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DCB Bank Recurring Deposit Interest Rates

Introduction

Aryan was running his family business. He was earning well and was able to pay all his family’s expenses. One day, he met his friend Mohit, who was working in an organization where he was handling the finance department. Aryan told him about his insurance policies and his business status. Mohit advised him to invest in DCB bank recurring deposit interest rates to earn higher interest on his leftover savings, which were kept in his savings account. Mohit also told him how one could also apply for DCB RD through DCB’s website, where he just has to submit a few personal data and a selection of desired RD plans.

DCB Bank RD Interest Rates

The DCB Bank is one of the private sector’s fastest-growing new generation commercial banks. The financial institution provides various profitable financial products and schemes to its consumers, including recurring deposit plans. Individuals can make significant returns by regularly depositing a predetermined sum in their periodic deposit accounts. 

DCB Interest Rates for Recurring Deposit Account

The table below shows current DCB recurring deposit interest rates on less than Rs.1 crore deposits.

Tenure DCB RD interest rates DCB RD interest rates for senior citizens
7 days to 14 days 4.75% 5.25%
15 days to 45 days 5.05% 5.55%
46 days to 90 days 5.25% 5.50%
91 days to less than 6 months 5.75% 6.25%
6 months to less than 12 months 6.35% 6.85%
12 months to less than 15 months 6.50% 7.00%
15 months to less than 18 months 6.65% 7.15%
18 months to less than 700 days 6.75% 7.25%
700 days 6.80% 7.30%
More than 700 days to less than 36 months 6.80% 7.30%
36 months 6.95% 7.45%
More than 36 months to 60 months 6.95% 7.45%
More than 60 months to 120 months 6.95% 7.45%

 

DCB RD Interest Rates 2021 Features

Following are the DCB RD features: 

  • The duration varies from 3 to 120 months (10 years)
  • Payment options are available. There are no fines if you miss a deposit instalment.
  • The principle and interest from a DCB Recurring Deposits are tax-free in India and can be repatriated at any time.
  • TDS will be applied under the prevailing rules at the time of account establishment.
  • The minimum deposit amount to create a DCB Bank RD account is Rs. 500, which may be increased in multiples of Rs. 1 SMS notification for monthly deposit instalments is given.
  • Any family member or spouse can nominate themselves at DCB RD.
  • The bank’s most competitive interest rate is 7.45 per cent.

 

How to Calculate DCB RD Interest?

The following formula could be used to rd calculator the interest:

A= P x (1+R/N) ^(Nt)

The following formula could be used to estimate the interest on a DCB Recurring Deposit: 

Where:

  • P stands for Recurring Deposit Installment in this case.   
  • Stands for Maturity Amount 
  • T stands for tenure.
  • R is the interest rate.
  • N is the total number of times interest is compounded.

 

For example, Mahesh, who is under 60 years old and lives in Chennai, wishes to create a 5 year RD account with the DCB Bank with Rs 4000. As a result, his applicable interest rate is 6.75 per cent. In such an instance, his total interest amount will be Rs after the maturity period. 44,604, and his maturity amount would be Rs. 2,84,604.

Several factors influence rates of DCB RD.

  • Deposit amount: Individuals making a larger monthly deposit are much more likely to receive a greater interest rate.
  • Deposit term: Longer deposit tenure usually equates to a higher interest rate. This is beneficial to people who want to significantly increase their deposit amount.
  • Type of customers: Customers are often divided into three categories: dwelling RD holders, senior citizens, and non-residential Indians. The rate of interest provided to each of these consumer segments differs significantly. Senior citizens, for example, are eligible for a larger rate of interest on their deposit than the other two groups of customers.
  • RBI Policies: Modifications within Cash Reserve Ratio (CRR) and the repo rate tend to have an impact on the rate of interest offered on recurring deposit rates. A drop in the repo rate, for example, typically decreases the interest rates on a variety of financial instruments, including recurring deposits.
  • Compounding Frequency: The number of times interest is compounded here on deposited money has an impact on its maturity value. As a result, it aids in making the most of all the available rates of interest to produce significant money.

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