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financialpost.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
Investors can still get 8.5% interest on this FD tenure despite DCB Bank cutting interest rate
DCB Bank has once again cut its fixed deposit (FD) interest rates for deposits less than Rs 3 crore, marking the second such reduction within a month. The bank has reduced up to 25 basis points on select tenures. The highest FD interest rate has been cut from 8.05% to 8%. The revised rates are applicable from March 5, 2025.
In February, the bank reduced the interest rate on fixed deposits for select tenures by up to 65 basis points (bps) effective February 14, 2025.
Which FD tenures have seen interest rate reductions?
Following the revision, DCB Bank now offers interest rates between 3.75% and 8% on FD amounts less than Rs 3 crore for general citizens for tenures ranging from 7 days to 10 years.
The bank has reduced the interest rate on FDs with a tenure of 10 months to less than 12 months by 20 basis points from 7.25% to 7.05%.
With another FD interest rate reduction of 25 basis points (bps), bringing rates down from 7.75% to 7.50% on tenure of above 12 months to 12 months 10 days.
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