Updated 06 Dec 2023
DCB Bank offers various 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.
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 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 below to open an FD at DCB Bank:
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 crores | No interest | 0.50% less than the applicable interest rate | 0.50% less than the applicable DCB bank FD rates |
₹2 crores and above | No interest | No interest | 2% less than the applicable interest rate |
When is the right time to invest in a term deposit?
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.
Why should I invest in FDs when other investment instruments offer better returns?
FDs provide a guaranteed return on investment and are relatively low-risk compared to other investment instruments.
Is the ₹5 lakhs DICGC insurance cover applicable on DCB Bank FD?
Yes. ₹5 lakhs DICGC (Deposit Insurance and Credit Guarantee Corporation) insurance cover applies to DCB Bank FD.
How to break FD in DCB?
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.
What medical benefits come under the DCB Health Plus Fixed Deposit scheme?
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.
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