MUST KNOW

DCB Bank revises interest rates on savings accounts and fixed deposits (FDs), now earn as high as 8%

DCB Bank has hiked its interest rates on savings accounts and fixed deposits of less than ₹2 Cr. As per the official website of the bank, savings account holders can now earn up to 8.00% interest rates whereas, on fixed deposits, non-senior citizens can earn as high as 8.00% whereas senior citizens can earn up to 8.50% as a result of the modification. According to the DCB Bank’s official website, the higher interest rates took effect on May 8th, 2023.

DCB Bank savings account rates

For savings accounts with balances up to 1 lakh in the account, the bank will continue to offer an interest rate of 2.00% and those with balances above 1 lakh to less than 2 lakh in the account will fetch an interest rate of 3.75%. DCB Bank will continue to offer an interest rate of 5.25% on savings accounts with balances from 2 lakh to less than 5 lakh and an interest rate of 6.25% on balances from 5 lakh to less than 10 lakh in the account.

Read More: If you make UPI payments through GPay, PhonePe, Paytm keep these 5 safety tips in mind next time

Savings account with balances from 10 lakh to less than 50 lakh will continue to fetch 7.00% interest and balances from 50 lakh to less than 2 Crore in the account will now fetch an interest rate of 7.25%. The bank would provide an interest rate of 5.50% on balances in the account between 2 crore and less than 5 crore. The interest rate for accounts with balances between 5 crore and less than 10 crore went up to 7%, according to DCB Bank. On account balances between Rs. 10 crore and Rs. 200 crore, DCB Bank hiked the interest rate to 8%. Savings accounts will continue to earn interest at a rate of 5.00% on balances of 200 crore or more.

DCB Bank savings account rates
DCB Bank savings account rates (dcbbank.com)

Read More: Home loan below 9% for people holding higher credit scores – Check latest rates

DCB Bank FD Rates

On fixed deposits maturing in 7 days to 45 days, the bank will continue to offer an interest rate of 3.75% and on those maturing in 46 days to 90 days, DCB Bank will continue to pay an interest rate of 4.00%. DCB Bank will continue to fetch an interest rate of 4.75% on a deposit tenor of 91 days to less than 6 months and an interest rate of 6.25% on a deposit tenor of 6 months to less than 12 months.

Deposits maturing in 12 months to less than 15 months will now fetch an interest rate of 7.25% and those maturing in 15 months to less than 18 months will continue to fetch 7.50% return. The bank will continue to give an interest rate of 7.75% on fixed deposits maturing in 18 months to less than 700 days, and it raised the interest rate to 8.00% on deposits maturing in 700 days to 36 months. Deposits maturing in periods more than 36 months to 120 months will still earn a 7.75% interest rate.

In comparison to the net profit for the fourth fiscal quarter of 2022, which was INR 113 Cr, DCB Bank’s Profit After Tax (PAT) for the fourth fiscal quarter of FY 2023 was INR 142 Cr, a rise of 25%. The bank’s net profit for the fiscal year 2023 rose by 62% to INR 466 Cr from INR 288 Cr the previous year. The Gross NPA on March 31, 2023, was 3.19% and the Net NPA was 1.04%. The bank said that its net interest income for Q4FY23 was ₹486 Cr, up 27% YoY from ₹380 Cr for Q4FY22, and that for FY23, it was ₹1,717 Cr.

Read More: Petrol, Diesel Fresh Prices Announced Today; Check Fuel Price in Your City on May 15

The bank stated that for the quarter ended March 2023, it reported a net income of ₹608 Cr, up 22.82% YoY from ₹495 Cr recorded during the year-ago quarter, while for the financial year 2023, it reported a net income of ₹2,126 Cr. In comparison to Q4 FY22, when operating profit was ₹221 Cr, DCB Bank reported that it was up to ₹244 Cr, and stood at ₹787 Cr in FY23. As opposed to the ₹44,793 Cr reported in the year-ago quarter, its net assets during Q4FY23 increased to ₹52,366 Cr. In Q4FY23, the bank’s net deposits were ₹41,239 Cr, up from ₹34,692 Cr in the same quarter of FY22. In contrast, its net advances were ₹34,381 Cr, up from ₹29,096 Cr. According to DCB Bank, its CASA ratio was 26.75% in Q4FY22 and 26.42% in Q4FY23.

Source :
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Most Popular

To Top