DCB Fixed Deposit Interest Rates
- About DCB Bank
- Features of DCB Bank FD Account
- DCB FD Interest Rates 2021
- Benefits of DCB FD Rates
- Types of DCB FD Rates
- Eligibility of DCB FD
- How to Calculate DCB FD Rates
- Factors Affecting DCB FD Rates
About DCB Bank
DCB Bank Limited is a private sector commercial bank in India. The bank is often considered to be a part of the new generation banks in India that have received the scheduled commercial bank license from the Reserve Bank of India, which is the Indian bank regulator.
DCB Bank Limited received its license on 31 May 1995 and has a professional management team which is guided by the Board of Directors. DCB Bank provides several financial services and products to their customers.
The bank also has several business sectors, including SME, retail, mid-corporate, agriculture, commodities, government, micro-SME. According to official reports, the DCB Bank has millions of happy customers. Most of these customers were drawn to the bank due to the attractive DCB FD rates. We’ll learn more about these DCB FD rates in this article today.
Features of DCB Bank FD Account
Before we jump into talking about DCB FD rates, let’s first go over the features that the bank provides to all its customers. These features are:
- Flexible fixed deposit tenures ranging from 7 days to 10 years
- Highest fixed deposit interest rates in the entire market
- Customers have the flexibility to choose from yearly, quarterly, or monthly payouts
- Fixed deposit investments can be made with a minim of INR 10,000
- A loan facility can be availed for a total of 80% of the deposit amount
- Deposits are always automatically renewed
- Senior citizens are provided with a special FD interest rate
DCB FD Interest Rates 2021
First, we will look over the DCB Bank NRE fixed deposit rates for deposits of less than INR 2 crore. These rates are mentioned in the table given below.
| Tenure | Interest Rate of Deposit |
| 12 months to less than 15 months | 5.80% |
| 15 months to less than 18 months | 6.00% |
| 18 months to less than 700 days | 6.00% |
| 700 days | 6.40% |
| More than 700 days to less than 36 months | 6.00% |
| 36 months to 120 months | 6.50% |
The DCB Bank interest rates for NRO fixed deposits made with deposits of less than INR 2 crore are mentioned below.
| Tenure | Regular Fixed Deposit Interest Rates |
| 7 days to 14 days | 4.55% |
| 15 days to 45 days | 4.55% |
| 46 days to 90 days | 4.50% |
| 91 days to less than 6 months | 5.25% |
| 6 months to less than 12 months | 5.70% |
| 12 months to less than 15 months | 5.80% |
| 15 months to less than 18 months | 6.00% |
| 18 months to less than 700 days | 6.00% |
| 700 days | 6.40% |
| More than 700 days to less than 36 months | 6.00% |
| More than 36 months to 120 months | 6.50% |
The DCB Bank fixed deposit interest rates for FCNR are given below.
| Currency | 1 year and above but less than 2 years | 2 years and above but less than 3 years | 3 years to less than 4 years | 4 years to less than 5 years | 5 years |
| USD | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
| GBP | 1.10% | 1.10% | 1.10% | 1.10% | 1.10% |
| EUR | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
| AUD | 1.25% | 1.00% | 1.00% | 1.00% | 1.00% |
| CAD | 1.50% | 1.25% | 1.25% | 1.25% | 1.25% |
Benefits of DCB FD Rates
If you learn about DCB FD rates and come to a step closer to investing in a DCB fixed deposit scheme, then there are some benefits that you can expect to come your way. These benefits are:
- You can open or close the fixed deposit through online banking
- The fixed deposit scheme can be invested in with just INR 10,000
- One can get monthly or quarterly interest payouts
- Deposits are automatically renewed
Types of DCB FD Rates
The DCB Bank rolls out different interest rates for its different fixed deposit schemes. This is why you must also be familiar with the different types of DCB FD schemes, which are:
- DCB fixed deposit scheme
- DCB Suraksha fixed deposit scheme
- DCB tax saver fixed deposit scheme
- DCB zipper online fixed deposit scheme
Eligibility of DCB FD
To be eligible for investing in a DCB fixed deposit, one should be an Indian citizen. Clubs, associations, trusts, and other organizations can also invest in a DCB Bank fixed deposit scheme.
How to Calculate DCB FD Rates
Most DCB fixed deposit schemes have a simple interest rate applicable to them. This means that there is a pre-fixed rate of interest that the depositor will get at a fixed period of time. This interest can be calculated by multiplying the rate of interest per anime, the tenure in years, and the principal amount.
Let’s take an example to understand this in a better manner. For example, if an individual deposits INR 1 lakh at an interest rate of 10% per annum for 5 years, then the interest amount that he or she will get at the time of maturity is INR 50,000. We have arrived at this calculation in the following manner.
SI: P x R x T / 100
SI: 1,00,000 x 10 x 5 / 100 = 50,000
This means that at the time of maturity the depositor will get INR 1.5 lakh.
Factors Affecting DCB FD Rates
When it comes to fixed deposit interest rates, then the only thing stable about these rates is that they are always changing. And this is due to the fact that there are many factors that affect the interest rates at the same time. Some of these factors are:
- Demand for money in the market
- Supply of money in the market
- Fiscal deficit in the country
- Government borrowing in the country
- The scenario of inflation in the country
- Global interest rates
- Foreign exchange rates
- Objectives that are chosen by the central bank while preparing the monetary policies
FAQs:
What are the requirements for investing in a senior citizen DCB Bank fixed deposit scheme?
If you want to invest in a DCB Bank senior citizen fixed deposit scheme, then the applicant needs to submit a valid document as age proof. This document can be a PAN card, pension card, birth certificate, or aadhaar card.
I want to open a DCB Bank fixed deposit but I do not have a PAN card. What else can I submit in place of the PAN card?
If an individual does not have a PAN card, then he or she will be required to submit Form 60 or Form 61 to the bank.
I have a fixed deposit at DCB Bank. When is TDS applicable for that fixed deposit?
TDS is applicable to a fixed deposit if the annual interest income of the account holder is over INR 10,000. In the case of senior citizens, TDS is applicable if their annual interest income is more than INR 50,000.
Can I get a loan against my DCB Bank tax saver fixed deposit?
No, investors cannot get a loan against their DCB Bank tax saver fixed deposit.
