DCB Bank has revised its savings account and fixed deposit interest rates (for amounts below Rs 2 crore). According to the DCB Bank website, the new rates are effective May 22, 2024.
The bank is offering the highest FD interest rate of 8% to general customers and 8.55% for senior citizens after the revision in tenure from 19 months to 20 months. The highest savings account interest rate offered is up to 8%.
Resident, NRE and NRO Savings Bank Account Interest rates (with effect from May 22nd, 2024)
Balance Range (INR)
Rate of Interest p.a. W.E.F May 22nd, 2024
On balances up to 1 lakh in the account
1.75%
On balances above 1 lakh to less than 5 lakh in the account
3.00%
On balances from 5 lakh to less than 10 lakh in the account
5.25%
On balances from 10 lakh to less than 1 Crore in the account
7.75%
On balances from 1 Crore to less than 2 Crore in the account
8.00%
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
5.50%
Source: DCB Bank website
According to the DCB Bank website, “Interest will be calculated daily based on end of day clear balance in the account and will be paid quarterly.
Rates mentioned are applicable for the incremental balances that are present corresponding to the amount slabs mentioned.
These interest rates are applicable to resident, NRE and NRO savings accounts, and subject to change without prior notice.
Additional interest to be charged on overdrawn amounts for Savings Bank Account and Current Accounts. The Bank will levy interest @ 2% per month (monthly basis) on overdrawn balances for the period any Savings or Current account remains overdrawn.”
DCB Bank Limited is a private sector scheduled commercial bank in India. It is amongst the new generation banks that received the scheduled commercial bank license from the bank regulator, Reserve Bank of India. DCB Bank received the licence on 31 May 1995.
website, the new rates are effective May 22, 2024. The bank is offering the highest FD interest rate of 8% to general customers and 8.55% for senior citizens after the revision in tenure from 19 months to 20 months. The highest savings account interest rate offered is up to 8%.
Some banks offer interest rates of 8% or more, making them an appealing option for risk-averse investors. For instance, Unity Small Finance Bank offers 9% interest for 1,001 days, while YES Bank offers 8% for 18 months.
There are no national or community banks offering 7% interest on a savings account right now. Landmark Credit Union, which serves residents in select counties in Wisconsin and Illinois, pays 7.50% APY on its Landmark Credit Union Premium Checking Account — however, there are some major caveats to consider.
Competition among financial firms for a slice of the nation's savings is intensifying, with Nationwide launching an account paying a “market-leading” 8% interest. A string of Bank of England interest rate rises since late 2021 have pushed up savings rates across the board.
In a fresh move, Unity Small Finance Bank has revised its interest rates on fixed deposits of amounts below Rs 2 crore. The small finance bank is now offering rates ranging from 4.5% and 9% per annum to its general customers and up to 9.5% per annum to senior citizens.
For senior citizens, fixed deposits (FDs) are considered a reliable source of income and capital security, making them a prudent financial choice, especially for older investors seeking stable returns.
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