DCB Bank has cut fixed deposit interest rates by up to 50 basis points (bps) for deposits below Rs 2 crore for general citizens on select tenures. The bank has also cut the savings account interest rate by up to 50 bps on select balances. The new interest rates are effective from August 11, 2023, according to the DCB Bank website.
Big banks such as Axis Bank, Bank of India, PNB, IndusInd have also cut FD rates on select tenures in the last two months.
DCB Bank is offering the highest FD interest rate of 7.75% to general customers and 8.50% for senior citizens, after the revision.
The bank is offering an interest rate of 3.75% on resident term deposits maturing in 7 days to 45 days, and an interest rate of 4.00% on tenures between 46 days to 90 days. Interest rates offered by DCB Bank on deposits maturing in 91 days to less than 6 months is 4.75%, and 6.25% for deposits maturing in 6 months to less than 10 months. Deposits with maturities between 10 and 15 months will earn interest at a rate of 7.25%, while bank offers 7.50% interest on deposits of 15 months to less than 700 days, earlier the interest rate was 7.75% for 18 months to less than 700 days. Whereas deposits with maturities between 700 and 36 months will now earn interest at a rate of 7.75% from earlier 8%, a dip of 25 bps. The interest rate offered by DCB Bank for deposits with maturities more than 36 months to less than 60 months is 7.50% from 7.75%. For tenure more than 60 months to 120 months, the bank now offers 7.25% from 7.75% a drop of 50 basis points.
| Tenure | Deposit Interest Rate | Rate for Senior Citizens (% per annum) |
| (percent per annum) | ||
| Single Deposit of less than INR 2 Cr. | ||
| 7 days to 14 days | 3.75% | 4.25% |
| 15 days to 45 days | 3.75% | 4.25% |
| 46 days to 90 days | 4.00% | 4.50% |
| 91 days to less than 6 months | 4.75% | 5.25% |
| 6 months to less than 10 months | 6.25% | 6.75% |
| 10 months to less than 12 months | 7.25% | 7.75% |
| 12 months | 7.25% | 7.75% |
| More than 12 months to less than 15 months | 7.25% | 7.75% |
| 15 months to less than 18 months | 7.50% | 8.00% |
| 18 months to less than 700 days | 7.50% | 8.00% |
| 700 days to 24 months | 7.75% | 8.50% |
| More than 24 months to less than 36 months | 7.75% | 8.50% |
| 36 months | 7.75% | 8.50% |
| More than 36 months to 60 months | 7.50% | 8.00% |
| More than 60 months to 120 months | 7.25% | 7.75% |
Source: Bank websiteSenior Citizens FD rates
For DCB Bank senior citizen customers, interest rates vary between 4.25% to 8.50% for tenures ranging from 7 days to 120 months.
DCB Bank savings account rates
DCB has added a new balance slab of Rs 1 Crore to less than Rs 2 Crore in the account, offering 7.25% interest. The bank pays an interest rate of 2.00% on savings accounts with balances up to Rs 1 lakh, and an interest rate of 3.50% from earlier 3.75% on accounts with balances between Rs 1 lakh and Rs 2 lakh. On savings accounts with balances between Rs 2 lakh and less than Rs 5 lakh and between Rs 5 lakh and less than Rs 10 lakh, DCB Bank will give interest rates of 4.75% (earlier 5.25%) and 6.00% (earlier 6.25%), respectively.
On balances from Rs 10 lakh to less than Rs 50 lakh in the account, the bank now offers 6.95% from 7%. On balances from Rs 50 lakh to less than Rs 1 Crore in the account, the bank offers 7 % from 7.25%. On balances from Rs 2 cr to less than Rs 5 crore in the account, it pays 5.50% after revision. On balances from Rs 5 crore to less than Rs 10 Crore in the account, the bank pays 7.00%. On balances from Rs 10 crore to less than Rs 50 Crore in the account and On balances from 50 crore to less than 200 Crore in the account, the bank pays 7.75% from earlier 8% interest. The bank pays 5% interest on balances from Rs 200 crore and above.
| Resident, NRE and NRO Savings Bank Account Interest rates (with effect from August 17th, 2023) | |
| Balance Range (INR) | Rate of Interest p.a. W.E.F August 17th, 2023 |
| On balances up to 1 lakh in the account | 2.00% |
| On balances above 1 lakh to less than 2 lakh in the account | 3.50% |
| On balances from 2 lakh to less than 5 lakh in the account | 4.75% |
| On balances from 5 lakh to less than 10 lakh in the account | 6.00% |
| On balances from 10 lakh to less than 50 lakh in the account | 6.95% |
| On balances from 50 lakh to less than 1 Crore in the account | 7.00% |
| On balances from 1 Crore to less than 2 Crore in the account | 7.25% |
| On balances from 2 cr to less than 5 crore in the account | 5.50% |
| On balances from 5 crore to less than 10 Crore in the account | 7.00% |
| On balances from 10 crore to less than 50 Crore in the account | 7.75% |
| On balances from 50 crore to less than 200 Crore in the account | 7.75% |
| On balances from 200 crore and above | 5.00% |
