DCB Bank hikes savings account and fixed deposit interest rates up to 8% (2024)

The private sector lender DCB Bank has hiked its interest rates on savings bank deposits and fixed deposits (FDs) of less than ₹2 Cr. After the modification, the bank is now guaranteeing a maximum interest rate of 8% on savings accounts and a maximum interest rate of 8% for regular customers and 8.50% for senior citizens on a variety of tenors for fixed deposits. According to its official website, DCB Bank's new savings account and fixed deposit interest rates are in effect as of March 10, 2023.

DCB Bank Savings Account Interest Rates

On balances up to ₹1 lakh in the account, the bank will continue offering an interest rate of 2.25% and on balances above ₹1 lakh to less than 2 lakhs in the account, DCB Bank will continue to offer an interest rate of 4.00%. On resident, NRE and NRO savings bank account with balances from 2 lakh to less than 5 lakh, the bank will continue to offer an interest rate of 5.00% and on those with balances from 5 lakh to less than 10 lakh in the account, DCB Bank will continue to pay an interest rate of 6.00%.

DCB Bank will continue to pay an interest rate of 7.00% on balances from 10 lakh to less than 50 lakh in the account however on balances from 50 lakh to less than 2 Crore in the account, DCB Bank has hiked the interest rate to 7.25%. Balances from 2 cr to less than 5 crore in the account will fetch an interest rate of 5.50% and balances from 5 crore to less than 10 Crore in the account will fetch an interest rate of 7.00%.

On balances from 10 crore to less than 200 Crore in the account, DCB Bank will offer a maximum interest rate of 8.00% and on balances from 200 crore and above, the interest rate applicable is 5%. According to DCB Bank, interest will be paid quarterly and calculated daily depending on the account's end-of-day total balance. These interest rates are valid for resident, NRE, and NRO savings accounts.

DCB Bank hikes savings account and fixed deposit interest rates up to 8% (1)

DCB Bank FD Rates

On resident term deposits of less than ₹2 Cr maturing in 7 days to 45 days, the bank will continue to offer an interest rate of 3.75% and on those maturing in 46 days to 90 days, DCB Bank will continue to offer an interest rate of 4.00%. DCB Bank will continue to offer an interest rate of 4.75% on deposits maturing in 91 days to less than 6 months and an interest rate of 6.25% on those maturing in 6 months to less than 12 months.

DCB Bank hikes savings account and fixed deposit interest rates up to 8% (2)

Deposits maturing in 12 months to less than 15 months will continue to fetch an interest rate of 7.25% however those maturing in 15 months to less than 18 months will now fetch an interest rate of 8%, up by 15 bps from the old rate of 7.85%. On deposits maturing in 18 months to 700 days, DCB Bank will now pay an interest rate of 8% up by 50 bps from the previous rate of 7.50% and on a tenor of more than 700 days to 24 months, the current interest rate applicable is 8% by the bank. For deposits with terms ranging from more than 24 months to 120 months, DCB Bank will give an interest rate of 7.60%.

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ABOUT THE AUTHOR

Vipul Das

Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).