DCB Bank hikes interest rates on savings accounts: Details inside
Premium- The interest rates on savings accounts have been increased by the private sector lender DCB Bank.
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The interest rates on savings accounts have been increased by the private sector lender DCB Bank. According to the bank's official website, the new interest rates are effective as of August 22, 2022. After the modification, the bank is now committing to a maximum interest rate of 7% on savings accounts, providing customers with returns that outpace inflation.
DCB Bank Savings Account Interest Rates
For balances in savings accounts below 1 lakh, the bank will now guarantee an interest rate of 2.25%, and for balances in savings accounts between 1 lakh and 2 lakh, the bank will now guarantee an interest rate of 4.00%. Savings account balances between 2 lakh and less than 5 lakh rupees will now earn interest at a rate of 5.00%, while balances between 5 lakh and less than 10 lakh rupees will earn interest at a rate of 6.00%, according to DCB Bank. On savings account balances between 10 lakh and less than 25 lakh, DCB Bank will now pay an interest rate of 6.75%. DCB Bank will now give a maximum interest rate of 7% on savings account balances between 25 lakh and less than 2 crore. Savings accounts with balances between 2 crore and less than 50 crore will now earn interest at a rate of 5.50%, while accounts with balances over 50 crore will now earn interest at a rate of 5.00%.
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DCB Bank has mentioned on its website that “Interest will be calculated daily based on end of day clear balance in the account and will be paid quarterly."
The bank has further said on its website that “Rates mentioned are applicable for the incremental balances that are present corresponding to the amount slabs mentioned. These interest rates are applicable to resident, NRE and NRO savings accounts, and subject to change without prior notice."
Amid rising interest rates, recently Bandhan Bank has also hiked its interest rates on savings accounts. Bandhan Bank announced an increase in interest rates for both savings accounts and term deposits on August 22, 2022. Bandhan Bank will now provide a maximum interest rate of 6.25% on savings accounts. After the Reserve Bank of India (RBI) raised the repo rate by 50 basis points to 5.40% at the MPC meeting held in August 2022 to combat the inflationary trend, the majority of banks are now in a rush to hike interest rates on retail term deposits.
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