About DCB Bank FD
| Started On | 1930 |
| Head Quarters | Mumbai |
| CRISIL Rating | NA |
| CEO | Murali M. Natrajan |
| Listed on exchange as | DCB Bank Ltd. |
| ICRA Rating | NA |
DCB Bank FD Rates 2022
| Tenure | Regular customers | Senior citizens |
|---|
Features and Benefits of DCB FD
- DCB FD Tenure ranges from 7 days to 120 months (10 years)
- Deposits offered by DCB Bank are covered under the Deposit Insurance Scheme of RBI under which, up to ₹ 5 lakh of all deposits of a depositor are insured by DICGC.
- Loan against FD available
- Auto-Renewal Facility is available
- Nomination Facility is also provided by DCB Bank for their FD
- Minimum deposit amount for DCB FD is Rs. 10,000
Types of DCB Bank FD Schemes
DCB Regular Fixed Deposit scheme
One can open an FD account under this scheme with a minimum deposit of Rs.10000. The major features of the FD scheme are as follows:
- Its tenure ranges between 7 years and 10 years.
- The interest accrued on the deposit amount is usually paid out monthly, quarterly, half-yearly or annually. The interest pay-out is largely based on the prevailing DCB bank fixed deposit rate and tenure.
- It extends the overdraft/loan facility against a fixed deposit. Individuals can avail of up to 80% of the deposit amount as loan value.
- It also comes with an auto-renewal facility.
DCB Suraksha FD scheme
This particular fixed deposit scheme offers free life insurance benefits to the deposit holder’s family. The said insurance cover is equivalent to their deposit value. Here are some of the main features of the FD scheme –
- It comes with a 3-year tenure.
- This scheme can be availed for Rs.10000.
- The life insurance coverage can be availed by account holders between the age of 18 years and 54 years.
- Deposit holders can avail of an insurance cover of up to Rs.50 lakh.
DCB Tax Saver Fixed Deposit Scheme
As the name suggests, this deposit scheme comes with tax-saving benefits. For instance, under this scheme, deposit holders are entitled to avail tax deduction of a maximum of Rs.1.5 lakh under Section 80C of the Income Tax Act, 1961.
Besides tax-saving benefits, it also comes with the following features:
- The FD scheme comes with a fixed tenure of 5 years.
- The minimum amount required to open a DCB tax saver FD account is Rs.10000, while the maximum amount is Rs.1.5 lakh.
- Interest paid depends on the prevailing DCB bank fixed deposit rate for the given tenure.
- Interest is either compounded quarterly or is paid out quarterly.
- This FD scheme does not provide loans against the FD facilities.
DCB Zippi Online FD scheme
The prominent features accompanying this FD scheme are as follow –
- An FD account under this scheme can be opened online.
- It comes with a deposit tenure of a minimum of 14 days and a maximum of 10 years.
- A minimum of Rs.10000 and a maximum of Rs.10 lakh can be deposited per transaction.
- The scheme does not require individuals to open DCB savings account because the maturity value, including the interest amount, is credited to the FD holders’ accounts
DCB Bank Diamond Khushiyali Deposit Scheme
The said FD scheme accepts a monthly deposit amount from FD account holders and extended lump sum value at maturity. Notably, the minimum deposit value for this scheme is Rs.500. Other prominent features include –
- Its tenure ranges between 1 year and 10 years.
- There is no penalty for missing out on a monthly deposit.
- The interest rate on this FD depends on the prevailing rates as on maturity or closure.
- Deposit holders can avail of up to 90% of the deposit value as the loan amount.
Term wise DCB Bank FD Rates
Short-Term Deposits
The FD provides short-term deposits ranging from 7 days to 1 year. The interest rates for general customers are 4.35% to 5.55%, and 4.85% to 6.05% for senior citizens.
Medium-Term Deposits
Medium-term deposits range from 1 year to 4 years and 11 months, and the interest rates for general customers are 5.55% to 5.95% and 6.05% to 6.45% for senior citizens.
Long-Term Deposits
Long-term deposits range from 5 years to 10 years. The interest rates for general customers are 5.95% and for senior citizens are 6.45%.
DCB vs Other Banks' FD Rates
| Name | Tenure | Interest rate |
|---|
How to invest in DCB Bank FD?
For opening a DCB Bank FD account online, one can use DCB Zippi on the official website of DCB Bank.
Alternatively, one can visit the nearest DCB Bank branch. Fill out the DCB Bank FD application form and present all the necessary documents with the deposit amount. On successful processing of the application, an FD receipt will be provided by the DCB bank.
Eligibility for DCB Bank FD Account
Individuals or entities satisfying the following criteria can opt for a fixed deposit in DCB Bank –
- Resident individuals (single and joint)
- Partnership firms
- HUFs
- Public and Private companies
Documents to Open DCB Bank FD
The following documents have to be furnished for opening a DCB Bank FD –
- PAN Card
- Address Proof (Passport, Utility Bills, Municipal tax receipt, Voter ID)
- ID Proof (Aadhar Card, Voter ID, Driving License)
- Age Proof (Passport, Birth Certificate, School Leaving Certificate, Pension Card, Government ID card)
FAQs
Can I avail loan against my fixed deposit?
Can I avail loan against my fixed deposit?
Yes, a loan/OD can be availed against DCB FD and a maximum of up to 80% of the value of the term Deposits can be claimed. Please note that Tax saver Fixed Deposit cannot be pledged as security to avail loan.
What is the minimum deposit to open a DCB Bank FD account?
What is the minimum deposit to open a DCB Bank FD account?
The minimum deposit required to open an FD account with DCB bank is Rs. 10000
How is Interest Calculated on DCB FD?
How is Interest Calculated on DCB FD?
Individuals can easily calculate the compounding interest on their RD by using the formula mentioned below –
A = P (1 + r/n) ^ nt
In this formula,
- A equals to Maturity Value
- P equals to Principal amount
- r equals to Annual interest rate
- n equals to Compounding frequency
- t equals to Tenure
Example: Armaan opens a fixed deposit account with Rs.1 lakh for 90 days at the rate of 5.5% interest compounding quarterly. Using the compound interest formula,
A = P (1 + r/n) ^ nt
= 100000 (1+0.05/4) ^ 4*1
= Rs.101356
The total maturity amount is Rs.101356, and the interest accrued on the same is Rs.1356.
How is TDS calculated on DCB Fixed Deposit?
How is TDS calculated on DCB Fixed Deposit?
Interest earned on deposit accounts is subjected to taxation. In a situation when the interest earned by an individual on all deposit accounts exceeds Rs.40000 in a financial year, a TDS at the rate of 10% is imposed by the bank on the depositor’s returns. In the case of senior citizens, the exemption limit is Rs.50000.
Nonetheless, individuals claim tax exemption on their deposit amount while filing their yearly ITR by submitting Form 15G and Form 15H.
What are the criteria for filling out forms 15G and 15H?
What are the criteria for filling out forms 15G and 15H?
For Form 15G
- Residing Indians below the age of 60 years.
- An individual or HUF.
- The tax computed on total income is zero.
- In a financial year, the tax amount should be less than the basic exemption limit for the given year.
For Form 15H
- Residing individuals who are minimum of 60 years of age.
- The taxable amount on the total income is zero.
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