DCB Bank’s new fixed deposit (FD) interest rates have provided much-needed financial relief to senior citizens – giving them an opportunity to earn higher interest income in the golden years of their retirement years. Senior Citizen FD offers higher interest income for citizens aged 60 years and above. DCB Bank increases Fixed Deposit interest rates for Senior Citizens
700 days in DCB Senior Citizen Fixed Deposit Rs. An FD of less than 2 crores earns 7.60 percent interest per annum. DCB Senior Citizen FD for a tenure of more than 700 days and less than 36 months earns an even higher interest rate of 8.25 percent per annum. Senior citizens also have the option of FDs for longer tenures, for example, at 7.75 percent interest per annum for tenures above 36 months and up to 60 months.
These attractive FD interest rates are compounding i.e. the higher the amount in DCB Fixed Deposit, the higher the interest rate.
These interest rates are probably the highest among private sector scheduled commercial banks in India. The Reserve Bank of India (RBI) has hiked the repo rate four times since May this year, making bank FDs more attractive to senior citizens with a low risk appetite.
DCB Bank’s special Senior Citizen FD offers offer many benefits. These include:
* Both the principal amount and interest income are safe and secure during the tenure of the FD
* Easy and quick process of opening and closing and renewing FD
* Higher interest rates mean guaranteed returns and higher income
* Interest on FD becomes a regular or supplementary income for retired persons
* Option to choose interest payment option on monthly, quarterly, half-yearly or yearly basis
* Option of direct transfer of interest to savings bank account
* Tax exemption on five years FD under Section 80C of Income Tax Act, J
* Easy cash liquidity, which allows senior citizens to close FDs in times of financial need
Senior citizens have worked hard in their lives to provide a financially secure and comfortable life to their families. The attractive interest rates of DCB Bank FDs will further increase the income on their life savings.