PremiumOn May 21, 2022, DCB bank revised the interest rate on resident Indian fixed deposits of less than ₹2 crore, and as a result of the modification, the bank increased interest rates on deposits of all tenors.
Listen to this article |
Amid rising interest rates of bank fixed deposits (FDs), another private sector lender, DCB Bank, has joined the bandwagon by raising its fixed deposit interest rates. On May 21, 2022, the bank revised the interest rate on resident Indian fixed deposits of less than ₹2 crore, and as a result of the modification, the bank increased interest rates on deposits of all tenors. Previously, the bank offered an interest rate of 4.35 per cent on term deposits maturing in 7 to 90 days, but this rate has been increased by 45 basis points to 4.80 per cent. DCB Bank increased the interest rate on term deposits maturing in 91 days to less than 6 months by 45 basis points, from 5.05 per cent to 5.50 per cent.
On term deposits maturing in 6 months to less than 12 months, the bank increased the interest rate by 45 basis points (bps) from 5.25 per cent to 5.7 per cent, whereas on deposits maturing in 12 months, the bank increased the interest rate by 45 basis points to 6 per cent. DCB Bank will now provide an interest rate of 5.75 per cent, up from 5.30 per cent previously a 45 basis point increase on deposits of more than 12 months to less than 15 months. Previously, the interest rate on deposits maturing in 15 to less than 18 months was 6%, but it has been raised by 10 basis points to 6.10 per cent.
DCB Bank will now provide an interest rate of 6.50 per cent on term deposits maturing in 18 months to less than 36 months, up from 6.25 per cent before, a 25 basis point increase. Whereas, the interest rate on deposits maturing in 36 to 120 months has been raised from 6.25 per cent to 6.60 per cent, a 35 basis point increase. Senior citizens will continue to get a 0.50 per cent rate additional benefit over and above the regular rate on deposits of all tenors. Senior citizens will now get interest rates ranging from 5.30 per cent to 7.10 per cent on deposits maturing in 7 days to 120 months as a result of the revision.
Here are the DCB Bank's Resident Indian Fixed Deposit Interest Rates as of May 21, 2022.
7 days to 14 days- 4.80%
15 days to 45 days- 4.80%
46 days to 90 days- 4.80%
91 days to less than 6 months- 5.50%
6 months to less than 12 months- 5.70%
12 months- 6.00%
More than 12 months to less than 15 months- 5.75%
15 months to less than 18 months- 6.10%
18 months to less than 700 days- 6.50%
700 days- 6.50%
More than 700 days to less than 36 months- 6.50%
36 months- 6.60%
More than 36 months to 60 months- 6.60%
More than 60 months to 120 months- 6.60%
7 days to 14 days- 5.30%
15 days to 45 days- 5.30%
46 days to 90 days- 5.30%
91 days to less than 6 months- 6.00%
6 months to less than 12 months- 6.20%
12 months- 6.50%
More than 12 months to less than 15 months- 6.25%
15 months to less than 18 months- 6.60%
18 months to less than 700 days- 7.00%
700 days- 7.00%
More than 700 days to less than 36 months- 7.00%
36 months- 7.10%
More than 36 months to 60 months- 7.10%
More than 60 months to 120 months- 7.10%
DCB Bank also revised its savings account interest rates on May 19, 2022. The bank currently offers a maximum rate of 6.75 per cent on Resident, NRE, and NRO Savings Bank Accounts as a result of the modification.