Private sector lender DCB Bank has reduced interest rates on fixed deposits (FD) below Rs 3 crore for select tenures. According to the bank’s website, it has reduced FD interest rates by up to 65 basis points (bps). The revised rates will take effect on February 14, 2025.This revision follows after the Reserve Bank of India (RBI) last week cut the repo rate from 6.50% to 6.25%—the first such reduction since 2020. Since the repo rate cut lowers banks’ cost of funds, it subsequently affects the lending and deposit rates. A reduced repo rate will lead to lower fixed deposit (FD) interest rates, and vice versa.
Also read: Savings account interest rate after RBI’s repo rate cut: Quick comparison of latest interest rate on HDFC, SBI, ICICI, PNB savings account
Following the revision, DCB Bank now offers interest rates between 3.75% and 8.05% on FD amounts below Rs 3 crore for general citizens for tenures ranging from 7 days to 10 years. The highest interest rate of 8.05% on FDs is offered on a tenure of 19 months to 20 months.
For senior citizens, the bank provides interest rates between 4.25% and 8.55% for amounts below Rs 3 crore; the highest FD interest rate of 8.55% is offered on a tenure of 19 months to 20 months for them.
Which FD tenures have seen interest rate reductions?
For general citizens, the FD interest rate has been reduced by 55 bps—from 8.05% to 7.50%— for tenures that exceed 26 months but are less than 37 months. For tenures ranging from 37 to 38 months, the bank has reduced the FD interest rate by 20 bp—from 8.05% to 7.85%.DCB Bank has also cut the FD interest rate by 65 bps, from 8.05% to 7.40%, for tenures exceeding 38 months but less than 61 months.Also read: Axis Bank makes FD investment easier: Check how to invest in Axis Bank fixed deposits from any other bank
Which FD tenures have seen interest rate reductions for senior citizens
For senior citizens, the FD interest rate has been cut by 55 bps, from 8.55% to 8%, for tenures that exceed 26 months but are less than 37 months.
The bank has reduced the FD interest rate by 20 bps, from 8.55% to 8.35%, for tenures ranging from 37 to 38 months.
DCB Bank has also cut the FD interest rate by 65 bps, from 8.55% to 7.90%, for tenures exceeding 38 months but less than 61 months.
Latest DCB Bank FD interest rates
| Tenure | Deposit Interest Rate | Rate for Senior Citizens (% p.a.) |
| 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 | 6.20% | 6.70% |
| 10 months to less than 12 months | 7.25% | 7.75% |
| 12 months | 7.10% | 7.60% |
| More than 12 months to 12 month 10 days | 7.75% | 8.25% |
| 12 months 11 days to 17 months | 7.15% | 7.65% |
| 17 months 1 day to 18 months 5 days | 7.10% | 7.60% |
| 18 months 6 days to less than 19 months | 7.40% | 7.90% |
| 19 months to 20 months | 8.05% | 8.55% |
| 20 months 1 day to less than 700 days | 7.40% | 7.90% |
| 700 days to 26 months | 7.50% | 8.00% |
| More than 26 months to less than 37 months | 7.50% | 8.00% |
| 37 months to 38 months | 7.85% | 8.35% |
| 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% |
Source: Bank website
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