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

  • Resident and non-resident Indians
  • Non-individuals like firms, companies, societies, associations, and trusts

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

  • Resident Indian senior citizens get an additional 0.50%
  • Facility to open FD online

NRE Term Deposit

  • The minimum period is 1 year, and the maximum is 10 years
  • No interest payable if withdrawn before completion of 1 year
  • Interest income is exempt from tax in India
  • Principal and interest repatriable

NRO Term Deposit

  • Same features as that of domestic term deposits
  • Interest taxable as per the applicable rate
  • Repatriable subject to RBI and FEMA guidelines
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

  • NRIs having Indian passport can open this deposit
  • Not available to PIOs and OCIs
  • Age group of 18 to 54 years
  • Available as NRE, NRO, and FCNR deposit
  • No medical tests required
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

  • Flexibility of making payments
  • No penalty if you miss any deposit instalment

Premature payment

Allowed

Loans

Allowed

Income Tax

As per rules

NRE Recurring Deposit Scheme

  • The minimum tenure is 1 year
  • Principal and interest repatriable
DCB Zippi Online Fixed Deposit

Product

Fixed deposit product that customers can open online

Eligibility

  • Same as that of DCB Fixed Deposits
  • Customers not maintaining a savings account with DCB can benefit from this product, as well.

Quantum

The minimum transaction amount is 10,000, and the maximum is 10 Lakhs

Tenure

14 days to 10 years

Interest payout

  • Monthly or quarterly payouts
  • Reinvestment opportunities available

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

  • Principal and interest repatriable
  • No income tax on interest earnings

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. 

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