Private sector lender DCB Bank has hiked interest rates on savings accounts.
Private sector lender DCB Bank has hiked interest rates on savings accounts. After the revision, the bank is now promising a maximum return of 7.25% to its savings bank deposit customers. The new interest rates are applicable on Resident, NRE and NRO savings bank accounts and DCB Bank new savings account interest rates are applicable from February 14, 2023, according to the official website of the bank.
dcb bank savings account interest rates
On account balances up to ₹1 lakh, the bank is now promising an interest rate of 2.25% and on account balances below ₹1 lakh to ₹2 lakhs, DCB Bank will offer an interest rate of 4.00% customers. For account balance below ₹2 lakh to ₹5 lakh, savings account customers will get an interest rate of 5.00% and for account balance below ₹5 lakh to ₹10 lakh, they will get an interest rate of 6.00% % Of.
On account balance of ₹10 Lakh to less than ₹50 Lakh, DCB Bank is now offering an interest rate of 7.00% and on account balance of ₹50 Lakh to less than ₹2 Crore, DCB Bank is now offering a Will offer its savings account customers an interest rate of up to 7.25%. On account balance below ₹2 Crore to ₹50 Crore, the bank will offer an interest rate of 5.50% and on balance of ₹50 Crore and above, DCB Bank is offering an interest rate of 5.00%.
As per DCB Bank, these interest rates are applicable for the incremental balance available and pertain to the specified amount slab. And interest rates will be calculated daily based on the end-of-day clear balance in the account and quarterly payments.
The Bank's Profit After Tax (PAT) for Q3 FY2023 was INR 114 Cr as compared to INR 75 Cr for Q3 FY2022, a growth of 51% YoY. The bank's advances and deposits both grew year-on-year in the third quarter of FY2023, each growing by 21% and 23%, respectively. Gross NPA as on December 31, 2022 stood at 3.62%. As on December 31, 2022, Net NPAs stood at 1.37%, Provision Coverage Ratio (PCR) stood at 74.68%, and PCR without considering gold loan NPAs stood at 75.64%. As per Basel III norms, the capital adequacy ratio for Q3 FY2023 stood at 16.26% (14.47% with Tier I and 1.79% with Tier II).
Speaking on the Q3 FY2023 results, Mr. Murali M. Natarajan, Managing Director & CEO said, “The underlying performance in line with our plans and expectations. We look to improve frontline cost productivity in the coming months. GNPA, NNPA, credit cost and restructured portfolio - steady improvement."
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