DCB Bank Cuts FDs, Savings Account Interest Rates By 50 Bps; How Much You Get?

DCB Bank Interest Rates: Private sector scheduled commercial lender, DCB Bank has trimmed its fixed deposits and savings account interest rates by 50 basis points. On single deposits of less than Rs 2 crore, the bank is offering as high as 7.75% to the general public and 8.50% to senior citizens. While savings account rates range from 2% to 7.75%. The new rates have come into effect from August 17, 2023.

LATEST FIXED DEPOSIT INTEREST RATES:

Senior citizens:

Senior citizens earn higher rates on their FDs than compared to the general public. Elderlies can garner a maximum 8.50% rate on their deposits for tenures from 700 days to 36 months. While the rate is 8% each on maturities period from 15 months to less than 700 days, and more than 36 months to 60 months.

Further, the bank is offering 7.75% from 10 months to less than 15 months tenure. The rate is similar on more than 60 months to 120 months tenure.

FDs for tenures below 10 months have interest rates ranging from 4.25% to 6.75%.

General Public:

To individuals below the age of 60 years, the bank is offering 7.75% on tenures from 700 days to 36 months. Meanwhile, these individuals can earn up to 7.50% each on 15 months to less than 18 months; 18 months to less than 700 days; and More than 36 months to 60 months tenures.

The interest rate is at 7.25% on 10 months to less than 12 months; 12 months; more than 12 months to less than 15 months; and more than 60 months to 120 months tenures.

Below 10 months tenure, the interest rates range from 3.75% to 6.25%.

In its terms and conditions, DCB Bank on its website said that the rates of interest are subject to revision without notice. Also, there is no additional benefit to NR Senior Citizens. Further. the minimum tenure for an NRE fixed deposit is 12 months. Non-callable deposits cannot be closed by the depositor before the expiry of the term of such deposit.

It added bank Treasury approval is required for "interest rate quotes and booking" for a single deposit of Rs 2 crore and above.

Notably, annualised yield is calculated on the assumption of quarterly compounding frequency and for the highest tenure in each slab.

Savings Account Interest Rates:

DCB Bank is offering 7.75% on saving accounts balances from Rs 10 crore to less than Rs 200 crore. The bank is giving a 7.25% rate on balances from Rs 1 crore to less than Rs 2 crore. Further, an interest rate of 7% is offered on balances from Rs 50 lakh to less than Rs 1 crore; and on balances from Rs 5 crore to less than Rs 10 crore.

The rate is merely 5.50% on balances from Rs 2 crore to less than Rs 5 crore, and 5% on balances from Rs 200 crore and above in the account.

On savings balances up to Rs 1 lakh to less than Rs 50 lakh, the rates range from 2% to 6.95%.

According to DCB Bank, in this account, interest will be calculated daily based on end-of-day clear balance in the account and will be paid quarterly. These interest rates apply to resident, NRE and NRO savings accounts, and are subject to change without prior notice.