This is a bank that was founded on November 3, 1926, under the Indian Companies Act, 1913, and got its certificate to begin operations on November 10, 1926. The bank had received its license from the Reserve Bank of India (RBI) in June 1958, and it became a scheduled commercial bank in August 1958.
The bank now offers different products and services to their customers, and among them is the recurring deposit account, which this post speaks about.
Here is the table to show the LVB RD interest rates 2024:
|
Tenure |
LVB RD interest rates for general customers |
Lakshmi Vilas Bank RD interest rates for senior citizens |
|
7 to 14 Days |
4.50% |
4.50% |
|
15 to 30 Days |
4.50% |
4.50% |
|
31 to 45 Days |
5.50% |
5.50% |
|
46 to 90 Days |
6.00% |
6.00% |
|
91 to 120 Days |
6.50% |
7.00% |
|
121 to 150 Days |
6.75% |
7.25% |
|
151 to 180 Days |
7.00% |
7.50% |
|
181 to 364 Days |
7.35% |
7.85% |
|
365 Days - 449 Days |
7.50% |
8.10% |
|
450 Days |
7.80% |
8.40% |
|
451 Days - 989 Days |
7.50% |
8.10% |
|
990 Days |
7.60% |
8.20% |
|
991 Days - less than 5 Years |
7.50% |
8.10% |
|
5 Years - 10 Years |
7.25% |
7.85% |
A Lakshmi Vilas Bank RD account can be created with a minimum deposit of Rs.100. The bank's interest rates on RDs are attractive, ranging from 4.50% to 7.60% p.a. For opening an RD account with them, the bank provides loan and nomination services.
A Lakshmi Vilas Bank Recurring Deposit allows you to save regularly. Lakshmi Vilas Bank provides its customers with two Recurring Deposit plans. They are the Lakshmi Freedom Deposit and the Recurring Deposit (LFD).
Short-Term - Short-term RDs are those in which you open an RD account with Lakshmi Vilas Bank for a duration of 12 months to less than 18 months. The bank pays 7.35% per annum on deposits made for such terms.
Medium and Long Term - Deposits made for 18 months to less than 5 years are classified as medium-term RDs, whereas deposits made for more than 5 years are classified as long-term RDs. The bank gives the same interest rate on medium-term and long-term RDs, 7.50% p.a.
Q1. Who is eligible to open an RD with Lakshmi Vilas Bank?
A single person, two or more people, a minor with a guardian, a literate minor of 12 years old, a partnership firm, a joint stock company, clubs, societies, and trusts
Q2. Who is eligible for this scheme?
The below mentioned will fit into this criteria:
Q3. Will my interest be taxed from the RD?
Interest earned is taxable based on the account holder's tax bracket. Thus, he or she must pay tax on interest earned. Interest earned is taxable under the title - Income from Other Sources.
Q4. What is the bare requirement for opening an RD with Lakshmi Vilas Bank?
A regular recurring deposit with Lakshmi Vilas Bank requires a minimum initial amount of Rs. 100.
Q5. What is the shortest and longest deposit period?
The minimum deposit tenure is one year, with a maximum of ten years.