tenure, on its fixed deposits. For investment tenure of 7 days to 10 years the Lakshmi Vilas Bank interest rate range from 2.50% to 7.25% p.a. for general citizens and for senior citizens it ranges between 2.50% to 7.75% p.a. for deposit amount below ₹2 crore. In FD, the interest rate varies according to your chosen tenure.
Manually calculating the maturity amount and accruing interest rate can be a bit hectic considering the complex formula involved. Instead, you can use an online Lakshmi Vilas Bank FD calculator to figure out how much interest your principal amount will earn when you invest in a Lakshmi Vilas Bank FD account.
How Does the Lakshmi Vilas FD Calculator Work?
Using this calculating tool is convenient and easy. All you need to do is enter the deposited amount in the “Total Investment” box.
Then drag the cursor to draw a purple line until reaching the desired tenure. You can also enter the number of years in the provided box.
Finally, enter the interest rate and the right side of the screen will display the “Estimated Return” and “Total Value” that you can expect to receive at the end of the FD tenure.
Fixed deposit interest is calculated in two ways: compound interest and simple interest.
In the case of compound interest, the formula used is A = P (1+r/n) ^
n * t.
In this given formula,
A = Maturity amount
t = Number of years
r = Interest rate
P = Principal amount
n = The frequency of interest calculation
To understand the formula let’s take an example.
If you invest an FD of ₹20,000 for 5 years in Lakshmi Vilas Bank the at an interest rate of 6.25% p.a.(annually compounding), then the maturity amount you will earn will be:
P= 20,000
r= 6.5%
T= 5 years
n= = 1
A = 20,000(1+6.5%/1)^(1*5) = ₹ 7,608.
Interest earned = A – P = ₹ (27,608 – 20,000) = 7,608
Therefore interest earned over 5 years is ₹7,608.
On the other hand, for simple interest, the formula used is M = P+ (PXRXT/100).
In this given formula,
M stands for a maturity amount
R signifies rate of interest
T is the investment tenure
P represents principal amount.
Lakshmi Vilas Bank FD for tenures below 6 months will accrue simple interest.
Benefits of an Online Lakshmi Vilas Bank Fixed Deposit Calculator
There are many benefits of using this calculating tool while comparing FD returns across different FD schemes. Let’s check out some of the prime benefits of using this calculator:
- One of the primary advantages of using this calculator is the accuracy it offers over manual calculation. This online calculator is completely automated which eliminates the risk of inaccurate results.
- This calculating tool comes with a user-friendly interface which is convenient to use. After entering the required information, complex calculations are done instantly, saving time.
- Another prominent benefit of using this online calculator is the capacity to generate customised results. Here you can alter your deposit amount, tenure and interest to draw out various investment scenarios and find a suitable investment option.
- The Lakshmi Vilas Bank FD Calculator is readily available on multiple website and you can perform FD-related calculations as many times as you want without any hiccups. Additionally, they do not require any login or sign-up and you can access it from anywhere.
So to make an informed investment decision, you can use the Upstox Lakshmi Vilas Bank fixed deposit calculator. It will help you determine the interest amount and the total maturity amount in a hassle-free way.
Frequently Asked Questions
What is the highest interest rate offered by Lakshmi Vilas Bank Fixed Deposit?
The highest interest rate offered by this financial institution is 7.25% p.a. for general citizens. On the other hand, it offers 7.75% p.a. for senior citizens for deposit amount of less than ₹2 crore.
In how many years has FD doubled in Lakshmi Vilas Bank?
By using the rule of 72, individuals can estimate the number of years it will need to double Lakshmi Vilas Bank’s fixed deposit. In this rule, you need to divide 72 by the rate of interest levied by the financial institution. For instance, If the interest rate of your FD amount is 5.75%, it will take (72/5.75) = 12.52 years to double your FD deposit amount.
What are the minimum and maximum amount of FD investment for Lakshmi Vilas Bank?
The minimum deposit amount to open an FD account with this financial institution is ₹100. There isn’t any maximum deposit amount.
Does Lakshmi Vilas Bank offer a premature withdrawal facility to its customers?
Yes, this financial institution offers a premature withdrawal facility for its customers.
What is the penalty for early withdrawal in Lakshmi Vilas Bank FD?
Bank charges a penalty for premature withdrawal of fixed deposits. The penalty may range between 0.5% and 1%.
Who are eligible to open a Lakshmi Vilas Bank fixed deposit account?
Individuals who are aged 18 years and above holding an account with Lakshmi Vilas Bank can open an FD account.
Does Lakshmi Vilas Bank provide an auto-renewal facility for fixed deposits?
Yes in certain FD schemes like Lakshmi Freedom Deposit an auto-renewal facility is available.
Are there any special rates for senior citizens?
Senior citizens can earn an additional interest rate of 0.50% on their deposits.
What is the lock-in period for Tax Saving Scheme?
The lock-in period for the tax saver scheme is 5 years.
Can I deposit an extra amount in my Lakshmi Vilas Bank FD account?
No, it is not possible to deposit any extra amount in the current FD account. If you want to invest any extra amount in FD, you can open a new FD account.
Disclaimer:
This calculator is meant to be used for indicative purposes only. It is designed to assist you in determining the appropriate amount of prospective investments. This calculator alone is not sufficient and shouldn’t be used for the development or implementation of any investment strategy. Upstox does not take the responsibility/liability nor does it undertake the authenticity of the figures calculated therein. Upstox makes no warranty about the accuracy of the calculators/reckoners. The examples do not claim to represent the performance of any security or investments. In view of the individual nature of tax consequences, each investor is advised to consult his/her own professional tax advisor before making any investment decisions on the basis of the results provided through the use of this calculator.