Dena Bank is a public sector bank contributing various banking products and services to huge number of customers in the Indian Banking Industry. Dena Bank Fixed Deposit schemes comes with changeable options like interest rates and a choice of tenure or periods to go well with a customer’s all types of needs with regards to his/ her investment, liquidity , last but not the least his savings requirements.
Fixed Deposits are the most traditional and safe and secured way of investment which is absolutely without any risks. Almost all customers prefer some portions of their investments to be put into fixed deposits no matter how much risk they might take into any other investments.
Dena Bank FD Rates
Interest Rates (in %)
|Regular Citizens||Senior Citizens|
|07 days to 14 days||4.00||4.50|
|15 days to 29 days||4.00||4.50|
|30 days to 45 days||4.50||5.00|
|46 days to 60 days||5.25||5.75|
|61 days to 90 days||5.25||5.75|
|91 days to 120 days||5.50||6.00|
|121 days to 179 days||5.50||6.00|
|180 days to 270 days||6.00||6.50|
|271 days to 364 days||6.25||6.75|
|365 days / 1 year||6.50||7.00|
|More than 1 year to less than 2 years||6.50||7.00|
|2 years to less than 3 years||6.25||6.75|
|3 years to less than 5 years||6.25||6.75|
|5 years to less than 8 years||6.30||6.80|
|8 years to 10 years||6.30||6.80|
Note: Interest rates are applicable on deposits below Rs 1 Crore with effect from 04.09.2017 and are subject to change without prior information.
There are various types of fixed deposit schemes which Dena Bank provides, see below:
- Dena Fixed Deposit Scheme
- Dena Savifix Deposit Scheme
- Dena Freedom Deposit Scheme
- Dena Samrudhhi Deposit Scheme
- Dena Senior Citizen Scheme
- Dena Recurring Deposit Scheme
- Dena Loan Linked Recurring Deposit scheme
- Dena Cash Certificate
- Online Term Deposit Scheme
Dena Fixed Deposit Scheme-
Deposit amount under this scheme is for a minimum period of 7 days to a maximum period of 10 years. The interest payments are optional between monthly, quarterly, half yearly and annual.
Dena Savifix Deposit Scheme-
This is a savings account which doubles up as a fixed deposit for enhanced rate of interest. The amount which is over and above Rs 25000 is automatically transferred to a fixed deposit in multiples of Rs 5000/- to earn a higher rate of interest. On the other hand, whenever there is an insufficient balance in the account, the fixed deposit will be broken to the tune of Rs 5000/- to honour the cheque.
Dena Freedom Deposit Scheme-
This is a flexible deposit scheme as the name implies, which provides a cheque book. Deposit holders can withdraw upto 90% of the original deposit amount as overdraft. Dena Freedom Deposit scheme ensures flexibility and one can use the money as and when needed. The minimum deposit amount here is Rs 10000/- and the same is automatically renewed in multiples of Rs 1000/-. The interest is compounded and payable on maturity with the deposit amount. The time period for the fixed deposit is between 1-5 years.
Dena Samrudhhi Deposit Scheme-
This is a cumulative deposit scheme gives a strong capital growth thereby allowing a much higher return on the investment made. The minimum deposit amount here is Rs 100/- .The interest is compounded on a quarterly basis and payable on maturity with the deposit amount thereby fetching a much higher rate.
The time period for the fixed deposit is between 6 months-120 months or 10 years
Dena Senior Citizen Scheme-
This scheme is specially designed keeping in mind the senior citizens of the country who have completed 60 years of age. Senior Citizens can open this account either singly or jointly. However, in case of joint accounts, the first account holder should be the senior citizen. Nomination facility is also available in both the cases.
For Simple Fixed Deposit, one can choose to get the interest monthly or quarterly or half yearly or yearly. The time period for this type of fixed deposits would be minimum 15 days and maximum will be 10 years. While opening the account documents to be submitted by senior citizens could be any one of the below mentioned documents:
- Voter’s ID card
- Ration card
- Driving License
- Pension payment order
- Birth Certificate
The minimum amount of deposit is Rs 1000 for each deposit and in multiple of Rs 1000/- thereafter. However, there is no limit on the maximum amount. For senior citizens, the practice is always that an extra or additional rate of 0.50% rate is always given which is over and above the normal carded rate for every fixed deposit. Loan facility is also given to the senior citizens which is 85% of the deposit amount.
Dena Recurring Deposit Scheme-
Recurring Deposit is a method by which a fixed amount is put every month. The investor gets a lump sum amount at the end of the maturity period together with the principal and interest. The minimum amount of deposit is Rs 50/- and further in multiple of Rs 5/-. Also life insurance coverage is available to the recurring deposit holders as well.
Dena Loan Linked Recurring Deposit Scheme-
As the name goes, it’s a Recurring Deposit like mentioned above with a loan facility. A good amount of loan can be taken by saving a constant amount every month. Loan amount is 3 times of the maturity proceeds of the recurring deposit or Rs 75000/- whichever is less.
Dena Cash Certificate-
Dena Cash Certificate is a deposit type which can be bought by individuals jointly, HUFs, partnership firms, clubs, parent of the minor, associations, etc. The amount of deposit would be Rs 1000/- and in multiples of 1000. The unique feature of the Cash Certificate is premature withdrawal as well as the loan or overdraft facility is available. Interest rates are similar to the domestic fixed deposit rates.
Online Term Deposit Scheme
In case of non cumulative schemes, the interest and the principal will be credited into the account automatically from where the fixed deposit amount was debited initially.
Similarly, in case of cumulative fixed deposit schemes, the maturity value will be deposited automatically from the same account. Submission of 15h or 15G is mandatory to avoid TDS deduction.