Senior citizens can earn as high as 8.25% on FDs at this Mumbai-based bank

As per its notification, DCB Bank is offering 7.60% per annum interest on 700 days to senior citizens. FD, High interest rate of 8.25% p.a. is offered on DCB senior citizen FDs for tenures ranging from more than 700 days to less than 36 months.

Senior citizens also have the option to book FDs for longer tenures – eg — 36 months to 60 months at 7.75% per annum.

These attractive FD interest rates are progressive, says DCB Bank; That is, depositing more amount in DCB Fixed Deposit increases the interest rate.

Further, it also states that these interest rates are probably the highest among scheduled commercial banks in the private sector

India. Since May this year, the Reserve Bank of India (RBI) has increased the repo rate four times, making bank FDs more attractive for senior citizens with low risk appetite.

Here is a list of benefits that DCB Bank is offering to senior citizens’ FDs.

– Both the principal amount and the interest earned are protected during the tenure

– Easy and hassle free FD opening and closing as well as renewal

– Higher interest rates mean assured returns and higher earnings

– Interest on FD acts as a regular or supplementary income for retired individuals

– Option to select interest payment options like monthly, quarterly, half yearly or yearly

– Option to transfer interest directly to savings bank account

– Tax deduction on five year FD under section 80C of IT Act, subject to all conditions being fulfilled by the FD account holder

– Easy liquidity, allows a senior citizen to close the FD in case of financial need

The attractive FD rates from DCB Bank will further boost their earnings on their lifetime savings.

DCB Bank is a new generation private sector bank. As on September 30, 2022, the bank has 410 branches across India. The bank has contemporary technology and infrastructure, which includes state-of-the-art internet banking and mobile apps for personal and business banking customers. It has around 10 lakh customers.

DCB Bank shares closed on Friday 136.65 Flat as compared to its previous close. However, the shares touched the highest level of the day 137.15 per — which was near its 52-week high 137.95 each. DCB Bank is a small cap with a market valuation of over Rs. 4,252 crores.