Dena Bank FD Interest Rates

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      Dena Bank FD Interest Rates

      Dena Bank, an Indian public sector bank, provides a variety of fixed deposit (FD) schemes to meet the needs of retail customers. Simply put your lump-sum deposits into one of these accounts, and you’ll be assured of a reasonable interest rate depending on the tenure you want. Here’s what you need to know about Dena Bank FDs.

      Dena Bank FD Special Features and Benefits

      • To open an FD account with the bank, make a minimum deposit of Rs.1,000.
      • The period can vary from 7 days to 120 months. Depending on the scheme you choose, the requirements can differ.
      • For some plans, interest would be compounded quarterly and paid out half-yearly.
      • There are options for auto-renewal and election.
      • A loan/overdraft facility of up to 95% of the deposit amount is available.
      • The TDS certificate will be granted to the relevant customers.
      • For deposits of Rs.10,000 and less than Rs.1 lakh, senior citizens get an extra 0.5 percent interest rate.

      Dena Bank Fixed Deposit Interest Rates

      Tenure FD Interest Rates for General Citizens FD Interest Rates for Senior Citizens
      7 days to 14 days 2.90% 3.40%
      15 days to 45 days 2.90% 3.40%
      46 days to 90 days 3.90% 4.40%
      91 days to 180 days 3.90% 4.40%
      181 days to 270 days 4.40% 4.90%
      271 days to 364 days 4.40% 4.90%
      400 days to 2 years 5.10% 5.60%
      1 year 4.90% 5.40%
      1 year 1 day to 400 days 5.10% 5.60%
      2 years 1 day to 3 years 5.10% 5.60%
      3 years 1 day to 5 years 5.30% 5.80%
      5 years 1 day to 10 years 5.30% 5.80%

      Different Types of Dena Bank FD Schemes

      Short Deposits:

      Even if your FD account is only open for a few months, you will earn a lot of money. You can think of the scheme as a great way to save money in the short term to meet the requirements. The minimum deposit is Rs.1,000, with subsequent deposits in multiples of Rs.100. The sum of money that can be deposited has no upper limit. The period can vary from 7 days to less than 12 months.

      Dena Bank Suvidha Fixed Deposit Scheme:

       This plan is unique in that it offers attractive interest rates as well as a flexible withdrawal cap. The minimum deposit amount is Rs.5,000, with subsequent deposits in multiples of Rs.1,000. The length of the contract will range from 12 to 60 months.

      Regular Income Plan: 

      This arrangement allows you to receive daily income on a monthly or quarterly basis. Make a minimum deposit of Rs.1,000 and subsequent deposits in multiples of Rs.100 with no upper limit. The deposit can be made for a period of time ranging from 12 to 120 months. The interest gained on this deposit scheme can be paid out on a regular basis and used as a source of additional income.

      Monthly Income Plan: 

      The plan pays monthly interest, which can be thought of as a stable monthly income to help you cover your expenses. Senior citizens who are retired will use this program to invest their retirement funds and collect a monthly salary. The amount of money deposited in the account decides the monthly salary. Senior citizens are eligible for an extra 0.5 percent interest rate. You will also auto-renew the account for a minimum of 12 months when it matures.

      Regular Income Cum Recurring Deposit:

       Increased interest rates are available when you deposit for longer periods of time. Your investments will rise faster because the interest will be multiplied under the scheme. The account needs a minimum deposit of Rs.1,000 in multiples of Rs.100. The period ranges from 12 to 120 months. When you open the account, a check will be pre-issued to you, allowing you to withdraw up to 95% of the deposit whenever you need it.

      Term Deposits:

      The account needs a minimum deposit of Rs.1,000 in multiples of Rs.100, and the term ranges from 12 to 120 months, similar to other FD schemes. There is no charge for using the loan/advance service.

      Motor Accident Claims Annuity Deposit (MACAD):

      The deposit must be made as ordered by the court or tribunal under Motor Accident Claims in this annuity-based scheme. Under the MACT Claims SB Account Scheme, the MACAD account will be connected to a savings account to which the annuity balance will be credited. According to the court or tribunal, the minimum deposit must be such that the monthly annuity is at least Rs.1,000.

      Documents Required for Dena Bank FD

      Proof of identity

      • PAN card
      • Driving license
      • Passport
      • Senior Citizen ID
      • Voter ID card
      • Photo ration card
      • Government ID card

      Proof of Address

      • Telephone bill
      • Passport
      • Bank statement along with a cheque
      • Electricity bill
      • An ID card issued by Post Office

      Dena Bank FD Premature Withdrawal 

      Most Dena Bank FD plans allow for partial withdrawals up to a certain number. If the FD has been open for more than 12 months and the cumulative amount of the investment is less than Rs. 5 lakh, there are no withdrawal fees.

      Filling Out Special Forms

      To get TDS exemptions on interest earned from Dena Bank fixed deposits, investors must fill out and submit Form 15G and Form 15H. These forms are only needed if your interest earnings fall under the government’s tax-free bracket.

      Loan against Dena Bank FD

      Investors in Dena Bank FDs may get loans against their deposits. In such situations, the overall loan amount is up to 95% of the FD valuation. The rate of interest is 1.75 percent higher than the deposit rate. In some situations, the rate can vary.

      Dena Bank FD Calculator

      The number, the interest provided, the tenure, the interest calculation pace, and taxes all affect the interest earned on your FD account. To measure the interest on a deposit at maturity, use the FD Calculator. The depositor must enter basic information about their FD, such as the number, interest rate, and term.

      Tax Benefits on Dena Bank FD

      Capital Gain Account Scheme, 1988: 

      Dena Bank FD Interest Rates

      By depositing capital gains from the selling of assets in this account, you will get a capital gains tax exemption. Section 54(F)(4) of the Income Tax Act of 1961 allows for a tax exemption. The scheme provides two types of accounts: Account A (savings deposit) and Account B (checking account) (term deposit). Individuals, businesses, partnerships, corporations, HUFs, and others will benefit from Sections 54, 54B, 54D, 54F, and 54G of the Income Tax Act of 1961. It is not possible to have two accounts at the same time. Account B has a minimum deposit of Rs.1,000.

      Furthermore, interest income from any savings account, fixed deposit, or revolving deposit is tax-free up to a cap of Rs.40,000 per financial year. For senior citizens, the cap is Rs.50,000. When you exceed the cap, the bank will deduct a 10% tax at the point of sale. The ceiling can be raised or lowered as the government sees fit. If your annual income falls below the Rs.2.5 lakh minimum exemption cap, you can apply Form 15G/15H to the bank. This is where you tell your bank about your annual profits and ask them not to deduct tax at the source.

      For more information visit Dialabank official site.

      FAQs on Dena Bank FD Interest Rates

      What is the minimum deposit needed to open a Dena Bank fixed deposit account?

      Dena Bank needs a minimum deposit of Rs. 10,000 to open a fixed deposit account.

      Which of Dena Banks’s interest rates is the highest?

      On a Dena Bank FD account, you can earn up to 5.30 percent interest.

      What documents are required to open a Dena Bank fixed deposit account?

      With valid identity proof and address proof, such as a PAN card, driving license, voter ID card, or passport, one may open a Dena Bank FD account.

      What is the current interest rate offered by Dena Bank?

      The current Dena Bank interest rate ranges from 4.50 percent to 6.25 percent. The ICICI FD interest rates for senior citizens vary from 5.00 percent to 6.75 percent.