The private sector lender DCB Bank has hiked its interest rates on Fixed Deposits (FD) of less than ₹2 crore with immediate effect.
As per the information shared on its official website, senior citizens will now receive a maximum interest rate of 8.50 percent whereas the general public will get a maximum interest rate of 7.85 percent on deposits with tenors of 15 months to less than 18 months.
For a short duration, the bank is now giving an interest rate of 3.75 percent on fixed deposits that mature in the 7-45 day period while an interest rate of 4 percent on deposits that mature in the next 46 days to 90 days.
DCB bank now offers interest rates ranging from 3.75 percent to 7.60 percent for deposits maturing in 7 days to 120 months for common people and 4.25 percent to 8.10 percent for senior citizens.
DCB Bank also added that deposits maturing between 12 and 15 months from now on will earn an interest rate of 7.25 percent, while those maturing between 15 and 18 months from now on will earn a maximum return of 7.85 percent.
The bank is now giving an interest rate of 7.50 percent on deposits maturing in the next 18 months to 700 days, and DCB Bank will also give an interest rate of 7.60 percent on deposits maturing in the next 700 days or more to 120 months.
Earlier on February 14, DCB Bank also announced an interest rate hike on savings accounts with a maximum return of 7.25 percent. The revised interest rates are applicable to the NRE, NRO and resident savings bank accounts.
(Edited by : Pradeep John)
