With effect from August 22, 2022, the private sector lender DCB Bank altered its interest rates on domestic non-callable retail deposits. The bank has revised the interest rate on single deposits that are non-callable and range from INR 25 Lakh to less than INR 2 Cr. Following the change, the bank is now providing deposits with maturities ranging from 12 to 60 months at an interest rate of 6.90% to 6.70%. Investors in fixed deposit products should be aware that banks prevent customers from requesting a premature withdrawal on non-callable fixed deposits.
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DCB Bank FD Rates
The bank is currently offering an interest rate of 6.90% on non-callable fixed deposits maturing in 12 months to 36 months, and 6.70% on fixed deposits maturing in more than 36 months to 60 months.
The bank also changed the interest rate for single deposits of INR 2 Cr to less than INR 5 Cr on August 22, 2022. The bank will now provide an interest rate of 3.00% on fixed deposits maturing in 7 to 14 days, and 3.25% on fixed deposits maturing in 5 to 30 days. Fixed deposits with maturities between 31 and 45 days will now pay interest at a rate of 3.50%, while term deposits with maturities between 46 and 60 days will now earn interest at a rate of 3.75%. A new interest rate of 4.10% will be offered on fixed deposits by DCB Bank that matures in 61 days to 89 days, and a new interest rate of 5.00% will be offered on term deposits that mature in 90 days. On fixed deposits maturing in 91 days to less than 6 months, DCB Bank will now give an interest rate of 5.40%, and on deposits maturing in 6 months to less than 9 months, the bank now promises an interest rate of 6.25%. The bank will now provide an interest rate of 6.55% on fixed deposits with maturities between 9 months to less than 12 months, and 7.00% on term deposits with maturities between 12 months to less than 36 months. The interest rate for deposits maturing in a period longer than 36 months but less than 120 months is now 6.50%.
DCB Bank also increased the interest rates on its savings accounts on August 22, 2022. The bank is now giving a maximum interest rate of 7% on deposits made to savings accounts. On the other hand, since the bank’s most recent revision on June 22, 2022, it has offered a maximum interest rate of 6.60% for the general public and 7.10% for senior citizens on fixed deposits of less than ₹2 Cr with maturities between 18 months and 120 months.
