DCB Bank Limited, a Private Sector Scheduled Commercial Bank headquartered in Mumbai, has offered some attractive returns on Fixed Deposits. The bank is offering a higher return of 8.25% on Fixed Deposits for senior citizens (60 and above). In addition, DCB Bank has announced several benefits for senior citizens to start a fixed deposit with the bank. Rates are applicable only for fixed deposits of less than Rs 2 crore.
According to the notification of DCB Bank, it is offering 7.60 per cent interest per annum on fixed deposits to senior citizens for 700 days. The bank offers a higher interest rate of 8.25% per annum on fixed deposits of senior citizens for tenures ranging from more than 700 days to less than 36 months.
Senior citizens, who are willing to open fixed deposits in DCBs for longer tenure or for 36 months to 60 months, will get an interest rate of 7.75% per annum. According to DCB Bank, these attractive FD interest rates are progressive – meaning they increase as more money is deposited in DCB Fixed Deposits. Additionally, it is said that these interest rates could be the highest among scheduled commercial banks in the private sector.
Bank FDs have become more attractive for seniors with low risk appetite as the Reserve Bank of India India (RBI) increased the repo rate four times since May this year.
Here is a list of benefits that DCB Bank offers to senior citizens with FDs:
During the entire tenure, both the principal amount and the interest collected are safe and secure.
For retirees, interest in FDs provides a reliable or supplementary source of income.
They have the option of paying interest monthly, quarterly, half-yearly or annually.
Option to transfer interest directly to savings account.
Tax deduction on five-year FDs under section 80C of the IT Act, provided the FD account holder fulfills all the requirements.
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