DCB Bank Hikes Savings Account Interest Rates; Check New ROI Effective From July 2024

DCB Bank in a surprise move has hiked its interest rates on savings accounts. The revised savings account rates go into effect on July 09, 2024, according to the bank's official website. According to DCB Bank, customers with savings accounts can receive up to 8.00% in return on their balances-among the highest rates offered by private sector banks.

DCB Bank Savings Account Interest Rates

The bank is giving 1.75% interest on savings account balances up to Rs 1 lakh, while DCB Bank will pay 3.00% interest on balances over Rs 1 lakh but less than Rs 5 lakh in the account. For balances in the account between 5 lakh and less than 10 lakh, DCB Bank will pay interest at a rate of 5.00%; for balances between 10 lakh and less than 1 crore, the return would be 7.75%. The interest rate on DCB Bank savings accounts with balances between one crore and less than three crores is 8.00%, while the interest rate on accounts with balances between three crores and Rs. 10 crores is 7.25%.

DCB Bank is now offering an interest rate of 7.00% on balances in the account between 10 crore and less than 200 crore, and an interest rate of 5.50% on balances beyond 200 crore.

Recently CARE Ratings Limited in its rating rationale dated July 12, 2024 has assigned the ratings of DCB Bank under "CARE A1+" rating for the Short-Term Fixed Deposit Programme and "CARE A1+" rating for Rs 500 Crore Certificates of Deposit Programme as per a stock exchange filing.

With 442 branches spread over 20 states and two union territories, DCB Bank Limited is a new-generation private sector bank. It is a scheduled commercial bank under the Reserve Bank of India's supervision. . Modern infrastructure and technology are available at DCB Bank, including cutting-edge online and mobile banking services for both personal and commercial banking clients. Retail, mid-Corporate, Microfinance Institutions (MFI), Agriculture, Commodities, Government, Public Sector, Indian Banks, Co-operative Banks, and Non-Banking Finance Companies (NBFC) are the business segments of the bank.