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Savings Account

Dhanlaxmi Bank, established in 1927 in Kerala, is one of the oldest and most reputed banks in India. The bank has always endeavoured to deliver remarkable products and services ranging from Dhanlaxmi Bank savings accounts and current accounts to home loan and education loan products to their customers.

Having a savings bank account in Dhanlaxmi Bank is an important aspect of living a carefree life without any problems. Many people underestimate the importance of having savings accounts. However, such accounts can help you in numerous ways. For instance, having a savings bank account can help you to accumulate money for a goal, buy items at a shop or online, pay bills, transfer funds to family and friends, and do many more other things that ease your life. If you do not have one, then you should open a savings account at the earliest to live a better life.

The Bank offers multiple varieties of savings bank accounts to suit the requirements of multiple individuals. Starting from a basic account and ending on a rich premium account, the bank has all that one can ask for and more so that the banking experience of every individual is most satisfactory. Let us have a detailed look at the type of Savings Account offered by Dhanlaxmi Bank to its customers:
 

o Types of Dhanlaxmi Bank Savings Account

  • Dhanam Vanitha – A Dhanlaxmi Bank savings account especially designed for women giving them a host of benefits and privileges on banking. Also known as Dhanlaxmi Bank Women’s Savings Bank Account, the features and benefits of the account are as follows:
  • There is a requirement of maintaining a minimum Average Monthly Balance (AMB) of Rs. 500
  • The account provides the facility of Sweep-in and Sweep-out. Under this facility, any balance in the account in excess of Rs. 25,000 will be transferred to a Fixed Deposit Account in multiples of Rs. 5,000 for tenure of 45 days. This transfer is done every fortnight.
  • The daily ATM withdrawal limit is Rs. 30,000 and the POS transaction limit is Rs. 75,000
  • A free Accidental Death Insurance of coverage of Rs. 1 lakh for a year if the customers agree to maintain the AMB of Rs. 5,000
  • A list of free monthly transactions include 5 non-bank ATM withdrawals, 2 NEFT and RTGS from the branch.
  • Free NEFT and RTGS internet banking, unlimited fund transfers anywhere, email alerts, internet banking and phone banking.
  • Dhanam Premium – Dhanlaxmi Bank offers a premium banking account for premium customers with additional benefits and privileges. The list of features and benefits of the account are as follows:
  • The Dhanlaxmi Bank minimum balance requirements for this account mandates that the account holder should maintain an amount, called Average Monthly Balance (AMB), of Rs. 10,000 with this savings account with Dhanlaxmi Bank.
  • The daily ATM withdrawal limit is Rs. 50,000 and the POS transaction limit is Rs. 75,000
  • Free unlimited non-bank ATM transactions
  • Free 10 NEFT and RTGS transactions per month from the branch
  • One free personalised cheque book per quarter
  • Unlimited free cash deposits at home branch
  • Free unlimited NEFT transactions through internet banking
  • Cash deposit or withdrawal at non-base up to a maximum limit of Rs. 1 lakh per day free of cost
  • 3 free Demand Drafts every month
  • Dhanam Preferred – A savings bank account with the following list of features and benefits:
  • A minimum Average Monthly Balance should be maintained at Rs. 5,000
  • The daily ATM withdrawal limit is Rs. 50,000 and the POS transaction limit is Rs. 75,000
  • Free 5 NEFT and RTGS transactions per month from the branch
  • One free personalised cheque book per quarter
  • Unlimited free cash deposits at home branch
  • Free unlimited NEFT transactions through internet banking
  • Cash deposit or withdrawal at non-base up to a maximum limit of Rs. 1 lakh per day free of cost
  • 3 free Demand Drafts every month
  • Dhanam Privilege Savings Account - A premium savings bank account with the following list of features and benefits:
  • A minimum Average Monthly Balance should be maintained at Rs. 25,000
  • Free unlimited non-bank ATM transactions and a daily POS limit of Rs. 1 lakh
  • Free unlimited NEFT and RTGS through branch and internet banking
  • One free personalised cheque book per quarter
  • Unlimited free cash deposits at home branch
  • Cash deposit or withdrawal at non-base up to a maximum limit of Rs. 2 lakhs per day free of cost
  • 5 free Demand Drafts every month
  • Dhanam + & Dhanam ++ Savings Account – An account combining the benefit of a Savings Bank account and a fixed deposit account. The features and benefits of the account are as follows:
  • There is a requirement of maintaining a minimum Average Monthly Balance (AMB) of Rs. 5,000
  • The account offers flexible term deposits which can be closed prematurely. The interest rate on premature closure will be reduced
  • A minimum deposit of Rs. 5,000 is required to open the account and thereafter in multiples of Rs. 1,000
  • Interest is calculated and paid on due date at deposit rates of 46-91 days as per the provisions of the Income Tax Act
  • There can be remittances from the fixed deposit account at the rate of Rs. 500 minimum and thereafter in multiples of Rs. 100
  • Cheque withdrawals also should be a minimum of Rs. 500 and any amount in excess is always rounded-off to the nearest 100
  • If the deposit is closed within 15 days of opening the account, no interest shall be payable

Dhanam Yuvak: This Dhanlaxmi Bank saving account is exclusively designed for youngsters aged 18 years to 35 years. With these savings accounts, you need to maintain average monthly balance of Rs. 1,000. This Dhanlaxmi Bank savings account is a unique product and helps a young person to make the best use of his or her money. This savings account with Dhanlaxmi Bank is loaded with features and benefits which will give you a great banking experience. The features and benefits are as follows:

  • This Dhanlaxmi Bank saving account also provides free accidental death insurance coverage of Rs. 4 lakh for one year. The only condition that customer should agree to is to maintain an AMB of Rs. 5,000.
  •  The banking services are flexible as you can walk in any branch of the bank in any part of the country for your queries and needs.
  • Dhanum Yuvak savings accounts provide you an ATM withdrawal limit of 30,000 per day.
  • POS limit of Rs 50,000 per day.
  • There are no Dhanlaxmi Bank savings account charges such as those for ATM pin generation, internet banking, funds transfer to other banks, standing instruction and others.

