Fixed Deposit or FD is a good interest rate investment option. DCB Bank offers a Fixed Deposit Account with a high interest rate. Fixed Deposit can open for the duration of a minimum of 7 days and a maximum of ten years. Fixed Deposit gives you a high-interest rate on your deposit amount. The Deposit minimum amount is depending upon the bank.
Benefits of DCB Bank Fixed Deposit
- You get a higher interest rate on your fixed Deposit while comparing with saving accounts.
- Multiple fixed deposits can open.
- DCB Bank also gives a loan on your fixed Deposit so that, you don’t need to break your Deposit for your need.
- You can get an Rs.1.5 lakh exemption under Section 80 C of the Income Tax Act, 1961.
- If you are a senior citizen, then you will get a high-interest rate on your Fixed Deposit account.
Fixed Deposit Eligibility
- Fixed Deposits can open the name of Individual, Joint, Society, Company, Partnership, etc.
- The applicant must have a savings account in the bank.
Income Tax Facts on DCB Bank Fixed Deposit Interest
If you are looking for income tax fact on Fixed Deposit interest, then you can check below:
- If Fixed Deposit interest is less then Rs. 40, 000/-, then the DCB Bank will deduct TDS on interest.
- Interest earned on Fixed Deposit is taxable. It will treat as Income from Other Sources.
- If you don’t want to pay any TDS on Fixed Deposit, then you have to submit Form 15G and Form 15H in DCB Bank.
DCB Bank Tax Benefit Fixed Deposit
- Interest Rate is 6.5% for 5 years term deposits.
- The amount can not withdraw before five years.
- The deposit account can not transfer to another bank.
DCB Bank Fixed Deposit Interest Rate
| Resident Indians Fixed Deposit Interest Rates (with effect from 01st February, 2020) | |||||
|---|---|---|---|---|---|
| Tenure | Deposit Interest Rate (percent per annum) |
Effective Annualised Yield (% per annum) * | Rate for Senior Citizens (% per annum) | Effective Annualised Yield (% per annum) * | |
| Single Deposit of less than Rs.2 Cr. | |||||
| 7 days to 14 days | 5.40% | 5.40% | 5.90% | 5.90% | |
| 15 days to 45 days | 5.65% | 5.65% | 6.15% | 6.15% | |
| 46 days to 90 days | 6.15% | 6.15% | 6.65% | 6.65% | |
| 91 days to less than 6 months | 6.35% | 6.35% | 6.85% | 6.85% | |
| 6 months to less than 12 months | 6.85% | 7.00% | 7.35% | 7.52% | |
| 12 months | 6.95% | 7.13% | 7.45% | 7.66% | |
| 12 months 1 day to less than 15 months | 7.20% | 7.40% | 7.70% | 7.93% | |
| 15 months to less than 18 months | 7.40% | 7.68% | 7.90% | 8.22% | |
| 18 months | 7.50% | 7.86% | 8.00% | 8.41% | |
| More than 18 months to less than 24 months | 7.40% | 7.82% | 7.90% | 8.38% | |
| 24 months | 7.30% | 7.78 % | 7.80% | 8.35% | |
| More than 24 months to less then 36 months | 7.30% | 8.00% | 7.80% | 8.61% | |
| 36 months | 7.60% | 8.45% | 8.10% | 9.07% | |
| More than 36 months to 60 months | 7.50% | 9.00% | 8.00% | 9.72% | |
| More than 60 months to 120 months | 7.25% | 10.51% | 7.75% | 11.55% | |
| Interest Rates for Domestic / NRO / NRE** Bulk Deposits (Effective For 20th February, 2020 Only) | ||||||
|---|---|---|---|---|---|---|
| Tenure | Deposit Interest rate (%per annum) for single deposit of Rs. 2 Cr. to less than Rs. 5 Cr. | |||||
| Regular | Non – Callable | |||||
| 7 days to 14 days | 4.00% | – | ||||
