DCB Bank Fixed Deposit
DCB Bank is an emerging new-generation private sector bank in India. It has a network of 333 branches spread across 19 states and three union territories. DCB Bank was a prominent cooperative bank with its history dating back to the early 1930s. In the 1990s, the Reserve Bank of India permitted selected cooperative banks to convert to the status of scheduled commercial banks subject to various conditions. Development Cooperative Bank Limited converted into a joint-stock banking company on 31.05.1995. It acquired a new identity, Development Credit Bank Ltd. The bank changed its name to DCB Bank Limited with effect from 24.10.2013.
Why DCB Bank Fixed Deposits?
DCB Bank offers different kinds of deposits and loans to its customers. Over the years, the bank has accumulated more than 6 lakh customers. The bank caters to various business segments such as SME, corporate, agriculture, NBFCs, and others. Apart from business and retail loans, DCB Bank offers a slew of deposits including Fixed Deposits. The highlights of DCB Bank Fixed Deposits are its flexibility, variety, and attractive rates of interest.
DCB Bank Fixed Deposits - Features and Benefits
- Fixed deposits to suit every requirement of customers
- Flexible interest payout options such as monthly, quarterly, half-yearly, and yearly
- Reinvestment options available
- Extended deposit tenures up to ten years with minimum deposit period being seven days
- Attractive rates of interest
- Additional 0.50% benefit for senior citizens
- Loans available against FD up to 80% of the FD value
- Automatic renewal facility
- Tax-Saving Deposit Schemes
DCB Bank Fixed Deposits - Rate of Interest
DCB Bank offers attractive rates of interest on fixed deposits to its customers. The rate of interest depends on the amount of deposit, the deposit tenure, and the nature of the deposit.
Fixed Deposit Interest Rates for Resident Indian deposits - for amounts less than 2 Crores - with effect from 30.07.2019
Rate of Interest for NRO deposits are the same
Tenure | Rate of Interest (% per annum) | ||
|
Resident Indian |
Senior Citizen (Resident) |
Non-Resident (Ordinary) |
Seven to 14 days |
5.50 |
6.00 |
5.50 |
15 to 45 days |
5.75 |
6.25 |
5.75 |
46 to 90 days |
6.25 |
6.75 |
6.25 |
91 days to < 6 months |
6.50 |
7.00 |
6.50 |
6 months to < 12 months |
7.00 |
7.50 |
7.00 |
12 months |
7.00 |
7.50 |
7.00 |
12 months 1 day to < 15 months |
7.40 |
7.90 |
7.40 |
15 months to < 18 months |
7.85 |
8.35 |
7.85 |
18 months |
8.00 |
8.50 |
8.00 |
More than 18 months to < 24 months |
7.95 |
8.45 |
7.95 |
24 months |
7.50 |
8.00 |
7.50 |
More than 24 months to < 36 months |
7.60 |
8.10 |
7.60 |
36 months |
8.25 |
8.75 |
8.25 |
More than 36 months to 60 months |
7.75 |
8.25 |
7.75 |
More than 60 months to 120 months |
7.25 |
7.75 |
7.25 |
Non-Resident External Fixed Deposit Interest Rates - for amounts less than 2 Crores - with effect from 30.07.2019
Tenure | Rate of Interest (% p.a.) |
12 months |
7.00 |
12 months 1 day to < 15 months |
7.40 |
15 months to < 18 months |
7.85 |
18 months |
8.00 |
More than 18 months to < 24 months |
7.95 |
24 months |
7.50 |
More than 24 months to < 36 months |
7.60 |
36 months |
8.25 |
More than 36 months to 60 months |
7.75 |
More than 60 months to 120 months |
7.25 |
Interest rates for Resident Indian/NRE/NRO Fixed deposits for amounts greater than 2 Crores - with effect from 31.07.2019
Tenure |
2 Cr to < 5 Cr |
5 Cr to < 20 Cr |
20 Cr and above |
|||
Regular |
Non-Callable |
Regular |
Non-Callable |
Regular |
Non-Callable |
|
7 to 14 days |
5.00 |
- |
5.00 |
- |
5.00 |
- |
15 to 30 days |
5.00 |
- |
5.00 |
- |
5.00 |
- |
31 to 45 days |
5.00 |
- |
5.00 |
- |
6.00 |
- |
46 to 60 days |
6.00 |
- |
6.00 |
- |
6.00 |
- |
61 to 89 days |
6.25 |
6.50 |
6.10 |
6.20 |
6.10 |
6.20 |
90 days to < 6 months |
6.90 |
7.10 |
6.50 |
6.75 |
6.50 |
6.75 |
6 months to < 9 months |
7.20 |
7.40 |
6.75 |
6.80 |
6.75 |
6.80 |
9 months to < 12 months |
7.25 |
7.65 |
7.00 |
7.25 |
7.00 |
7.25 |
12 months to < 15 months |
