The private sector lender DCB Bank has hiked its interest rates on fixed deposits of less than ₹2 Cr. For deposits maturing in 7 days to 120 months, the bank now offers interest rates ranging from 3.75% to 7.60% for non-senior citizens and 4.25% to 8.10% for senior citizens. The general public will henceforth get a maximum interest rate of 7.85% on deposits with tenors of 15 months to less than 18 months, while senior citizens will receive a maximum interest rate of 8.50%. On February 16, 2023, the DCB Bank’s most recent FD rates went into effect, according to the bank’s official website.
DCB Bank FD Rates
The bank is now giving an interest rate of 3.75% on fixed deposits that mature in the next 7 days to 45 days, while DCB Bank is now offering an interest rate of 4.00% on deposits that mature in the next 46 days to 90 days. The interest rates offered by DCB Bank are now 4.75% for deposits held for 91 days to less than 6 months and 6.25% for deposits held for 6 months to less than 12 months.
Deposits maturing between 12 and 15 months from now on will earn an interest rate of 7.25%, while those maturing between 15 and 18 months from now on will earn a maximum return of 7.85%. The bank is now giving an interest rate of 7.50% on deposits maturing in the next 18 months to 700 days, and DCB Bank will also give an interest rate of 7.60% on deposits maturing in the next 700 days or more to 120 months.
Meanwhile, on February 14, 2023 DCB Bank also announced an interest rate hike on savings accounts. Upon the modification, the bank is now guaranteeing its savings bank deposit customers a maximum return of 7.25%. The revised interest rates are applicable to the resident, NRE, and NRO savings bank accounts, according to the bank’s official website. These interest rates, according to DCB Bank, apply to the available incremental amounts that fall within the prescribed amount slabs. Furthermore, daily interest rates will be determined based on the account’s end-of-day total balance and will be paid out on a quarterly basis.
In its most recent monetary policy announcement on February 8, 2023, the Reserve Bank of India (RBI) increased the repo rate by 25 basis points to 6.50% in an effort to combat inflation. Banks including SBI, Axis Bank, Bank of Maharashtra, IDBI Bank, Fincare Small Finance Bank, Jammu and Kashmir Bank (J&K Bank), Tamilnad Mercantile Bank, IndusInd Bank, and Unity Small Finance Bank have already increased their interest rates on fixed deposits in response to the RBI’s repo rate hike.