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.

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.

• 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 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

Non-Resident External Fixed Deposit Interest Rates - for amounts less than 2 Crores - with effect from 30.07.2019

Interest rates for Resident Indian/NRE/NRO Fixed deposits for amounts greater than 2 Crores - with effect from 31.07.2019

Foreign Currency Non-Resident (B) Interest Rates - with effect from 01.08.2019

DCB Bank offers fixed deposit products for resident and non-resident Indians. The bank also provides facilities to open FCNR deposits.

RBI Mandated documents for satisfying KYC norms such as identity and address proof

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.

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.

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.

Resident and NRO Deposits

NRE Deposits

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%

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.