DCB Bank FD Rates: There is good news for those who keep their hard earned money in the bank. Actually, there is a chance to earn more interest with DCB Bank. This private bank has increased the interest rates of fixed deposits.
New Delhi. After the recent hike in the repo rate by the RBI, banks have also started increasing the interest rates. Apart from increasing the interest rate on loans, interest rates on bank deposits have also started increasing. In this episode, Mumbai-based private sector DCB Bank of the private sector has increased the rates of interest on fixed deposits i.e. FD.
New rates effective from October 1, 2022
DCB Bank has increased the interest rates for FDs below Rs 2 crore. The new rates have become effective from October 1, 2022. The new rates have been increased on fixed deposits ranging from 1 to 10 years. After the change, the bank has increased the interest rates on retail FDs maturing in 18 months to 120 months by 50 bps i.e. up to 0.50 percent.
Maximum interest rate of 7.10 percent on FD of DCB Bank
The bank is currently offering FD interest rates ranging from 4.80 per cent to 7.00 per cent for deposits with maturities of 7 days to 120 months. The bank is offering a maximum interest rate of 7.10 percent on FDs which are available on FDs maturing in 700 days to 36 months respectively.
FD rates of DCB Bank
The Bank will continue to offer an interest rate of 4.80% on FDs maturing in 7 days to 90 days and DCB Bank will continue to offer an interest rate of 5.50% on FDs maturing in 91 days to less than 6 months. DCB Bank will continue to offer an interest rate of 5.70% on FDs maturing in 6 months to less than 12 months and 6.10% for FDs maturing in 12 months.
DCB Bank will continue to offer interest rates of 5.75% and 6.75% on FDs maturing in more than 12 months to less than 15 months and 15 months to less than 18 months respectively. The bank has increased the interest rate from 6.60% to 6.75% on FDs maturing in 18 months to less than 700 days. The bank has increased the interest rate by 50 bps on deposits maturing in 700 days to 36 months. Now 7.10 percent interest will be available in this period. Deposits maturing in 36 months to 120 months will now attract an interest rate of 7.00% as against 6.60% earlier.
RBI hikes repo rate by 0.5 per cent to 5.9 per cent, at 3-year high
Recently, the RBI increased the repo rate by 0.5 percent to 5.9 percent in the bi-monthly monetary policy review. This is its 3 year high. The RBI has taken this step to control retail inflation and to deal with the pressure generated by aggressive rate hikes by central banks of various countries. Earlier, after 0.40 per cent increase in May, there was an increase of 0.50-0.50 per cent in June and August. Overall, since May till now, RBI has increased the repo rate by 1.90 percent.
Many banks have increased the rates of fixed deposits
Let us tell you that recently RBL Bank, Axis Bank etc. have also increased their FD rates. This process of increasing the rates has started after the increase in the repo rates by the RBI.
