DCB bank hiked FD rates upto 8.50% for senior citizens from 16th Feb 2023
MAS Team | 16 February 2023
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The interest rate on fixed deposits under Rs2 Cr has increased at the private sector lender DCB Bank. The bank now offers interest rates for deposits maturing in 7 days to 120 months that range from 3.75% to 7.60% for non-senior citizens and 4.25% to 8.10% for senior citizens. On deposits with tenors of 15 months to under 18 months, the general public will now get a maximum interest rate of 7.85%, while senior citizens would receive a maximum interest rate of 8.50%. According to the bank's official website, the most recent FD rates at the DCB Bank become effective on February 16, 2023.
 
The bank now offers a 3.75% interest rate on fixed deposits that mature in the next seven to forty-five days, whereas DCB Bank now offers a 4.00% interest rate on deposits that mature in the following forty-six to ninety days. For deposits held for 91 days to less than six months, DCB Bank is now offering an interest rate of 4.75%, and for deposits held for six months to less than twelve months, it is offering an interest rate of 6.25%.
 
Deposits that mature in the next 12 to 15 months will receive an interest rate of 7.25%, and those that mature in the following 15 to 18 months will earn a maximum return of 7.85%. For deposits maturing in the next 18 months to 700 days, the bank is now offering an interest rate of 7.50%, while DCB Bank will offer an interest rate of 7.60% on deposits maturing in the next 700 days or more to 120 months. 
 
On February 14, 2023, DCB Bank also made an announcement about raising the interest rate on savings accounts. Since the change, the bank has agreed to guarantee a maximum return of 7.25% for savings bank depositors. According to the bank's official website, the updated interest rates apply to resident, NRE, and NRO savings bank accounts. According to DCB Bank, these interest rates are applicable to the accessible incremental amounts that are contained within the established amount slabs. Furthermore, daily interest rates will be established based on the account's end-of-day total balance and will be paid out on a quarterly basis.
 
The Central Bank of India (RBI) raised the repo rate by 25 basis points to 6.50% on February 8, 2023, as a part of its most recent monetary policy announcement. In response to the RBI's increase in the repo rate, several banks, including SBI, Axis Bank, Bank of Maharashtra, IDBI Bank, Fincare Small Finance Bank, Jammu and Kashmir Bank (J&K Bank), Tamil Nadu Mercantile Bank, IndusInd Bank, and Unity Small Finance Bank, have already raised their interest rates on fixed deposits.