The Lakshmi Vilas Bank is a private sector company based out of Karur, Tamil Nadu. It is a scheduled commercial bank which was incorporated in 1926. The bank operates more than 400 branches and 820 ATMs throughout the country with special emphasis in the Tamil Nadu region.
Lakshmi Vilas Bank offers fixed deposits under various categories such as regular fixed deposits, Dhanachakra deposit, tax saver deposit etc. The products offer attractive interest rates and a good level of reliability.
Lakshmi Vilas Bank short term FD rates
The short term FD rate (up to 1 year) ranges from 5.50% to 8.75%.
The shortest slab of 15-29 days offers a decent 5.50% rate of interest, which increases slightly to 6.00% for the next slab of 30-45 days. Tenures between 91-180 days attract a high 8.10% interest rate, while the highest rate in this segment in offered on fixed deposits of tenure within 271-364 days.
Lakshmi Vilas Bank medium and long term FD rates
The medium and long term FD rates vary from 8.80% to 9.00%.
For all tenures from 1 year to 899 days, a uniform rate of 8.80% is applicable. Going forward, fixed duration FD of 900 days maturity offers an attractive 9.00% rate of interest on deposits. The tenures from 901 days to 5 years are also offered at 8.80% interest. The overall yield from these products is higher than the quoted interest rate as the rates are compounded annually. As such, longer tenure FD with a sufficiently high interest rate will offer high returns.
Senior citizen FD rates
Senior citizens will receive the regular rates for all short term fixed deposits of less than 1 year maturity. The medium and long term FD customers will receive additional rate of 0.50% on all maturities in this slab. Consequently, the highest rate is applicable on the fixed maturity 900 days fixed deposit, which offers a revised 9.50% from regular rates to senior citizens.
The Lakshmi Vilas Bank is a good choice for high interest fixed deposits and offers a host of features that have ensured a loyal customer base for the company.
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