DCB Bank Recurring Deposit
The DCB Bank is one of the private sector’s fastest-growing new generation commercial banks. The bank, formerly known as the Development Credit Bank, now has over 334 locations across the country. The financial institution provides a variety of lucrative financial products and schemes to its clients, including revolving deposit plans. Individuals can gain significant returns by depositing a fixed sum in their revolving bank accounts on a regular basis. In reality, the DCB bank RD interest rates, which are currently among the highest-yielding deposit rates available, assist one in accumulating attractive interest.
DCB RD Rates – Special Features
- The minimum deposit sum required to open a DCB Bank RD account is Rs. 500, which can be increased in multiples of Rs. 1 if desired.
- The period varies from 3 to 120 months (10 years)
- The bank’s most competitive interest rate is 6.5 percent.
- TDS will be applied in accordance with the current rules at the time of account opening.
- Any family member or partner may nominate themselves at DCB RD.
- Payment options are available. There are no repercussions if you skip a deposit installment.
- There are several payment options available. If you miss a deposit payment, there are no consequences.
- SMS notifications are sent out for monthly deposit installments.
DCB Bank Recurring Deposit Schemes Types
The financial institution has the following RD schemes:
DCB NRE Recurring Deposit
The following are the major features of DCB NRE Recurring Deposit.
- With a minimum deposit amount of Rs.500, the scheme can be opened.
- It comes with a maximum of 10 years and a minimum of 1 year of tenure.
- The principal and interest portions of the loan are both tax-free.
DCB Diamond Khushiyali Deposit
The said RD plan accompanies the following features.
- Individuals with a minimum monthly deposit of Rs.500 will open an RD account under this scheme.
- Its deposit duration varies from one to ten years.
- The scheme provides a nomination feature as well as the right to foreclose on accounts.
DCB Bank RD Account
The recurring deposit can be started with a minimum investment of Rs.500 and increased in increments of Rs.1. Deposits can be made for a minimum of one year and a maximum of ten years. The interest rate on recurring deposits would be the same as the rate on NRE term deposits at the time the recurring deposit is opened. The principal and interest are tax-free in India and can be freely repatriated.
DCB Recurring Deposit Rates
The DCB Bank is one of the private sector’s fastest-growing new generation commercial banks. The bank, formerly known as the Development Credit Bank, now has over 334 locations across the country.
The financial institution provides a variety of lucrative financial products and schemes to its clients, including revolving deposit plans. Individuals can gain significant returns by depositing a fixed sum in their revolving bank accounts on a regular basis. In reality, the DCB bank RD interest rates, which are among the highest-yielding deposit rates available today, will help you earn a good return on your money.
DCB RD Interest Rates 2021
The table below gives you a good idea of the DCB Bank RD interest rates on deposits under Rs.1 crore.
| Tenure | DCB RD interest rates |
DCB RD interest rates for senior citizens
|
| 7 days to 14 days | 4.25% | 4.75% |
| 15 days to 45 days | 4.80% | 5.30% |
| 46 days to 90 days | 4.75% | 5.25% |
| 91 days to less than 6 months | 5.50% | 6.00% |
| 6 months to less than 12 months | 5.95% | 6.45% |
| 12 months to less than 15 months | 6.05% | 6.55% |
| 15 months to less than 18 months | 6.35% | 6.85% |
| 18 months to less than 700 days | 6.50% | 7.00% |
| 700 days | 6.70% | 7.20% |
| More than 700 days to less than 36 months | 6.50% | 7.00% |
| 36 months | 6.75% | 7.25% |
| More than 36 months to 60 months | 6.75% | 7.25% |
| More than 60 months to 120 months | 6.75% | 7.25% |
DCB RD Interest Calculator
The interest on the DCB Recurring Deposit can be calculated with the formula:
A= P x (1+R/N) ^ (Nt)
Here,
A = Maturity Amount
P = Recurring Deposit installment
N = Number of times the interest is compounded
R = Rate of Interest
t = the tenure
For eg, Mr. B, a Surat resident under the age of 60, wants to open a 5-year RD account with the DCB Bank with a deposit of Rs 2000. As a result, his applicable interest rate is 6.75 percent. In that case, at the end of the maturity period, his total interest amount will be Rs. 22,918, and his total maturity amount will be Rs. 1,42,918.
RD Account Opening Process at DCB
A DCB recurring deposit account can be opened by going to any of the DCB offices in your area and submitting the completed application form along with the necessary documents. One can also apply for the same via DCB’s website, where one must enter a few personal details as well as the RD scheme of choice.
Duration of Recurring Deposits with DCB
Deposits can be made for a minimum of one year and a maximum of ten years. The interest rate on recurring deposits would be the same as the rate on NRE term deposits at the time the recurring deposit is opened.
FAQ’s
✅ What is the highest interest rate provided by DCB on their RD?
The DCB RD interest rate goes up to 6.75%.
✅ Is nomination facility available on recurring deposit accounts offered by DCB?
Yes, the nomination facility is available on DCB RD.
✅ Does DCB Bank allow partial withdrawal of RD accounts?
No, DCB Bank doesn’t allow Partial withdrawal of recurring deposits.