FD Rate Revision This Week: DCB Bank Is Offering Up To 8.50% For Seniors

The DCB Bank has revised the fixed deposit (FD) interest rates effective September 27, 2023, offering senior citizens up to 8.50 per cent on its FDs. After the revision, the DCB Bank’s highest FD rate for senior citizens is 8.50 per cent, and for others, it is 7.9 per cent.  

Minimum & Maximum Interest Rates, Tenures: 

For seven to 45-day FDs, the interest rate is 4.25 per cent for senior citizens and 3.75 per cent for others. Its highest FD rate for seniors is 8.50 per cent for tenures of 25-26 months and 37-38 months, with the expected annualized yield at around 9.16 and 9.57 per cent, respectively. For others, the interest rate is 7.90 per cent for the same tenures. 

Rates For Other FD Durations: 

For six months and beyond, the interest rate is 6.75 per cent and more. The interest is 6.75 per cent for six months to less than 10 months, 7.75 per cent for 10 months to less than 12 months, and 7.65 per cent for 12 months, and 12 months 11 days to less than 18 months five days.  

The interest rate for 12 months one day to 12 months 10 days is 8.25 per cent. Further, for FDs of 18 months and six days to less than 700 days, the bank offers 8.0 per cent; for 700 days to less than 25 months, it is 8.05 per cent; for 25 to 26 months, it is 8.50 per cent; for over 26 to less than 37 months, it is 8.10 per cent; and for 37 to 38 months, it is 8.50 per cent. 

Seniors can avail of 7.90 per cent for a tenure of more than 38 months to less than 61 months, 8.15 per cent for 61 months, and 7.75 per cent for more than 61 months to 120 months.  

These interest rates are for FDs of less than Rs 2 crore.  

According to the bank’s website, premature withdrawals are allowed for a penalty, which varies based on the FD period. Withdrawals within 14 days of creating the FD is not eligible for interest. For any premature withdrawal after that, the bank charges a 0.50 per cent penalty on the interest rate and offers 50 basis points (0.50 per cent) less than the applicable interest rate. 

On September 29, the government raised the interest rates on five-year recurring deposits with the post office from 6.5 per cent to 6.7 per cent for the December quarter of 2023 in a quarterly review. The interest rate for all other small saving schemes remained the same.