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This Private Sector Bank Hikes Interest Rates To 6.75

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Banks in India recently revised the interest rates on fixed deposits followed by RBI's sudden move to hike the policy repo rate by 40 basis points in an unscheduled meeting on May 4. The move of Central Bank will also lead to raise in the interest rates of term loans. DCB Bank, a scheduled commercial bank, has also decided to revise and hike its interest rates on fixed deposits offered for various tenures. Fixed Deposits offer eye-catching interest rates and offer attractive returns to bank customers on their investment.

 
This Private Sector Bank Hikes Interest Rates To 6.75

Fixed Deposits are safe and secure investment and carry minimal risks. DCB Bank has decided to offer an FD interest rate of up to 6.25% p.a. for its customers. Apart from offering traditional FDs, it is also providing other products namely DCB Bank Health Plus FD wherein citizens can get some free medical benefits and emergency assistance. It offers yet another product namely Suraksha FD that offers high interest rates and free life insurance coverage of up to Rs 50 lakh.

There is additional benefit for senior citizens as well. They can obtain an interest rate of 6.75% on an investment for 3 years tenure.

Meanwhile, the saving account can fetch investors an interest rate of up to 6.75%.
You can also get gold loans from DCB Bank amid their surging popularity as they are one of the fastest loans that you can get. There is another benefit of getting such loans i.e. when the price of gold goes high, the better the loan will be.

Meanwhile, DCB declared its Q4 results recently wherein it announced a 46% year-on-year growth in its profit at Rs 113 crore in the quarter ended March 2022. DCB Bank received its license on May 31, 1995. Below is the table of containing interest rates of FDs:

TenureDeposit Interest RateEffective Annualised Yield (% per annum) *Rate for Senior Citizens (% per annum)Effective Annualised Yield (% per annum) *
(percent per annum)
Single Deposit of less than INR 2 Cr.
7 days to 14 days4.35%4.35%4.85%4.85%
15 days to 45 days4.35%4.35%4.85%4.85%
46 days to 90 days4.35%4.35%4.85%4.85%
91 days to less than 6 months5.05%5.05%5.55%5.55%
6 months to less than 12 months5.25%5.34%5.75%5.86%
12 months5.55%5.67%6.05%6.19%
More than 12 months to less than 15 months5.30%5.41%5.80%5.93%
15 months to less than 18 months6.00%6.18%6.50%6.71%
18 months to less than 700 days6.25%6.55%6.75%7.10%
700 days6.25%6.55%6.75%7.10%
More than 700 days to less than 36 months6.25%6.76%6.75%7.35%
36 months 6.25%6.82%6.75%7.41%
More than 36 months to 60 months6.25%7.27%6.75%7.95%
More than 60 months to 120 months6.25%8.59%6.75%9.53%

Story first published: Friday, May 20, 2022, 14:02 [IST]
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