Home / Money / Personal Finance /  DCB Bank hikes interest rates up to 50 bps on retail fixed deposits

On fixed deposits under 2 crore, the private sector lender DCB Bank has increased the interest rate. The bank's official website states that the new rates are effective from October 1st, 2022. Following the revision, the bank has hiked interest rates up to 50 bps on retail term deposits maturing in 18 months to 120 months. The bank is currently providing fixed deposit interest rates ranging from 4.80% to 7.00% for deposits with maturities of 7 days to 120 months. The bank is giving a maximum interest rate of 7.10% on fixed deposits that mature in 700 days to 36 months, respectively.

DCB Bank FD Rates

On fixed deposits maturing in 7 days to 90 days, the bank will continue to offer an interest rate of 4.80% and on term deposits maturing in 91 days to less than 6 months, DCB Bank will continue to offer an interest rate of 5.50%. Fixed deposits maturing in 6 months to less than 12 months will continue to offer an interest rate of 5.70% and term deposits maturing in 12 months will continue to offer an interest rate of 6.10%. DCB Bank will continue to offer an interest rate of 5.75% and 6.75% on deposits maturing in more than 12 months to less than 15 months and 15 months to less than 18 months, respectively. On fixed deposits maturing in 18 months to less than 700 days DCB Bank has hiked the interest rate from 6.60% to 6.75% a hike of 15 bps and on deposits maturing in 700 days to 36 months the bank has hiked the interest rate by 50 bps from 6.60% to 7.10%. Deposits that mature in More than 36 months to 120 months will now fetch an interest rate of 7.00% which was earlier 6.60% a hike of 40 bps.

DCB Bank FD Rates
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DCB Bank FD Rates (dcbbank.com)

You may start a DCB Bank fixed deposit account with a minimum deposit of 10,000. For older people, the bank provides 0.5% additional interest per year with flexible interest payment choices. One may choose to receive interest payments on a monthly, quarterly, half-yearly, or annual basis. Additionally, the account holder may apply for a loan or OD against fixed deposits, with a maximum limit of 80% of the fixed deposits' amount.

ABOUT THE AUTHOR

Vipul Das

Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).
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