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DCB Bank Vs IDBI Bank Vs City Union Bank: Who Offers High FD Interest Rates?
Since the Reserve Bank of India (RBI) began increasing the repo rate last year in May, the back-to-back increases in the repo rate encourages banks to hike the interest rates on Fixed Deposits (FDs). Several banks have recently increased their interest rates on both loans and deposits multiple times. FDs are now more appealing because the banks have increased their FD interest rates.
RBI increased the repo rate by 25 bps to 6.50 percent in February. With this, the repo rate has increased by a total of 250 basis points six times since May 2022. The RBI MPC will get together once more on April 6, 2023, to discuss raising interest rates.
Here is a comparison of the three lenders namely DCB Bank, IDBI Bank, & City Union Bank FD interest rates for deposits under Rs 2 crore:
DCB Bank
Resident Indian Fixed Deposit Interest Rates with effect from 10th March 2023
| Tenure | Non-Senior Citizens (% p.a.) | Senior Citizen Rates (% p.a.) |
|---|---|---|
| 7 days to 14 days | 3.75% | 4.25% |
| 15 days to 45 days | 3.75% | 4.25% |
| 46 days to 90 days | 4.00% | 4.50% |
| 91 days to less than 6 months | 4.75% | 5.25% |
| 6 months to less than 12 months | 6.25% | 6.75% |
| 12 months | 7.25% | 7.75% |
| More than 12 months to less than 15 months | 7.25% | 7.75% |
| 15 months to less than 18 months | 8.00% | 8.50% |
| 18 months to less than 700 days | 8.00% | 8.50% |
| 700 days | 8.00% | 8.50% |
| More than 700 days to 24 months | 8.00% | 8.50% |
| More than 24 months to 36 months | 7.60% | 8.10% |
| More than 36 months to 60 months | 7.60% | 8.10% |
| More than 60 months to 120 months | 7.60% | 8.10% |
Please Note - 1. #rates on IDBI Naman Senior Citizen Deposit (total mark-up 0.75% over Card Rate).
2. Staff & Sr. Citizen rates are not applicable to NRO & NRE Term Deposits.
Source - dcbbank.com
IDBI Bank
Interest Rate on Term Deposits w.e.f. February 13, 2023
| Maturity Slab | General Customers (% p.a.) | Sr. Citizen Rates (%p.a.) |
|---|---|---|
| 0-6 Days | NA | NA |
| 07-14 days | 3 | 3.5 |
| 15-30 days | 3 | 3.5 |
| 31-45 days | 3.35 | 3.85 |
| 46- 60 days | 4.25 | 4.75 |
| 61-90 days | 4.25 | 4.75 |
| 91 days - 6 months | 4.75 | 5.25 |
| 6 months 1 day to 270 days | 5.5 | 6 |
| 271 days up to | 5.5 | 6 |
| 1 Year | 6.75 | 7.25 |
| > 1 Year to 2 Years (except 444 Days & 700 Days) | 6.75 | 7.50# |
| > 2 Years to | 6.5 | 7.25# |
| 3 Years to | 6.25 | 7.00# |
| 5 Years | 6.25 | 7.00# |
| > 5 Years to 7 Years | 6.25 | 7.00# |
| >7 Years to 10 Years | 6.25 | 7.00# |
| >10 Years to 20 Years | 4.8 | 5.3 |
| Tax Saving FD (5 Years) | 6.25 | 7.00# |
Please Note - #rates on IDBI Naman Senior Citizen Deposit (total mark-up 0.75% over Card Rate).
Amrit Mahotsav FD" scheme of 444 Days and 700 Days - w.e.f. February 13, 2023
| Special Buckets | General/NRE/NRO | Senior Citizens |
|---|---|---|
| 444 Days | 7.15 | 7.90# |
| 700 Days | 7.25 | 8.00# |
Please Note - #rates on IDBI Naman Senior Citizen Deposit (total mark-up 0.75% over Card Rate). Normal mark-up of 1% will be available for Retired Staff Senior Citizens.
Source - idbibank.in
City Union Bank
Interest Rate For Domestic Term Deposits & NRO Deposits from 18.01.2023
| Period | General Rates (% p.a.) | Senior Citizens Rates (% p.a.) |
|---|---|---|
| 7 days to 14 days | 5.00% | 5.00% |
| 15 days to 45 days | 5.50% | 5.50% |
| 46 days to 90 days | 5.75% | 5.75% |
| 91 days to 180 days | 6.00% | 6.00% |
| 181 days to 270 days | 6.25% | 6.50% |
| 271 days to 364 days | 6.50% | 6.75% |
| 365 days to 443 days | 6.75% | 7.00% |
| 444 days | 7.75% | 8.00% |
| 445 to 699 days | 6.95% | 7.00% |
| 700 days | 7.10% | 7.25% |
| 701 to 3 Years | 7.25% | 7.25% |
| Above 3 Years upto 10 Years | 6.90% | 7.25% |
| Tax Saver | 7.00% |
Please Note - For *NRO deposits, the above rates under General category will alone be applicable i.e., senior citizen rate is not applicable.
Source - cityunionbank.com
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