DCB Bank has increased its interest rates on savings accounts and fixed deposits below 2 crores. According to the bank’s official website, savings account holders can now earn interest rates up to 8.00%, while on fixed deposits, non-senior citizens can earn as high as 8.00%, while senior citizens can earn up to 8.50%. Of amendment. According to the official website of DCB Bank, the higher interest rates came into effect on May 8, 2023.
dcb bank savings account rates
For savings accounts with an account balance of up to ₹1 lakh, the bank will continue to offer an interest rate of 2.00% and those with an account balance of less than ₹1 lakh to ₹2 lakh will get an interest rate of 3.75%. DCB Bank will continue to offer an interest rate of 5.25% on savings accounts for balances between Rs 2 lakh to Rs 5 lakh and 6.25% for balances less than Rs 5 lakh to Rs 10 lakh in the account.
Savings account with balance less than 10 lakh to 50 lakh will continue to get 7.00% interest and balance in the account less than 50 lakh to 2 crore will now get 7.25% interest rate. The bank will provide an interest rate of 5.50% on the balance in the account from 2 crore to 5 crore. According to DCB Bank, the interest rate has been increased to 7% for accounts with balance less than 5 crores and 10 crores. On account balance between Rs. 10 crores and Rs. 200 crores, DCB Bank hiked the interest rate by 8%. Savings accounts will continue to earn interest at the rate of 5.00% on balances of Rs.200 crore or more.
dcb bank fd rates
On fixed deposits 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 pay an interest rate of 4.00%. DCB Bank will continue to fetch an interest rate of 4.75% for deposits of 91 days to less than 6 months and 6.25% for deposits of 6 months to less than 12 months.
Deposits maturing in less than 12 months to 15 months will now fetch an interest rate of 7.25% and those maturing in less than 15 months to 18 months will fetch 7.50% return. The bank will continue to offer an interest rate of 7.75% on fixed deposits maturing in 18 months to less than 700 days, and raised the interest rate to 8.00% on deposits maturing in 700 days to 36 months. Deposits maturing in 36 months to more than 120 months will still earn 7.75% interest rate.
DCB Bank’s Profit After Tax (PAT) for Q4 FY2023 was Rs 142 crore, a growth of 25%, as compared to the net profit for Q4 FY2022 which was Rs 113 crore. The bank’s net profit for FY23 grew 62% to Rs 466 crore from Rs 288 crore in the previous year. Gross NPA as on March 31, 2023 was 3.19% and Net NPA was 1.04%. The bank said its net interest income for Q4FY23 was 486 Cr, up 27% YoY from 380 Cr for Q4FY22, and for FY23, it was 1,717 crores.
The bank said that for the quarter ending March 2023, it reported a net income of Rs. 608 Cr, up 22.82% YoY 495 crore during the year-ago quarter, while for FY2023, it reported a net income of Rs. 2,126 crores. As compared to Q4 FY22, when the operating profit was 221 Cr, DCB Bank told that it was 244 Cr, and stood at 787 crore in FY23. Against of 44,793 crore reported in a year-ago quarter, its net worth increased during Q4FY23 52,366 crores. In Q4FY23, the bank’s net deposits stood at 41,239 crores, above 34,692 crore in the corresponding quarter of FY22. In contrast, its net advances were 34,381 crores, above 29,096 crores. According to DCB Bank, its CASA ratio stood at 26.75% in Q4FY22 and 26.42% in Q4FY23.
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