7.75 |
8.10 |
7.75 |
8.10 |
7.75 |
8.35 |
15 months to < 18 months |
7.85 |
8.10 |
7.85 |
8.10 |
7.85 |
8.35 |
18 months to 36 months |
8.00 |
8.10 |
8.00 |
8.10 |
8.00 |
8.25 |
More than 36 months to 60 months |
7.75 |
7.75 |
7.75 |
7.75 |
7.75 |
7.75 |
More than 60 months to < 120 months |
7.75 |
7.75 |
7.75 |
7.75 |
7.75 |
7.75 |
Foreign Currency Non-Resident (B) Interest Rates - with effect from 01.08.2019
Currency | 1 year to < 2 years | 2 years to < 3 years | 3 years to < 4 years | 4 years to < 5 years | 5 years |
USD |
3.25 |
3.00 |
2.75 |
2.75 |
2.75 |
GBP |
1.10 |
1.10 |
1.10 |
1.10 |
1.10 |
EUR |
0.10 |
0.10 |
0.10 |
0.10 |
0.10 |
AUD |
2.40 |
2.30 |
2.30 |
2.30 |
2.30 |
CAD |
2.65 |
2.55 |
2.25 |
2.15 |
2.15 |
DCB Bank Fixed Deposits - Types of Deposits
DCB Bank offers fixed deposit products for resident and non-resident Indians. The bank also provides facilities to open FCNR deposits.
DCB Fixed Deposits | |
Product |
Enables customers to save money at attractive rates of interest with the benefit of flexible interest payout options. |
Eligibility |
|
Quantum of deposit |
The minimum investment amount is 10,000 |
Deposit tenure |
7 days to 10 years |
Interest payouts |
Monthly, Quarterly, Half-yearly, and Yearly Reinvestment options available |
Premature payment |
Available subject to charging of penalty |
Loans |
Available up to 80% of FD value |
Income tax |
As per rules |
Auto-renewal |
Available |
Other Benefits |
|
NRE Term Deposit |
|
NRO Term Deposit |
|
DCB Suraksha Fixed Deposit | |
Product |
Dual advantage of Fixed Deposit and life insurance cover equivalent to FD amount. |
Deposit tenure |
Fixed deposit tenure of 36 months |
Interest |
Attractive rates of interest as applicable to DCB Fixed Deposits |
Life Insurance Cover |
Maximum insurance cover is 50 Lakhs |
Age criteria |
Insurance cover available from 18 years to 55 years |
Conditions |
PAN, nomination, and email ID compulsory |
NRI Suraksha FD |
|
DCB Tax Saver Fixed Deposit | |
Product |
Claim Income Tax benefit under Section 80C of IT Act |
Eligibility |
Resident Indian individuals having PAN card |
Quantum |
A minimum deposit of 10,000 and a maximum of 1.50 Lakhs |
Deposit tenure |
Default tenure of 5 years |
Interest payout |
Quarterly payout or Quarterly compounding |
Premature payment |
Not allowed |
Loans |
No loans against Tax Saver Deposit |
NRO Tax Saver Deposit |
Same features as that of domestic Tax-Saver FD |
DCB Diamond Khushiyali | |
Product |
Recurring deposit product where the customer saves monthly to earn handsome returns on maturity. |
Eligibility |
Resident Indian individuals |
Quantum |
The minimum investment is 500 per month and in multiples of 1 |
Deposit tenure |
Maximum of 10 years |
Benefits |
|
Premature payment |
Allowed |
Loans |
Allowed |
Income Tax |
As per rules |
NRE Recurring Deposit Scheme |
|
DCB Zippi Online Fixed Deposit | |
Product |
Fixed deposit product that customers can open online |
Eligibility |
|
Quantum |
The minimum transaction amount is 10,000, and the maximum is 10 Lakhs |
Tenure |
14 days to 10 years |
Interest payout |
|
Conditions |
Online opening of FD |
Auto-renewal |
Available |
DCB FCNR (B) Deposit | |
Product |
Deposit in Foreign currency |
Currencies |
USD, GBP, AUD, Euro, and CAD |
Tenure |
The minimum period is one year, and the maximum is five years |
Interest payout |
Compounded half-yearly and reinvested |
Benefits |
|
Premature payment |
No interest if the customer withdraws before completion of one year |
Documents Required to Open DCB Bank Fixed Deposits
RBI Mandated documents for satisfying KYC norms such as identity and address proof
How to Open DCB Bank Fixed Deposits?
Customers can open fixed deposit accounts in DCB Bank in two ways:
- Online, by using the official website of the bank
- Offline, by visiting the respective DCB Bank branch
Customers who are not maintaining an account with DCB Bank can also open FD online. They can request for interest payments to their savings or current accounts in any bank.
