Private sector lender Development Credit Bank has cut its deposit rates on select tenures by 25-50 basis points (bps). The new rates are effective from June 4.
Interest rates on fixed deposits of one year maturity have been fixed at 8.50 per cent, whereas for tenures from three years to ten years the fixed deposit rate remains unchanged at 8.50 per cent.
Murali M.Natrajan, managing director and chief executive officer, said, “The interest rate environment has softened in recent time.
DCB remains committed to offering value to its depositors and customers. We have used this opportunity to realign deposit interest rates in line with our growth strategy.”
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