DCB Bank Limited, a private sector scheduled commercial bank headquartered in Mumbai, has introduced some attractive returns on fixed deposits. The bank is offering returns on fixed deposits for senior citizens (60 and above) as high as 8.25%. Besides this, DCB bank has announced a slew of benefits for senior citizens, starting fixed deposits with the bank. The rates are applicable only for fixed deposits below Rs 2 crore.
According to the DCB Bank notification, it is offering 7.60% per annum interest for 700 days to senior citizens on fixed deposits. An even higher interest rate of 8.25% per annum is offered by the bank to senior citizens’ fixed deposits for a duration of over 700 days to less than 36 months.
Senior citizens, who are interested to open fixed deposits in DCB for a longer duration or for more than 36 months to 60 months, will get an interest rate of 7.75% per annum. According to DCB Bank, these lucrative FD interest rates are progressive — meaning that they increase as more money is deposited into a DCB Fixed Deposit. Additionally, it is said that these interest rates may be the highest among scheduled commercial banks in the private sector.
Bank FDs have become more alluring for senior people with low-risk appetites because the Reserve Bank of India (RBI) raised the Repo rate four times since May of this year.
Here is a list of the advantages DCB Bank provides senior citizens with FD:
Throughout the term, the principal amount and interest collected are both safe and secure.
For retirees, interest in FDs provides a reliable or supplemental source of income.
They have the choice of monthly, quarterly, half-yearly, or annual interest payouts.
Option to transfer interest to a savings account directly.
Tax deduction on a five-year FD under section 80C of the IT Act, provided that the holder of the FD account satisfies all requirements.
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