Interest Rates Increased: Over the past year, the interest rates on Fixed Deposits have seen a significant rise.
Several banks are now offering up to 8 percent interest on fixed deposits.
DCB Bank, for instance, recently raised the interest rates on savings accounts and fixed deposits below Rs 2 crore.
According to the bank’s official website, savings account holders can now earn a maximum interest rate of 8 percent.
Non-senior citizens are also eligible for an interest rate of up to 8 percent on fixed deposits.
However, senior citizens have the opportunity to earn a higher interest rate of up to 8.5 percent.
These new interest rates came into effect from May 8, 2023, as stated on DCB Bank’s official website.
DCB Bank Fixed Deposit Rates:
1) For deposits maturing in 7 to 45 days, the interest rate remains at 3.75 percent.
2) Deposits maturing in 46 days to 90 days will continue to earn an interest rate of 4 percent.
3) Deposits with a tenure of 91 days to less than 6 months will earn an interest rate of 4.75 percent.
4) Deposits with a tenure of 6 months to less than 12 months will earn an interest rate of 6.25 percent.
5) Deposits maturing in 12 months to less than 15 months will now fetch an interest rate of 7.25 percent.
6) Deposits maturing in 15 months to less than 18 months will earn a return of 7.5 percent.
7) Deposits maturing in less than 18 months to 700 days will continue to earn an interest rate of 7.75 percent.
8) Deposits maturing in 700 days to 36 months will now earn an interest rate of 8 percent.
9) Deposits with maturities ranging from 36 months to 120 months will continue to earn an interest rate of 7.75 percent.
DCB Bank Savings Account Rates:
1) Savings accounts with balances up to Rs 1 lakh will earn an interest rate of 2 percent.
2) Balances between Rs 1 lakh and less than Rs 2 lakh will earn an interest rate of 3.75 percent.
3) Balances between Rs 2 lakh and Rs 5 lakh will earn an interest rate of 5.25 percent.
4) Balances between Rs 5 lakh and less than Rs 10 lakh will earn an interest rate of 6.25 percent.
5) Balances less than Rs 10 lakh to Rs 50 lakh will earn an interest rate of 7 percent.
6) Balances less than Rs 50 lakh to less than Rs 2 crore will now earn an interest rate of 7.25 percent.
7) Accounts with a balance less than Rs 2 crore to Rs 5 crore will earn an interest rate of 5.5 percent.
8) Accounts with a balance less than Rs 5 crore and Rs 10 crore will receive an enhanced interest rate of 7 percent.
9) Accounts with a balance between Rs 10 crore and Rs 200 crore will now earn an interest rate of 8 percent.
10) Accounts with a balance of Rs 200 crore or more will continue to earn interest at a rate of 5 percent.
