DCB Bank hikes interest rates on savings accounts: Details inside

DCB Bank Savings Account Interest Rates

For balances in savings accounts below Rs 1 lakh, the bank will now guarantee an interest rate of 2.25%, and for balances in savings accounts between Rs 1 lakh and Rs 2 lakh, the bank will now guarantee an interest rate of 4.00% . According to DCB Bank, savings account of less than Rs 2 lakh to Rs 5 lakh will now attract interest at the rate of 5.00%, while balance between Rs 5 lakh to less than Rs 10 lakh will attract interest at the rate of 6.00%. 10 lakh in savings account and balance below 25 lakh, DCB Bank will now pay an interest rate of 6.75%. DCB Bank will now offer maximum 7% interest rate in savings account of less than 25 lakhs to 2 crores. Savings account with balance less than 2 crores and 50 crores will now get interest at the rate of 5.50%, while accounts with balance above 50 crores will now get interest at the rate of 5.00%.

DCB Bank has mentioned on its website that “interest will be calculated on the basis of clear balance in the account at the end of the day and will be paid quarterly.”

The bank further stated on its website that “the rates mentioned are applicable for incremental balances that are in line with the amount slabs mentioned. These interest rates are applicable to resident, NRE and NRO savings accounts, and are subject to change without prior notice.” Huh.”

Amidst rising interest rates recently Bandhan Bank Interest rates on savings accounts have also increased. Bandhan Bank on August 22, 2022 announced an increase in interest rates for both savings accounts and fixed deposits. Bandhan Bank will now offer a maximum interest rate of 6.25% on savings accounts. The Reserve Bank of India (RBI) raised the repo rate by 50 basis points to 5.40% at the MPC meeting held in August 2022 to counter the inflationary trend, with most banks now in a hurry to hike interest rates over the retail period . Deposit.

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