DCB Bank Revises Interest Rates on Savings Accounts and Fixed Deposits (FDs), Now Earn as High as 8%
DCB Bank has revised the interest rates on savings accounts and fixed deposits (FDs). The bank is now offering interest rates as high as 8% on certain types of FDs. This move by DCB Bank comes at a time when there is increased competition in the banking sector and is expected to help the bank attract more customers.
Fixed deposit rates have increased by 0.25% for deposits between Rs. 2 crore and Rs. 10 crore. The interest rate for senior citizens on deposits ranging from 1 year to 2 years now stands at 7.50%, up from the previous rate of 7.25%. For deposits with a tenure of 3 years to 10 years, the interest rate has been increased to 8%.
The revised interest rates on savings accounts are as follows: for account balances below Rs. 1 lakh, the interest rate remains at 3.75%, for balances above Rs. 1 lakh but below Rs. 2 lakh, the interest rate is 4%, for balances above Rs. 2 lakh but below Rs. 5 lakh, the interest rate is 5%, and for balances above Rs. 5 lakh, the interest rate is now 6%.
DCB Bank has also launched a new product, the DCB Flexi Fixed Deposit. This product allows customers to invest in a fixed deposit for a maximum of five years, with the flexibility to withdraw 1% of the principal amount once a year without any penalty charges. The interest rate for this product is 4.05% to 6.50% for deposits up to Rs 2 crore.
Overall, these revised interest rates on savings accounts and fixed deposits by DCB Bank are expected to generate interest and attract new customers. Furthermore, the introduction of the DCB Flexi Fixed Deposit is expected to provide customers with more investment options and flexibility.
