DCB Bank hikes savings account interest rates up to 7.25% effective from today
2 min read . Updated: 14 Feb 2023, 02:27 PM IST
Premium- The private sector lender DCB Bank has hiked interest rates on savings accounts.
The private sector lender DCB Bank has hiked interest rates on savings accounts. Following the revision, the bank is now promising a maximum return of 7.25% to its savings bank deposits customers. As per the official website of the bank, the new interest rates are applicable on Resident, NRE and NRO savings bank accounts and with effect from February 14, 2023, the new savings account interest rates of DCB Bank are in force.
DCB Bank Savings Account Interest Rates
On balances up to ₹1 lakh in the account, the bank is now promising an interest rate of 2.25% and on balances above ₹1 lakh to less than ₹2 lakh in the account, DCB Bank will offer an interest rate of 4.00% to the customers. On balances from ₹2 lakh to less than ₹5 lakh in the account, savings account customers will get an interest rate of 5.00% and on balances from ₹5 lakh to less than ₹10 lakh in the account, they will get an interest rate of 6.00%.
On balances from ₹10 lakh to less than ₹50 lakh in the account, DCB Bank is now offering an interest rate of 7.00% and on balances from ₹50 lakh to less than ₹2 Crore in the account, DCB Bank will now offer a maximum interest rate of 7.25% to its savings account customers. On balances from ₹2 cr to less than ₹50 crore in the account, the bank will offer an interest rate of 5.50% and on balances from ₹50 crore and above, DCB Bank is offering an interest rate of 5.00%.
According to DCB Bank, these interest rates are applicable for the incremental balances that are available and relate to the amount slabs specified. And the interest rates will be calculated daily based on the end-of-day clear balance in the account and paid quarterly.
The bank's profit after tax (PAT) for the third quarter of FY 2023 was INR 114 Cr compared to INR 75 Cr for the third quarter of FY 2022, a growth of 51% YoY. The bank's advances and deposits both increased year on year in Q3FY23, each by 21% and 23%, respectively. On December 31, 2022, the Gross NPA was 3.62%. As of December 31, 2022, the Net NPA was 1.37%, the Provision Coverage Ratio (PCR) was 74.68%, and the PCR without considering Gold Loans NPAs into account was 75.64%. According to Basel Ill standards, the Capital Adequacy Ratio in Q3FY23 was 16.26% (with Tier I at 14.4 7% and Tier II at 1. 79%).
Speaking on the Q3 FY 2023 results Mr. Murali M. Natrajan, Managing Director & CEO said, "Underlying performance in line with our plans and expectations. We intend to improve frontline cost productivity in the coming months. GNPA, NNPA, Credit Costs and Restructured portfolio- steadily improving."
A scheduled commercial bank, DCB Bank has 418 branches spread across 20 states and 2 union territories.