Among the lenders in the private sector, DCB Bank has announced an interest rate hike on fixed deposits under ₹2 crore. According to the bank's official website, the new rates come into operation on December 21, 2022. Following the revision, the bank is now offering interest rates ranging from 3.75% to 7.60% for the general public and 4.25% to 8.10% for senior citizens on fixed deposits maturing in 7 days to 120 months. The maximum interest rate on deposits maturing in more than 700 days to 36 months at DCB Bank is currently 7.85% for non-senior citizens and 8.35% for senior citizens.
DCB Bank FD Rates
The bank is giving an interest rate of 3.75% on deposits that mature in the next 7 days to 45 days, while DCB Bank is offering an interest rate of 4.00% on deposits that mature in the next 46 days to 90 days. For deposits maturing in 91 days to less than six months, DCB Bank is giving an interest rate of 4.75%; for deposits maturing in six months to less than twelve months, the interest rate is 6.25%.
Deposits maturing in the next 12 to 18 months will now earn 7.25% interest, while those maturing in the next 18 to 700 days will now earn 7.50% interest. The bank will impose a maximum interest rate of 7.85% on deposits maturing in more than 700 days to 36 months, while DCB Bank will pay an interest rate of 7.60% on deposits maturing in more than 36 months to 120 months.
Retail investors can take advantage of DCB Bank's attractive interest rates, which can outpace inflation, and flexible interest payment schedules, including monthly, quarterly, half-yearly, and annual basis. With a modest minimum deposit requirement of only ₹10,000 for the customers, DCB Bank also gives older folks an additional 0.5% per year in interest.
In addition to standard fixed deposits, DCB Bank additionally offers its retail customers the opportunity to open DCB Suraksha Fixed Deposits, DCB Tax Saver Fixed Deposits, DCB Diamond Khushiyali Deposits, DCB Zippi Online Fixed Deposits, and DCB Health Plus Fixed Deposits.
The DCB Suraksha Fixed Deposit offers competitive returns as well as complimentary life insurance benefits for your family. The maximum life insurance cover purchasable under this deposit account is ₹10 lakh across all DCB Suraksha Fixed Deposits held in the name of the primary individual. The insurance cover is valid for residents from the age of 18 until the account holder reaches the age of 55. The tenor of the DCB Suraksha Fixed Deposit is 36 months.
By selecting either quarterly compounding or quarterly interest payout, DCB Tax Saver Fixed Deposit enables you to claim a tax advantage of up to Rs. 1,50,000 in a financial year under Section 80C of the Income Tax Act, 1961. Investors may deposit as little as ₹10,000 up to ₹1,50,000 in a financial year with the DCB Tax Saver Fixed Deposit, which has a lock-in duration of 5 years.
DCB Diamond Khushiyali Deposit is nothing but a recurring deposit, under which investors can make monthly installments rather than depositing a lump sum amount. Under DCB Diamond Khushiyali Deposit, the minimum monthly instalment amount is Rs. 500, and subsequently, payments may be made in multiples of Rs. 1.
You may open a DCB Zippi Online Fixed Deposit account online from the convenience of your home using Aadhaar and PAN. In contrast, the DCB Health Plus Fixed Deposit under the ICICI Lombard Group Take Care Insurance Plan offers competitive returns in addition to free medical benefits and emergency assistance.
This article taken by livemint.com
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