Dhanum Genius: This Dhanlaxmi Bank savings account is designed particularly for kids and students aged between 10 years and 23 years. Dhanum Genius savings accounts are the best guides for building a habit of savings in the future generation. The savings accounts offer excellent features:

  • This Dhanlaxmi Bank savings account is easy to maintain as the average minimum balance required is just Rs. 500.
  • The savings accounts also offer a rare benefit that is sweep in / sweep out facility which maximises your returns and offers you liquidity at the same time. If weekly balance in your Dhanlaxmi Bank savings account is above Rs. 5,000 it will be automatically sweep it into fixed deposits in multiples of 1,000 for a tenure of 30 days.
  • The personalised ATM card has a one-time charge of Rs. 200. The personalised ATM card is one in which the account holder can get picture of his / her choice. This makes it easier to teach the youngster the concept of personal responsibility for their financial future.
  • Daily withdrawal limit from ATM is Rs. 5,000.
  • Smart Salary Savings Account – Salary savings accounts which benefit both the employers and the employees. The features and benefits of the account are as follows:
  • There is no requirement of maintaining an Average Monthly Balance (AMB)
  • Free 5 NEFT and RTGS transactions per month from the branch
  • Free 2 outstation cheque collections every month
  • 2 free Demand Drafts at bank locations and at other correspondent bank locations every month
  • 2 free Pay orders per month
  • One free payable-at-par cheque book every quarter
  • Free Debit Card facility
  • Free anywhere banking facility and doorstep banking facility
  • Dhanam Basic Savings Bank Deposit Account – A simple savings bank account with no extra features for the basic banking needs of the individuals. The features of the account are as follows:
  • There is no requirement of maintaining an Average Monthly Balance (AMB)
  • Free debit card facility and cash withdrawals from any bank’s ATMs
  • Free non-cash anywhere banking facility
  • 5 free cash transactions per month
  • Regular Savings Account – A regular savings bank account with ease of banking transactions through access to the pan India presence of the bank. The features and benefits of the account are as follows:
  • There is a requirement of maintaining a minimum Average Monthly Balance (AMB) of Rs. 1,000
  • One free payable-at-par cheque book
  • Debit card facility is available
  • Free anywhere non-cash banking facility and doorstep banking facility
  • Dhanam Basic Savings Bank Deposit Account (Small) – A simple bank account with the following features:
  • There is no requirement of maintaining an Average Monthly Balance (AMB)
  • The account can be opened by submitting simple Know Your Customer (KYC) documents
  • There are no account maintenance charges charged by the bank
  • Debit card facility is available
  • The aggregate of all credit transactions in a year should not exceed Rs. 1 lakh
  • The aggregate of all withdrawals or transfers in a month should not exceed Rs. 10,000
  • The balance in the account at any time should not exceed Rs. 50,000

Eligibility

  • Dhanam Vanitha -Any Resident Indian woman aged 18 years or more can open the account either solely or as a primary accountholder in case of joint accounts.
  • Other savings accounts The account can be opened by individuals, trusts, societies, clubs, associations or in the name of minors
  • Dhanam Yuvak Any individual who is an Indian citizen and aged between 18 and 35 years
  • Dhanam Genius Kids and students of age above 10 years to 23 years.
  • Dhanam Basic Savings Bank Deposit Account (Small)- The account can be opened by individuals only
  • In case of minors, the account should be opened as joint savings accounts with the guardian. However, following the usual precautions HUFs, trusts, associations, etc cannot open the account.

Interest Rates

Dhanlaxmi Bank savings accounts earn an interest rate of 4% per annum calculated on a daily end of day balance.

 

  • : Documentation for Dhanlaxmi Bank savings account is minimal. Following are the documents required:
  • Passport size photograph
  • Proof of identity (such as your PAN, driving license, Voter’s ID Card, Aadhar Card, etc.)
  • Proof of residence (such as your passport, Aadhar Card, lease or rental agreement, the most recent utility bill with address and name on it, etc.)
  • Initial deposit (usually cheques or cash for at least the minimum balance for the savings accounts you are opening).

Applying Online

To keep up with the current trend of doing things online, Dhanlaxmi bank customers have the option of opening the savings account online, via Paisabazaar website.

You can visit the website and use their eligibility calculator tool to check whether or not you are eligible for opening a savings account. The tool will require a few of your personal details, one the stipulated criteria are met, you will be redirected to another page with a range of suitable options to choose from.

At this stage you can select Dhanlaxmi bank savings account, after which the concerned official will contact you and proceed further.

If the customer wants, he or she can also visit the nearest branch of the bank and request for the application of the Savings Account. The form is available at the bank’s branches which should be duly filled by the applicant. After submitting the necessary documents and once the bank matches the eligibility criteria satisfactorily, the account will be opened by the bank