Product Details
Bank Name
DCB Bank
Eligibility
Resident Indian: This scheme is only available for Indian residents.
Minimum Age: You must be at least 18 years old to open a DCB Tax Saver FD
Interest Rate
9.75%
Tenure
Default tenure of 5 years
Fixed Deposit Type
Tax Saver Fixed Deposit
DCB TAX SAVER FIXED DEPOSIT
Tax Benefits
Provides tax benefit of up to Rs.1,50,000 in a financial year u/s 80C of Income Tax Act, 1961
Credit Ratings
CRlStL A1+
Interest Payment Frequency
Choose to take interest payout on monthly/Quarterly/Half yearly/Yearly basis
Cummulative/Non-Cummulative
Non Cumulative
Features
Claim tax benefit of up to Rs.1,50,000 in a financial year u/s 80C of Income Tax Act, 1961Opt for either quarterly compounding or quarterly interest payoutDefault tenure of 5 yearsNo premature encashment of tax saver fixed deposit as per current tax lawsInvest as low as Rs 10,000 up to Rs.1,50,000 in a financial yearTax Saver Fixed Deposit cannot be pledged as security to avail loanTax Saver Fixed Deposit with the bank shall be subject to Tax Deduction at source as per Income Tax Act 1961
Minimum Investment Amount
Invest as low as Rs 10,000 up to Rs.1,50,000 in a financial year
Fees and Charges
Pros
Tax benefit
Attractive interest rates
Safe and secure
You can choose to reinvest your interest for a greater return over time.
Loan facility
Cons
Your money is locked in for 5 years. Premature withdrawals are not allowed and may attract penalty charges. This reduces liquidity compared to other investments.
Once you invest, you cannot change the tenure or interest payout option.
The interest earned on your DCB Tax Saver FD is taxable as per your income tax slab.
Pros & Cons
Account Opening and Procedure
How to Open?
Visit a DCB Bank Branch: This is the traditional method.Locate your nearest DCB branch.
Fill out the application form for a Tax Saver FD.
Provide the required documents (listed below). These typically include identity proof (Aadhaar card, PAN card, etc.), address proof (electricity bill, bank statement, etc.), and a recent passport-sized photograph.
Choose your deposit amount (minimum Rs. 10,000, maximum Rs. 1.5 lakh per financial year) and tenure (locked in for 5 years).
Fund your deposit using a cheque or other acceptable methods.
You will receive a Fixed Deposit Receipt (FDR) as confirmation.
Open an Online Fixed Deposit (FD) through DCB Zippi (if you're a DCB customer): This is a faster option.Visit the DCB Zippi website (https://www.dcbbank.com/dcb-fixed-deposits).
Use your Aadhaar card and PAN card for verification.
Choose your deposit amount and tenure.
Complete the online application and fund your deposit.
Application Procedure
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