Dena Gujarat Gramin Bank FD Interest Rates

Dena Gujarat Gramin Bank FD Interest Rates

As you may be aware, a Fixed Deposit (FD) is a bank-sponsored investment option that pays a higher rate of interest than a regular savings account. Because of the higher returns offered by FDs, you can easily reach your financial goals by investing in one.

Dena Gujarat Gramin Bank FDs allow you to deposit a lump sum amount for a certain period of time, ranging from seven days to ten years. You can choose from a variety of tenures offered by Dena Gujarat Gramin Bank FDs, depending on your needs and financial goals. As soon as you choose the term and deposit the money in a Dena Gujarat Gramin Bank_ FD, it will begin receiving interest based on the term. Customers are only allowed to deposit a lump sum of money into their fixed deposit account once, at the time of opening the account with the bank, and they are not allowed to deposit extra money into the same FD account after that.

If you invest in a Dena Gujarat Gramin Bank FD for a period of 5 years or more, you can get tax benefits under section 80C of the Income Tax Act on an amount between Rs. 100 and 1.5 lakh.

Dena Gujarat Gramin Bank Fixed Deposit Features

• Flexible FD tenures and competitive interest rates are available to suit your investment strategy.
• You can open an FD account online or at a Dena Gujarat Gramin Bank branch near you.
• There is no limit on the maximum amount of FD.
• Tenure of FDs: From one day to ten years
• Monthly, quarterly, and other interest payment options are available.
• Up to 85 percent of the FD amount is available as a loan or overdraft against the FD.
• Liquidity options that are simple and quick are available.
• It is possible to nominate someone.
• Through the tax saving term deposit scheme, you can get a tax benefit of up to Rs 1,50,000.
• There are also options for partial withdrawal and auto-renewal.
• When compared to ordinary citizens, senior citizens will benefit from a higher interest rate.
• The bank provides NRE, NRO, and FCNR deposit services.

Dena Gujarat Gramin Bank FD Interest Rates (as on 24 Mar 2021)

Maturity period	Interest Rate (p.a.)
30 days	2.09%
45 days	2.09%
60 days	3.90%
90 days	3.90%
120 days	3.90%
6 months	3.90%
9 months	4.40%
12 months	5.15%
2 years	5.15%
3 years	5.15%
4 years	5.15%
5 years	5.15%
10 years	5.15%

Calculation of Dena Gujarat Gramin Bank Fixed Deposit Interest Rates

The following formula is used to calculate interest on FDs for different tenures:

1. For fixed deposit terms of less than six months, simple interest is paid at maturity.
2. For fixed deposit terms of 6 months and more, interest is computed quarterly.
3. Every quarter, cumulative interest/re-investment interest is computed and added to the Principal, resulting in Interest being paid on interest received the previous quarter as well.
4. In the case of a monthly deposit scheme, interest is computed quarterly and paid monthly at a discount to the Standard FD Rate.

Dena Gujarat Gramin Bank News Snippets

The rate of interest on SBI’s FDs has been updated.

SBI has announced a reduction in the rates on retail fixed deposits. The most recent SBI deposit FD rates are effective as of January 10, 2020. On long-term deposits maturing in one year to ten years, the bank has slashed FD rates by 15 basis points. The current FD interest rate is 4.50 percent for 7 to 45 days, 5.50 percent for 46 to 179 days, 5.80 percent for 180 days to 1 year, and 6.10 percent for 1 year to 10 years.

The interest rate on fixed deposits at Axis Bank has been lowered.

From January 9, Axis Bank cut interest rates by up to 20 basis points. FDs with a tenor of less than one year and a value of less than Rs 2 crore will earn 6.40 percent, and FDs with a tenor of 5 years to up to 10 years will earn 6.50 percent.

In 2019, HDFC Bank deposits increased by 25% year on year.

Deposits at India’s biggest private lender, HDFC Bank, increased by 25% year on year in 2019. Its deposits have increased by 25% to Rs 10.67 trillion as of December 31, 2019, compared to Rs 8.52 trillion as of December 31, 2018.

HDFC Bank’s FD interest rate was amended on December

For FDs maturing in 9 months, 1 day to less than 1 year, the revised rate will be 6.05 percent. Term deposits maturing in one to two years will pay 6.3 percent, 2-3 years 6.40 percent, and 3 to 10 years 6.3 percent in interest.

FAQs

✅ Is Dena Gujarat Gramin Bank provides tax benefits?

yes, If you invest in a Dena Gujarat Gramin Bank FD for a period of 5 years or more, you can get tax benefits under section 80C of the Income Tax Act on an amount between Rs. 100 and 1.5 lakh.

✅ Which type of services does Dena Gujarat Gramin Bank provides?

The Dena Gujarat Gramin Bank provides NRE, NRO, and FCNR deposit services.