Fixed deposit interest rate for senior citizens: DCB Bank’s revised interest rates for savings accounts and fixed deposits for amounts under Rs 2 crore have come into effect since June 28, 2023. The bank is now offering the highest interest rate of 8.5 per cent to senior citizens. This rate is applicable for deposits maturing in 700 days to 24 months, as well as those that have a tenure of over 24 months but less than 36 months.
Rate of interest for senior citizens
For deposits with a tenure of 7 to 14 days, and 15 to 45 days, senior citizens will earn interest at the rate of 4.25 per cent per annum. For deposits maturing in 46 to 90 days, the annual interest rate is fixed at 4.5 per cent.
DCB Bank’s website states that deposits with a tenure of 91 days to less than 6 months will offer a per annum interest rate of 5.25 per cent, while those maturing in 6 months to less than 10 months will provide a return of 6.75 per cent.
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An annual interest rate of 7.75 per cent is applicable on deposits with tenure of 10 months to less than 12 months, 12 months, and over 12 months and less than 15 months.
For FDs maturing in 15 months to less than 18 months, the bank is offering an interest rate of 8 per cent.
Deposits with tenures of over 36 months to 60 months, and over 60 months to 120 months have their interest rate fixed at 8.25 per cent for senior citizens.
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The bank has specified that the rates of interest are subject to revision without notice. It is also important to note that no additional rate of interest for Senior Citizens is applicable on Bulk Fixed Deposits and Non-Callable Retail Fixed Deposits.
