On May 19, 2022, private sector lender DCB Bank announced a change to savings bank deposits. As a result of this change, the bank currently offers a maximum interest rate on savings accounts of 6.75%. On resident, NRE and NRO savings accounts, the revised interest rates will apply. The bank will continue to charge an interest rate of 2.50% on savings account balances until ₹1,000,000. Whereas the bank previously offered an interest rate of 4.5% on balances of ₹1,000,000 and ₹2 lakh on the account, it has now been reduced to 4%, a reduction of 50 basis points.
The bank will offer an interest rate of 5.00% on savings bank account balances between 2 lakh and less than 5 lakh on the account, and an interest rate of 6% on balances between 5 lakh and less than 10 lakh in the account. Previously, the bank offered a 5% interest rate on savings bank deposits between 2 lakh and less than 10 lakh in the account.
On balances between 10 lakh and less than 25 lakh in the account, DCB Bank has increased the interest rate by 50 basis points, from 6.25% to 6.75%. The interest rate for account balances between 25 lakh and less than 50 lakh was previously 6.50%, but has now been increased by 25 basis points to 6.75%.
DCB Bank will continue to offer an interest rate of 6.75% on account balances between 50 lakh and 2 crore. On balances of 2 crore to less than 50 crore on the account, DCB Bank will continue to grant an interest rate of 5.50%, while interest rates on resident, NRE and NRO Savings account balances Bank of 50 crores and above would remain stable at 5%.
DCB Bank, NRE and NRO Resident Savings Bank Account Interest Rates (effective 19 May 2022)
On balances up to 1 lakh in the account – 2.50%
On balances over 1 lakh to less than 2 lakh in the account – 4.00%
On balances from 2 lakh to less than 5 lakh in the account – 5.00%
On balances from 5 lakh to less than 10 lakh in the account – 6.00%
On balances from 10 lakh to less than 25 lakh in the account – 6.75%
On balances from 25 lakh to less than 50 lakh in the account – 6.75%
On balances from 50 lakh to less than 2 crore in the account – 6.75%
On balances from 2 Cr to less than 50 crore in the account – 5.50%
On balances of 50 crores and above – 5.00%