Fixed deposit (FDs) remain one of the most popular financial instruments across age groups that offer guaranteed returns. Existing and potential customers can invest money in FDs for a specific period, ranging from seven days to 10 years. Especially, senior citizens have always preferred taking the FD route as it offers them a safe option to park their investment post-retirement to gain good returns in terms of steady earnings. Banks usually pay a higher rate of interest to senior citizens compared to the general public on FD accounts.
DCB Bank has revised interest rates with effect from May 15, 2021, on fixed deposits (FDs). Ranging from 7 days to 10 years, DCB Bank offers FDs across different tenures. The private lender is offering an interest rate of 4.55% of FD with maturity ranging between 7 days to 14 days, 5.25% for those between 91 days to less than 6 months, while the bank is doling out 5.70% for 6 months to less than 12 months. Additionally, for FDs maturing in 12 months to less than 15 months, the bank gives a 5.80% interest rate, while the FD interest rate for 15 months to less than 18 months is 6.00%.
Check revised rates with effect from May 15, 2021:
For 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%
36 months: 6.50%
More than 36 months to 60 months 6.50%
The bank is offering a marginally higher rate to senior citizens on all maturities. After the recent adjustment, senior citizens will continue to get a 0.50% higher FD interest rate than the general public.