DCB BankFixed Deposit

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.

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.

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.

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

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.

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 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 range from 5 years to 10 years. The interest rates for general customers are 5.95% and for senior citizens are 6.45%.