Similar to Fixed Deposits (FDs), savings accounts are used to create somewhat of a comfortable pool of funds that one can tap into at will. Typically it is used as a means of not only saving your hard-earned money but also as a means to generate some level of interest on the amount that has been deposited. In the day-to-day scenario, savings accounts are used by people for their daily expenses and accessibility is the biggest difference between it and the traditional FD account. This is part of the charm of opening and maintaining a savings account. The liquidity that comes with having such an account acts as a piggy bank as well as a form of investment that garners interest over time. Whether you are using ATMs, UPI transactions or other forms of online payments, the process is quite fluid.
In the wake of falling interest rates, many of the smaller and private banks are offering customers a higher interest rate in an attempt to capture that customer base. This makes these lenders a more favourable option as opposed to the more well-known large-scale banks like HDFC, State Bank of India and so on. One such bank that is offering good interest rates is DCB Bank.
DCB Bank is offering its customers an interest rate of up to 6.75 per cent against their savings deposits. This is by far one of the better rates of interest when considering private lenders. It should also be noted that the range of the rates of interest is quite diverse for this bank as it starts off with a 2.75 per cent interest rate per annum. At the upper limit, in terms of deposits, it offers interest rates for deposits worth Rs 10 crore and above according to the bank’s website.
This essentially translates to greater versatility for you as the customer in terms of the savings that you could potentially accumulate over time. The interest rates on the deposits parked in the bank account are calculated based on the progressive balance amount in each interest rate bracket.
For example, if you were to have a sum amount of Rs 20 lakh deposited into the DCB Bank’s savings account you would get an interest rate of 2.75 per cent per annum for the Rs 1 lakh bracket. The next Rs 4 lakhs would get you a 4 per cent per annum interest rate. Following that the next Rs 5 lakh will acquire a 4.50 per cent per annum interest rate. Finally, the last Rs 10 Lakh would get a 5 per cent per annum interest rate. So with every additional deposit into the account, you would get better and better returns.
DCB Bank Savings Account: Rate of Interest p.a. W.E.F August 25, 2021
On balances up to 1 lakh in the account – 2.75 per cent per annum
On balances above 1 lakh to less than 2 lakh in the account – 4.00 per cent per annum
On balances from 2 lakh to less than 5 lakh in the account – 4.00 per cent per annum
On balances from 5 lakh to less than 10 lakh in the account – 4.50 per cent per annum
On balances from 10 lakh to less than 25 lakh in the account – 5.00 per cent per annum
On balances from 25 lakh to less than 50 lakh in the account – 6.00 per cent per annum
On balances from 50 lakh to less than 1 crore in the account – 6.50 per cent per annum
On balances from 1 crore to less than 10 crore in the account – 6.75 per cent per annum
On balances from 10 crore and above – 6.50 per cent per annum