DCB increases term deposit rates

Mumbai, Nov 1 (UNI) Development Credit Bank, one of India's private sector banks promoted by the Switzerland-based Aga Khan Fund for Economic Development (AKFED), has introduced an upward revision in term deposit interest rates in the shorter tenures of 46 days to 277 days.

In August this year, DCB had introduced a tiered pricing structure at 8.08 per cent a year for selected slabs from 1 year to 3 years.

In the new scenario, the interest rate slabs would be modified for term deposits below Rs 15 lakh, rates on 46-87 days would be revised from 4.75 per cent a year to 6.0 per cent, while rates on 88 to 177 days maturity would be revised from 6.00 per cent a year to 7.00 per cent and for 178 to 237 days period revised from 6.50 per cent per annum to 8.08 per cent a year.

It offers a full suite of term deposit and current account and savings account products for the retail customer and this offer is expected to augment the balance sheet growth of the Bank.

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