DCB Bank Hikes Interest Rates Up To 8% On FDs And Savings Accounts

Over the past year, interest rates on fixed deposits of various durations have risen substantially. A few banks are even providing interest rates as high as 8 percent on fixed deposits. One such bank is DCB Bank, it has recently raised the interest rates on savings accounts and fixed deposits below Rs 2 Crore. The official website of the bank states that savings account holders can now earn a maximum interest rate of 8 percent, while non-senior citizens can earn up to 8 percent on FDs. However, senior citizens have the opportunity to earn a higher interest rate of up to 8.5 percent following this adjustment. These increased interest rates came into effect on 8 May 2023, as stated on the DCB Bank’s official website.

DCB Bank FD Rates

For fixed deposits that mature in 7 to 45 days, the bank will maintain an interest rate of 3.75 percent. Similarly, for deposits maturing in 46 days to 90 days, DCB Bank will continue to offer an interest rate of 4 percent. Deposits with a tenor of 91 days to less than 6 months will still earn an interest rate of 4.75 percent, while deposits with a tenor of 6 months to less than 12 months will continue to earn an interest rate of 6.25 percent. Deposits that mature in 12 months to less than 15 months will now receive an interest rate of 7.25 percent, while deposits maturing in 15 months to less than 18 months will maintain a return of 7.5 percent. On fixed deposits with a maturity period of 18 months to less than 700 days, the bank will continue to offer an interest rate of 7.75 percent. Additionally, the bank has increased the interest rate to 8 percent for deposits maturing in 700 days to 36 months. Deposits maturing beyond 36 months up to 120 months will still earn an interest rate of 7.75 percent.

DCB Bank Savings Account Rates

Savings accounts with balances up to Rs 1 lakh will maintain an interest rate of 2 percent, while those with balances above Rs 1 lakh to less than Rs 2 lakh will earn an interest rate of 3.75 percent. Additionally, DCB Bank will continue to offer an interest rate of 5.25 percent on savings accounts with balances ranging from Rs 2 lakh to less than Rs 5 lakh and an interest rate of 6.25 percent on balances from Rs 5 lakh to less than Rs 10 lakh.

Savings accounts with balances ranging from Rs 10 lakh to less than Rs 50 lakh will maintain an interest rate of 7 percent, while balances from Rs 50 lakh to less than Rs 2 crore will now earn an interest rate of 7.25 percent. For accounts with balances between Rs 2 crore and less than Rs 5 Crore, the bank will provide an interest rate of 5.5 percent.

Furthermore, according to DCB Bank, accounts with balances between Rs 5 crore and less than Rs 10 crore will receive an increased interest rate of 7 percent. For account balances ranging from Rs 10 crore to Rs 200 crore, DCB Bank has raised the interest rate to 8 percent. Savings accounts with balances of Rs 200 crore or more will continue to earn interest at a rate of 5 percent.