Private sector lender DCB Bank has increased its interest rates on fixed deposits of less than 2 crores. For deposits maturing in 7 days to 120 months, the bank now offers interest rates ranging from 3.75% to 7.60% for non-senior citizens and 4.25% to 8.10% for senior citizens. From now on, general public will get a maximum interest rate of 7.85% on deposits of 15 months to less than 18 months, while senior citizens will get a maximum interest rate of 8.50%. The most recent FD rates of DCB Bank became effective on February 16, 2023, according to the official website of the bank.
dcb bank fd rates
The bank is now offering an interest rate of 3.75% on fixed deposits that mature in the next 7 days to 45 days, while DCB Bank is now offering an interest rate of 4.00% on deposits maturing in the next 46 days to 90 days Is. The interest rates offered by DCB Bank are now 4.75% for deposits maturing in 91 days to less than 6 months and 6.25% for deposits maturing in 6 months to less than 12 months.
Deposits maturing between 12 to 15 months from now will earn an interest rate of 7.25%, while those maturing between 15 to 18 months from now will fetch a maximum return of 7.85%. The bank is now offering an interest rate of 7.50% on deposits maturing in the next 18 months to 700 days, and DCB Bank will also offer an interest rate of 7.60% on deposits maturing in the next 700 days or 120 months.
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Meanwhile, on February 14, 2023, DCB Bank also announced an interest rate hike savings accounts, After the revision, the bank is now offering a maximum guaranteed return of 7.25% to its savings bank deposit customers. According to the official website of the bank, the revised interest rates are applicable to resident, NRE and NRO savings bank accounts. These interest rates, as per DCB Bank, are applicable on incremental amounts available which fall under specified amount slabs. In addition, the daily interest rates will be determined based on the total balance at the end of the day of the account and will be paid on a quarterly basis.
In its most recent monetary policy announcement on February 8, 2023, the Reserve Bank of India (RBI) raised the repo rate by 25 basis points to 6.50% in an effort to tackle inflation. including banks State Bank Of India, axis Bank, Bank Of Maharashtra, IDBI Bank, Fincare Small Finance Bank, Jammu and Kashmir Bank (Jammu and Kashmir Bank), Tamil Nadu Mercantile BankIndusInd Bank and Unity Small Finance Bank have already increased their interest rates on fixed deposits in response to RBI’s repo rate hike.
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