Depositing a sum of money each month in RD account not only helps in building wealth, but it can also teach the habit of saving in people. The RD schemes introduced by Dhanalakshmi Bank are beneficial for the general public, senior citizens and NRIs. The RD scheme offered is known as Lakshmi Recurring Deposits. Customers may set a predetermined amount they wish to deposit each month and also choose their tenure. The interest rate on a Dhanalakshmi Bank RD account is computed on a quarterly basis and the interest rate is payable by the bank on maturity. The principal amount along with interest is paid to the depositor upon maturity.

1. Build your Credit Score

2. Reduce your Current Borrowing / EMI Costs

Term Deposits (All Maturities) | Rates of Interest (% P.A) |

180 days to less than one year | 6 |

1 Year and above upto & inclusive of 2 years | 6.6 |

Above 2 years upto & inclusive of 3 years | 6.5 |

Above 3 years upto & inclusive of 5 years | 6.5 |

Above 5 years upto & inclusive of 10 years | 6.5 |

NRE (All Maturities) | Rates of Interest (% P.A) |

Above 1 year upto & inclusive of 2 years | 6.6 |

Above 2 years upto & inclusive of 3 years | 6.5 |

Above 3 years upto & inclusive of 5 years | 6.5 |

Above 5 years upto & inclusive of 10 years | 6.5 |

1. Build your Credit Score

2. Reduce your Current Borrowing / EMI Costs

The short-term deposits range from 6 months to 1 year. An RD for such tenures can attract an interest rate of 6% per annum. The benefits of short-term deposits are not applicable to NRIs. Senior citizens are also not entitled to any additional interest rate on short-term deposits with the Dhanalakshmi Bank

The medium-term deposit term for Dhanalakshmi Bank ranges from 1-2 years and these deposits can earn an interest rate of 6.6% per annum. The long-term RD with Dhanalakshmi Bank ranges from 3-10 years and it can earn an interest rate of 6.5% per annum. A higher rate of interest can be earned as the tenure increases.

Senior citizens can receive an interest rate of up to 0.5% on the regular deposits made for a tenure of at least one year. Senior citizens get an interest rate of 6.5% per annum on their short-term deposits. Deposits made for the tenure of 1-2 years may earn an interest rate of 7.1% per annum. Deposits made for a tenure of 3-10 years can earn an interest rate of 7% per annum.

The minimum tenure for opening an NRE RD bank account with Dhanalakshmi Bank is one year. No interest is payable on the premature withdrawal of deposit. The minimum amount that is required to be deposited is 1000 rupees and the RDs can earn an interest rate of 6.6% per annum for a tenure of 1-2 years. Long-term deposits ranging from 3-10 years earn an interest rate of 6.5% per annum.

1. Build your Credit Score

2. Reduce your Current Borrowing / EMI Costs