Report Wire - DCB Bank hikes rates of interest on fastened deposits of above 18 months

Report Wire

News at Another Perspective

DCB Bank hikes rates of interest on fastened deposits of above 18 months

2 min read
The bank was previously giving an interest rate of 6.50 per cent on deposits maturing in 18 months to less than 36 months, but has now been increased by 10 basis points to 6.60 per cent.

Interest charges on resident Indian fastened deposits beneath ₹2 Cr have been revised by personal sector lender DCB Bank. The financial institution has elevated rates of interest on deposits with a maturity interval of greater than 18 months because of the adjustment, which has been introduced by the financial institution as we speak, June 22, 2022.

DCB Bank FD Rates

The financial institution will proceed to offer a 4.80% rate of interest on time period deposits due in 7 days to 90 days, and it has maintained its 5.50% rate of interest on fastened deposits maturing in 91 days to lower than 6 months. On deposits of six months or much less to 12 months, DCB Bank will proceed to offer an rate of interest of 5.70 per cent, and on deposits of twelve months, an rate of interest of 6.10 per cent. Fixed deposits with maturities between greater than 12 months and fewer than 15 months will proceed to earn 5.75 per cent curiosity, whereas these with maturities between 15 months and fewer than 18 months will proceed to generate 6.55 per cent curiosity. 

The financial institution was beforehand giving an rate of interest of 6.50 per cent on deposits maturing in 18 months to lower than 36 months however has now been elevated by 10 foundation factors to six.60 per cent. On the opposite hand, the financial institution has maintained its 6.60 per cent rate of interest on deposits that mature in 36 to 120 months. Senior residents will proceed to get a 0.50 per cent fee premium on deposits of all maturities, along with the usual fee. Elderly residents will get rates of interest starting from 5.30 per cent to 7.10 per cent on fastened deposits maturing in 7 days to 120 months, whereas DCB Bank now provides a most rate of interest of seven.10 per cent to aged people on deposits maturing in 18 months to 120 months.

View Full Image

DCB Bank FD Rates 2022 (dcbbank.com)

And in the meantime, ICICI Bank as we speak, June 22, 2022, elevated the FD rates of interest on quantities beneath ₹2 crore as soon as once more. On some tenors, the personal financial institution elevated FD charges by 5 foundation factors. According to the ICICI Bank’s official web site, the financial institution presently provides FD charges on deposits made for one week to 10 years that vary from 2.75 per cent to five.75 per cent for most people and three.25 per cent to six.50 per cent for senior residents.

Subscribe to Mint Newsletters

* Enter a legitimate e mail

* Thank you for subscribing to our e-newsletter.

First article