DCB Bank has relaunched its 'Suraksha Fixed Deposit (FD)' scheme. It is a 3-year FD scheme that provides combination of savings and safety for depositors as well as their dependents or loved ones.
According to a statement from the bank, the scheme provides a high-interest rate of 7.10 percent p.a. on a three-year deposit and free life insurance cover either equal to the amount of the Suraksha FD or up to Rs 10 lakh if the Suraksha FD amount is greater than Rs 10 lakh.
The DCB Suraksha FD customer does not pay premium for the insurance cover. Moreover, there is no requirement for medical test to enjoy the life insurance coverage, the bank said.
"The life insurance cover is available with a term of 36 months an is valid from 18 years of age till the depositor turns 55. Prospective depositors can invest in the FD by providing PAN, nomination and email," it said.
This scheme is also available for NRIs.
NRIs who prefer to book the DCB NRI Suraksha FCNR Deposit may do so using any of these foreign currencies - USD, AUD, CAD, EURO, or GBP, the lender said.
On the other hand, the bank offers 7.10 percent per annum interest rate on fixed deposit of 700 days or 3 years, that annually yields 7.49 percent p.a. or 7.84 percent p.a. respectively. Senior citizens can earn 7.60 percent p.a. for the same duration, and the yields are 8.05 percent p.a. and 8.45 percent p.a. respectively.
For a longer tenure of 5 year FD, 7 percent p.a. rate is availbale for which the annualised yield is 8.43 percent p.a. Senior citizens can earn 7.50 percent p.a. that translates to 9.14 percent p.a. annualised yield. A 10 year Fixed Deposit is also available.
Here are the latest FD rates offered by DCB Bank:
(Source: DCB Bank)