| 15 days to 30 days | 4.00% | – | ||||
| 31 days to 45 days | 4.25% | – | ||||
| 46 days to 60 days | 4.50% | – | ||||
| 61 days to 89 days | 5.00% | 5.10% | ||||
| 90 days to less than 6 months | 5.25% | 5.50% | ||||
| 6 months to less than 9 months | 5.75% | 6.25% | ||||
| 9 months to less than 12 months | 6.00% | 6.50% | ||||
| 12 months to less than 15 months | 6.75% | 7.00% | ||||
| 15 months to less than 18 months | 7.00% | 7.15% | ||||
| 18 months to 36 months | 7.00% | 7.15% | ||||
| More than 36 months to 60 months | 7.00% | 7.15% | ||||
| More than 60 months to 120 months | 7.00% | 7.15% | ||||
| Interest Rates for Domestic / NRO / NRE** Bulk Deposits (Effective for 20th February, 2020 Only) | ||||||
|---|---|---|---|---|---|---|
| Tenure | Deposit Interest rate (%per annum) for single deposit of Rs. 5 Cr. to less than Rs. 20 Cr.) | |||||
| Regular | Non – Callable | |||||
| 7 days to 14 days | 4.00% | – | ||||
| 15 days to 30 days | 4.00% | – | ||||
| 31 days to 45 days | 4.25% | – | ||||
| 46 days to 60 days | 4.50% | – | ||||
| 61 days to 89 days | 5.00% | 5.10% | ||||
| 90 days to less than 6 months | 5.25% | 5.50% | ||||
| 6 months to less than 9 months | 5.75% | 6.25% | ||||
| 9 months to less than 12 months | 6.00% | 6.50% | ||||
| 12 months to less than 15 months | 6.75% | 7.00% | ||||
| 15 months to less than 18 months | 7.00% | 7.15% | ||||
| 18 months to 36 months | 7.00% | 7.15% | ||||
| More than 36 months to 60 months | 7.00% | 7.15% | ||||
| More than 60 months to 120 months | 7.00% | 7.15% | ||||
| Interest Rates for Domestic / NRO / NRE** Bulk Deposits (Effective for 20th February, 2020 Only) | ||||||
|---|---|---|---|---|---|---|
| Tenure | Deposit Interest rate (%per annum) for single deposit of Rs. 20 Cr. and above | |||||
| Regular | Non – Callable | |||||
| 7 days to 14 days | 4.00% | – | ||||
| 15 days to 30 days | 4.00% | – | ||||
| 31 days to 45 days | 4.25% | – | ||||
| 46 days to 60 days | 4.50% | – | ||||
| 61 days to 89 days | 5.00% | 5.10% | ||||
| 90 days to less than 6 months | 5.25% | 5.50% | ||||
| 6 months to less than 9 months | 5.75% | 6.25% | ||||
| 9 months to less than 12 months | 6.00% | 6.50% | ||||
| 12 months to less than 15 months | 6.75% | 7.00% | ||||
| 15 months to less than 18 months | 7.00% | 7.15% | ||||
| 18 months to 36 months | 7.00% | 7.15% | ||||
| More than 36 months to 60 months | 7.00% | 7.15% | ||||
| More than 60 months to 120 months | 7.00% | 7.15% | ||||
| Penalty for Premature Closure of Resident Deposits | |||||
|---|---|---|---|---|---|
| Size of Deposit | 7 – 13 days | 14 – 29 days | 30 days & above | ||
| Less than Rs. 2 crore | No Interest | 0.50% less than the applicable rate | 0.50% less than the applicable rate | ||
| Rs. 2 crore and above | No Interest | No Interest | 2% less than the applicable rate | ||
| Interest rate on Savings Bank Account w.e.f. 11-09-2019 | ||
|---|---|---|
| Daily Balances in Savings Account (in INR) | Amount (in INR) eligible for interest calculation | Rate of Interest p.a. |
| Upto 1 lakh | Upto 1 lakh | 3.50% |
| 1 lakh to less than 1 crore | Upto 1 lakh | 3.50% |
| Above 1 lakh | 4.00% | |
| 1 crore to less than 5 crore | Upto 1 lakh | 3.50% |
| Above 1 lakh | 6.00% | |
| 5 crore and above | Upto 1 lakh | 3.50% |
| Above 1 lakh | 6.25% | |