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Mumbai-based DCB Bank has brought in an opportunity for senior citizens enabling them to attractive returns in their golden years on fixed deposits (FDs). The bank is offering interest rates as high as 8.25% to elderlies who are 60 years of age and above. Apart from attractive interest rates, the bank has also announced a host of benefits for these individuals. The rates are applicable on FDs below ₹2 crore.
According to its notification, DCB Bank is offering 7.60% per annum interest on 700 days to senior citizens on FDs. An even higher interest rate of 8.25% per annum is offered on DCB Senior Citizen FD for a duration of over 700 days to less than 36 months.
The senior citizens have the option to book FDs for a longer duration as well — such as — more than 36 months to 60 months at 7.75% per annum.
DCB Bank said, these lucrative FD interest rates are progressive; that is, the interest rate increase with a higher amount deposited in the DCB Fixed Deposit.
Further, it added, these interest rates are possibly the highest amongst private sector scheduled commercial banks in
India. Since May this year, the Reserve Bank of India (RBI) increased the Repo rate four times, making bank FDs more attractive for senior citizens with a low-risk appetite.
Here is the list of benefits that DCB Bank is offering to senior citizens FD.
– Both the principal amount and interest earned are safe and secure during the tenure
– Smooth and hassle-free FD opening and closing, as well as renewal
– Higher interest rates mean assured returns and more earnings
– Interest on FD serves as a regular or supplementary income for the retired individuals
– Option to select interest payout options such as monthly, quarterly, half-yearly, or yearly
– Option to transfer interest directly to Savings Bank Account
– Tax deduction on a five-year FD under section 80C of the IT Act, subject to all conditions being fulfilled by the FD account holder
– Easy liquidity, allows a senior citizen to close the FD in the event of a financial need
DCB Bank’s attractive FD rates will further boost earnings on their life savings, it said.
DCB Bank is a new-generation private sector bank. As of September 30, 2022, the bank has 410 branches spread across India. The bank has contemporary technology and infrastructure, including state-of-the-art internet banking and mobile app for personal as well as business banking customers. It has around 1 million customers.
On Friday, DCB Bank shares closed at ₹136.65 apiece flat compared to their previous closing. However, the shares did touch an intraday high of ₹137.15 apiece — which was near the 52-week high of ₹137.95 apiece. DCB Bank is a small cap with a market valuation of over ₹4,252 crore.
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