DCB Bank Hikes Interest Rates On Fixed Deposits (FDs): Details Inside

DCB Bank has announced an interest rate hike on fixed deposits (FDs) of less than Rs 2 Cr. This interesting news for fixed-income investors came after the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) last week on Friday decided to keep key interest rates unchanged at 6.5%. Following the announcement, DCB Bank has hiked interest rates on FDs by 10 bps on a range of tenors and is offering a maximum return of 8% on a tenure of 25 months to 26 months.

DCB Bank FD Rates

The bank will continue to give a 3.75% interest rate on deposits made between seven and forty-five days, while DCB Bank is offering a 4.00% interest rate on deposits made between forty-six and ninety-nine days. For a term of 91 days to less than 6 months, DCB Bank is giving an interest rate of 4.75%; for a term of 6 months to less than 10 months, the rate is 6.25%. The interest rate on deposits that mature in 10 months to less than 12 months will remain at 7.25%, while the interest rate on deposits that mature in 12 months will remain at 7.15%.

The bank raised interest rates on deposits maturing in 12 months 1 day to 12 months 10 days by 10 basis points, from 7.75% to 7.85%. DCB Bank will still provide a 7.15% interest rate on deposits maturing in 12 months 11 days to 18 months 5 days. DCB Bank will maintain its current interest rate schedule, which is 7.50% for deposits with a term of 18 months, 6 days to less than 700 days, and 7.55% for deposits with a term of 700 days to less than 25 months. Interest rates at DCB Bank have increased by 10 basis points, from 7.90% to 8% for a 25- to 26-month term, and will now provide 7.60% for a tenure of more than 26 months but less than 37 months.

Deposits maturing in 37 months to 38 months will continue to offer an interest rate of 7.90% and those maturing from more than 38 months to less than 61 months will continue to offer an interest rate of 7.40%. DCB Bank will offer an interest rate of 7.65% on 61 months tenure and 7.25% on more than 61 months to 120 months tenure.
DCB Bank is a leading private sector bank with 439 branches as of 30th September 2023 across India.

The scheduled commercial bank regulated by the Reserve Bank of India has branches across Andhra Pradesh, Bihar, Chhattisgarh, Daman, Delhi/ NCR, Goa, Gujarat, Haryana, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Odisha, Punjab, Rajasthan, Silvassa, Tamil Nadu, Telangana, Uttar Pradesh, Uttarakhand and West Bengal.