DCB Bank increases Fixed Deposit interest rates for Senior Citizens
DCB Bank increases Fixed Deposit interest rates for Senior Citizens
Bangalore: DCB Bank’s latest Fixed Deposit (FD) interest rates provide senior citizens with a much-needed financial cushion – an opportunity to earn attractive returns in their golden years. The senior citizen FD offer higher earnings for individuals 60 years and elder.
DCB Senior Citizen Fixed Deposit amount less than INR 2 Crore earns 7.60% p.a. interest on 700 days FD. An even higher interest rate 8.25% p.a. is offered on DCB Senior Citizen FD for duration over 700 days to less than 36 months. Senior citizens also have the option to book longer duration FDs, for example more than 36 months to 60 months at 7.75% p.a.
These lucrative FD interest rates are progressive; that is, the interest rate increase with a higher amount deposited in the DCB Fixed Deposit.
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.
DCB Bank’s special senior citizen FD offers many benefits. These include:
- Both principal amount and interest earned are safe and secure during 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 option 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
Senior citizens have worked tremendously hard throughout their lives to provide a financially safe and comfortable life for their families. DCB Bank’s attractive FD rates will further boost earnings on their life savings.
