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DCB Bank Revises Interest Rates On Fixed Deposit: Check Current Rates Here
Development Credit Bank (DCB), among the leading private sector lenders, has recently revised interest rates on its fixed deposit schemes. The modified rates are in force from 17th August 2021 and the bank allows a fixed deposit for a tenure ranging from 7 days to 120 months. Apart from flexible tenure, interest payout options i.e. monthly/quarterly/half-yearly/yearly, attractive interest rates for senior citizens, automatic renewal option, and so on, the bank allows a minimum deposit amount of Rs 10,000 to open a term deposit account. For a deposit amount of less than Rs 2 Cr, here are the revised interest rates on FD of the bank for both regular and senior citizens.
DCB Bank Regular FD Rates
After the most recent revision of interest rates on FD, the bank offers an interest rate of 4.35% on deposits maturing in 7 days to 90 days. For FDs maturing in 91 days to less than 6 months and 6 months to less than 12 months, the bank offers an interest rate of 5.05% and 5.45% respectively. For term deposits maturing in 1 year, the bank is now offering an interest rate of 5.55%. The private lender is providing a 5.30 percent interest rate on FDs with a maturity period ranging from more than 12 months to less than 15 months.
DCB Bank is currently offering a 5.50 percent interest rate on FDs maturing in 15 months to less than 18 months and 18 months to less than 700 days. For term deposits maturing in 700 days, the bank is now promising an interest rate of 5.95%. For FDs maturing in more than 700 days to less than 36 months, the private lender is providing a 5.50 percent interest rate on FDs. DCB Bank is currently offering a 5.95 percent interest rate on FDs maturing in 36 to 120 months.
| Tenure | Regular Deposit Interest Rate (p.a.) | Effective Annualised Yield (% per annum) |
|---|---|---|
| 7 days to 14 days | 4.35% | 4.35% |
| 15 days to 45 days | 4.35% | 4.35% |
| 46 days to 90 days | 4.35% | 4.35% |
| 91 days to less than 6 months | 5.05% | 5.05% |
| 6 months to less than 12 months | 5.45% | 5.56% |
| 12 months | 5.55% | 5.67% |
| More than 12 months to less than 15 months | 5.30% | 5.41% |
| 15 months to less than 18 months | 5.50% | 5.65% |
| 18 months to less than 700 days | 5.50% | 5.73% |
| 700 days | 5.95% | 6.22% |
| More than 700 days to less than 36 months | 5.50% | 5.89% |
| 36 months | 5.95% | 6.46% |
| More than 36 months to 60 months | 5.95% | 6.87% |
| More than 60 months to 120 months | 5.95% | 8.05% |
| Source: Bank Website, with effect from 17th August 2021. |
DCB Bank FD Rates For Senior Citizens
After the latest revision, elderly persons would continue to receive an additional rate of 0.50% than the general public. For a deposit amount of less than Rs 2 Cr, senior citizens will get the following interest rates on their deposits.
| Tenure | Rate for Senior Citizens (% per annum) | Effective Annualised Yield (% per annum) |
|---|---|---|
| 7 days to 14 days | 4.85% | 4.85% |
| 15 days to 45 days | 4.85% | 4.85% |
| 46 days to 90 days | 4.85% | 4.85% |
| 91 days to less than 6 months | 5.55% | 5.55% |
| 6 months to less than 12 months | 5.95% | 6.08% |
| 12 months | 6.05% | 6.19% |
| More than 12 months to less than 15 months | 5.80% | 5.93% |
| 15 months to less than 18 months | 6.00% | 6.18% |
| 18 months to less than 700 days | 6.00% | 6.28% |
| 700 days | 6.45% | 6.77% |
| More than 700 days to less than 36 months | 6.00% | 6.47% |
| 36 months | 6.45% | 7.05% |
| More than 36 months to 60 months | 6.45% | 7.54% |
| More than 60 months to 120 months | 6.45% | 8.96% |
| Source: Bank Website, with effect from 17th August 2021. |
DCB Bank Penalty Rates On Premature Closure of Resident Deposits
On premature withdrawal of deposits, DCB Bank will impose the following penalty rates.
| Penalty for Premature Closure of Resident Deposits | |||
|---|---|---|---|
| Size of Deposit | 7 - 13 days | 14 - 29 days | 30 days & above |
| Less than Rs. 2 crore | No Interest | 0.50% less than the applicable rate | 0.50% less than the applicable rate |
| Rs. 2 crore and above | No Interest | No Interest | 2% less than the applicable rate |
| Source: DCB Bank |
