Bank FD- The Reserve Bank of India (RBI) recently once again increased the repo rate (Rapo Rate Hike). The increase in the interest rates of the central bank also has an effect on the interest rates of fixed deposits (Bank Fd Rates). This is the reason why banks are now increasing the interest rate of FD.
Private sector DCB Bank has also increased the interest rates of fixed deposits. The bank has increased the interest rates on FDs below Rs 2 crore. According to the bank’s official website, the new rates have become effective from October 17, 2022. The bank has increased the interest rates by up to 40 basis points. The bank will now pay 7.50% interest to the common customer on deposits maturing in a period of 700 days to 60 months.
Will pay 3.75% interest on FD maturing in 7 days to 90 days. DCB Bank will pay 4.50% interest to customers on deposits maturing in 91 days to less than 6 months. The interest rate on FDs maturing in 6 months to less than 12 months will be 5.70% and fixed deposits maturing from 12 months to less than 15 months will attract 6.10 percent per annum.
The bank will now give interest at the rate of 6.75% on FDs that are completed in less than 15 months to 700 days, an increase of 40 basis points . Similarly, customers will get 7.10% interest on fixed deposits maturing in 700 days. The bank has increased the interest on FDs maturing more than 700 days but less than 36 months by 40 basis points to 7.50% per annum.
DCB Bank has increased the interest rate on fixed deposits from 36 months to 60 months by 25 basis points. Earlier the bank used to give 7% interest, now it has decided to pay interest at the rate of 7.25% per annum. There is no change in the interest earned on FDs maturing in 60 months to 120 months and the bank will continue to pay 7.00% interest on it as before.
Bank Re-launched Security Fixed Deposit
DCB Bank has recently relaunched Security Fixed Deposit. The interest rate of this special FD with a tenure of three years is 7.10 percent per annum. Complimentary life insurance coverage of Rs 10 lakh is given to the customer making this FD. The 36-month term life insurance policy offered by DCB Suraksha FD is effective till the age of the depositor reaches 55 years.
