Fact Check: Is DCB Bank Offering 8% for FD?
DCB Bank’s recent announcement regarding revisions in Fixed Deposit (FD) interest rates has stirred curiosity and raised questions regarding the claim of offering an 8% interest rate on FDs. Let’s conduct a thorough fact-check to scrutinize this assertion and understand the updated FD rates and savings account rates provided by DCB Bank.
Also Read: Fact Check: Does Unity Bank Offer 7.5% on savings account and 9.00% on FD?
Is DCB Bank Offering 8% for FD?
The recent adjustments in FD interest rates by DCB Bank, effective from December 13, 2023, indeed present an intriguing aspect – the purported offer of an 8% interest rate. However, this claim necessitates a closer examination to discern its accuracy and applicability.
DCB Bank FD Interest Rate as of December 2023
The bank’s revised FD interest rates exhibit variability based on the deposit tenure and customer category, such as general customers or senior citizens. The revisions include:
- An increase of up to 10 basis points (bps) for deposits below Rs 2 crore.
- The highest stated interest rate for general customers post-revision is 8%, while for senior citizens, it stands at 8.60%.
Rates are subject to fluctuation across different tenures. For instance:
- A 10 bps increase on specific tenures, like from 7.75% to 7.85% for general citizens on a tenure of 12 months 1 day to 12 months 10 days.
- A rise from 7.90% to 8% for general citizens and from 8.50% to 8.60% for senior citizens on a tenure of 25 months to 26 months.
However, the claim of an 8% interest rate necessitates a closer look at the associated terms, tenure brackets, and customer categories to ascertain its precise applicability.
Tenure | Deposit Interest Rate for General Citizens (%) | Rate for Senior Citizens (%) |
---|---|---|
7 days to 45 days | 3.75 | 4.25 |
46 days to 90 days | 4.00 | 4.50 |
91 days to less than 6 months | 4.75 | 5.25 |
6 months to less than 10 months | 6.25 | 6.75 |
10 months to less than 12 months | 7.25 | 7.75 |
12 months | 7.15 | 7.65 |
12 months 1 day to 12 months 10 days | 7.85 | 8.35 |
12 months 11 days to 18 months 5 days | 7.15 | 7.65 |
18 months 6 days to less than 700 days | 7.50 | 8.00 |
700 days to less than 25 months | 7.55 | 8.05 |
25 months to 26 months | 8.00 | 8.60 |
More than 26 months to less than 37 months | 7.60 | 8.10 |
37 months to 38 months | 7.90 | 8.50 |
More than 38 months to less than 61 months | 7.40 | 7.90 |
61 months | 7.65 | 8.15 |
More than 61 months to 120 months | 7.25 | 7.75 |
How Much is DCB Bank Savings Account Rates?
Apart from FDs, DCB Bank offers various interest rates for savings accounts, depending on the account balance range. The rates differ according to the balance brackets, with percentages ranging from 1.75% for balances up to Rs 1 lakh to 8% for specific balance brackets.
The rates on savings accounts are subject to the balance maintained within the account and are effective as of specific dates, as stated on the DCB Bank website.
Balance Range (INR) | Rate of Interest p.a. (%) |
---|---|
On balances up to 1 lakh in the account | 1.75 |
On balances above 1 lakh to less than 2 lakh in the account | 3.00 |
On balances from 2 lakh to less than 5 lakh in the account | 3.00 |
On balances from 5 lakh to less than 10 lakh in the account | 5.25 |
On balances from 10 lakh to less than 2 Crore in the account | 8.00 |
On balances from 2 crore to less than 5 crore in the account | 5.50 |
On balances from 5 crore to less than 10 Crore in the account | 7.00 |
On balances from 10 crore to less than 50 Crore in the account | 7.75 |
On balances from 50 crore to less than 200 Crore in the account | 7.75 |
On balances from 200 crore and above | 5.50 |
In conclusion, while DCB Bank has indeed revised its FD interest rates, the claim of offering an 8% interest rate on FDs necessitates a closer examination of associated terms and conditions. Customers are advised to review the precise applicability of this rate and consider consulting the bank for the most accurate and updated information regarding FD and savings account rates.