DCB Bank offers a wide variety of term deposits at attractive interest rates. The scheme tenures usually range from 7 days to 10 years and have a minimum deposit requirement of ₹10,000. You can opt for annual, half-yearly, quarterly or monthly payouts based on your preference. Additionally, senior citizens get 0.5% extra on the applicable DCB FD interest rates.
|Tenure||For General Citizens (p.a.)||For Senior Citizens (p.a)|
|7 days to 14 days||3.75%||4.25%|
|15 days to 45 days||3.75%||4.25%|
|46 days to 90 days||4%||4.5%|
|91 days to less than 6 months||4.75%||5.25%|
|6 months to less than 10 months||6.25%||6.75%|
|10 months to less than 12 months||7.25%||7.75%|
|More than 12 months to less than 15 months||7.25%||7.75%|
|15 months to less than 18 months||7.5%||8%|
|18 months to less than 700 days||7.75%||8.25%|
|Note: All interest rates are updated as of 1st Aug 2023|
Founded in 1930, Development Credit Bank (DCB) is a new-age private sector banking and financial services provider. It has around 418 branches all over India as of December 2022. This bank deals in business segments like retail, public sector, NBFCs, micro-SMEs, agriculture and more.
Here are the types of fixed deposits which DCB offers:
DCB Fixed Deposit
This is the standard fixed deposit scheme that DCB offers. It has an auto-renewal feature that lets you keep your funds invested without worrying about the due date.
DCB Suraksha Fixed Deposit
Apart from providing attractive returns, this FD facilitates a life insurance cover worth ₹10 lakhs. Along with you, the cover would also be applicable for your family members, and a medical test is not necessary for availing the benefits. Furthermore, both residents, as well as non-residents can apply for this scheme.
DCB Tax Saver Fixed Deposit
You can avail tax deduction of up to ₹1.5 lakhs a year under Section 80C of the Income Tax Act of 1961.
DCB Zippi Online Fixed Deposit
You can apply for this term deposit scheme online by simply providing your PAN and Aadhaar details. Moreover, you can receive the interest and the maturity amount in a savings account with any bank. There is no need for an account at DCB to avail this scheme.
DCB Health Plus Fixed Deposit
The DCB Health Plus Fixed Deposit scheme offers medical and emergency services and interest income. They are facilitated under the ICICI Lombard Group Take Care Insurance Plan. Moreover, as a primary account holder, you can invest in up to 4 such FDs at a time.
DCB NRE Term Deposit Schemes
These term deposit schemes are useful for NRIs who want to invest their foreign currency earnings in a fixed deposit scheme and convert them into Indian rupees.
DCB NRO Term Deposit Schemes
Non-Resident Ordinary (NRO) FDs are useful when non-residents want to deposit their earnings in Indian currency.
DCB FCNR Term Deposit Schemes
Foreign Currency Non-Resident (FCNR) term deposit schemes enable NRIs and Persons of Indian Origin (PIOs) to invest their savings in foreign currency and earn interest.
The eligibility criteria for opening an FD at DCB are as follows:
These are the documents required for opening a DCB bank FD:
Follow the steps given below to open an FD at DCB Bank:
Step 1: Visit the nearest DCB bank branch and fill up the FD account opening form.
Step 2: Enter all the necessary information, like tenure and deposit amount.
Step 3: Attach all the necessary documents and a cheque for funding your deposit.
Step 4: Collect the Fixed Deposit Receipt (FDR).
The penalties applicable for withdrawing your term deposit prematurely at DCB Bank are as follows:
|Deposit Size||Within 7 to 13 days||Within 14 to 29 days||30 days and above|
|Less than ₹2 crore||No interest||0.50% less than the applicable interest rate||0.50% less than the applicable DCB bank FD rates|
|₹2 crore and above||No interest||No interest||2% less than the applicable interest rate|
According to the Income Tax Act of India of 1961, taxpayers can seek deductions under Section 80C if they invest in FDs.
In a given financial year, a taxpayer can avail tax deduction to a maximum of ₹1.5 lakhs from their gross taxable income, provided the following conditions are fulfilled:
When filing the Income Tax Returns (ITR), the taxpayer can provide supporting documents to avail tax benefits on FDs.
Tax Deducted at Source (TDS)
The right time to invest in a fixed deposit depends on the investor's financial goals, risk appetite, and prevailing interest rates. Generally, it is advisable to invest in fixed deposits when the interest rates are high and are expected to remain stable for the investment period.
FDs provide a guaranteed return on investment and are relatively low-risk compared to other investment instruments.
Yes. ₹5 lakhs DICGC (Deposit Insurance and Credit Guarantee Corporation) insurance cover applies to DCB Bank FD.
To break a term deposit in DCB, visit the nearest branch and fill out the FD Account Closure Form. Provide the required KYC documents and submit the FD certificate. You can also break your FD using the DCB Bank Mobile Banking app.
The medical benefits under the DCB Health Plus Fixed Deposit scheme apply to over-the-phone and face-to-face appointments with doctors, coverage for prescribed medicines and emergency ambulance services. The number of times you can avail these benefits during the maturity period depends upon the amount you invest.
Disclaimer: The calculator and the results of the same are based on information inputted by you and extracted from third party sources. The information on this page is for illustrative purposes only and does not amount to any investment advice or recommendation. Wint Wealth has no commercial interest or gain in or from the actions resulting from the information displayed on this page. The information displayed on this page does not constitute an invitation to invest in any product nor is it a promise of performance. Interest rates are not updated in real time and you are advised to make your own enquiries, consult a professional advisor and verify the information prior to taking any investment decisions.