How do you open DCB Bank Fixed Deposit online?
Open Zippi FD online
- Access https://services.dcbbank.com/ZippiPlus/RequestOnlineFD?channel=JsCSZ8VWNIgEwmq1ycuAOQ==
- Anyone can open a DCB Zippi FD online
- Enter your PAN details on the ''Manage Zippi' option and verify your PAN
- Enter the amount and select your tenure
- Choose the payout option
- You will get the maturity amount
- Proceed with registering and opening the FD online
Open DCB FD online
- Access https://www.dcbbank.com/cms/showpage/page/open-fixed-deposit
- Leave your phone number for the DCB official to get back to you
Using Mobile banking
Customers can use their mobile banking app to open FD online. Follow the instructions on the app and open your FD within minutes.
Maturity Value Calculator
DCB Bank offers the facility of estimating your maturity amount on the Zippi FD online web page. Enter the FD amount, tenure, and select your interest payout option to get the maturity value.
Tax Deduction at Source on Fixed Deposit Interest
Income Tax laws in India stipulate that interest earned on fixed deposits is taxable depending on the respective income tax slab structure. However, banks have to deduct TDS @10% if the total interest payable to a single depositor exceeds 40,000 in a financial year. For senior citizens, the corresponding amount is 50,000.
Interest earned on NRE and FCNR accounts is exempt from income tax in India.
Interest earned on NRO FDs is taxable @ 30.90% without any concession.
Rules for Premature Payment of DCB Bank Fixed Deposits
Resident and NRO Deposits
Quantum of Deposit | Seven to 13 days | 14 to 29 days | 30 days and above |
Less than 2 Crores |
No interest is payable |
0.50% less than the applicable rate on the deposit |
0.50% less than the applicable rate on the deposit |
2 Crores and above |
No interest |
No interest |
2% less than the applicable rate |
NRE Deposits
Quantum of Deposit | Less than one year | One year and above |
Less than 2 Crores |
No interest |
0.50% less than the applicable rate |
2 Crores and more |
No interest |
2% less than the applicable rate |
FCNR (B) Deposits
- No interest is payable on deposits are withdrawn prematurely within one year
- If the tenure is more than one year and up to 5 years, the penalty for early withdrawal will be 1%
DCB Bank Fixed Deposits - Frequently Asked Questions
Who qualifies as a senior citizen for DCB Bank Fixed deposit?
Resident Indian Individuals who have completed 60 years of age are eligible to open Senior Citizen Fixed Deposit in DCB Bank. The advantages of opening FDs for senior citizens are as follows:
- The benefit of an additional 0.5% in the interest rate as compared to regular individuals
- No TDS on FD interest income up to 50,000 in a financial year
What are the acceptable documents for a senior citizen?
Apart from the regular KYC documents for address and ID proof, senior citizens have to submit age proof. These following documents suffice the purpose.
- PAN card
- Pension Card
- Passport
- School Leaving Certificate
- Any Government Identity card
- Birth Certificate
When does a fixed deposit holder become liable for TDS?
Interest income on FDs is taxable as per IT Act. However, banks deduct tax at source only if the interest payable to a particular depositor is more than 40,000 in the financial year. Senior citizens have an additional benefit of 10,000.
What is the TDS rate?
The TDS rate for resident individuals is 10% regardless of the income tax slab rate they belong to. The individual is responsible for declaring the income in his/her IT returns and pay additional tax if necessary. The TDS rate is 30.90% for NRO deposits. NRO deposits attract income tax on all interest income without any concession.
Is there any way for me to request the bank not to deduct TDS?
Yes, customers can submit Form 15G (15H in case of senior citizens) to the bank giving complete details of deposits held with the bank. The banks will not deduct TDS under such circumstances.
Is it compulsory to quote PAN on Form 15G/H?
Yes, it is mandatory to quote PAN on Form 15G/H. Otherwise, the bank can deduct TDS @20%. The banks treat Form 15G or 15H without PAN as invalid.
Will the bank issue a TDS certificate on deducting income tax?
Yes, the bank has to furnish TDS certificate, also known as Form 16A for TDS deducted during the financial year. The certificate is to be issued within one month of the end of the quarter in each financial year.
Can I claim IT refund of TDS deposited by the bank?
Yes, you can claim IT refund if you are eligible for the same.
Is there TDS on Tax-Saver Fixed Deposit?
Yes, the Tax-Saver Deposit is like any other FD for the computation of IT on interest income. The rules of TDS apply to this deposit, as well. The benefit of Tax Saver Deposit is that it enables you to claim concession under Sec 80C of the IT Act.
Is interest received on recurring deposits and savings account taxable?
Yes, any type of interest received on bank deposits is taxable. It includes interest earned on savings account and recurring deposits.