Development Credit Bank (DCB) Bank Savings Account

Everything You Need to Know About DCB Bank Savings Account

Development Credit Bank (DCB) was established as a planned commercial bank, regulated by the RBI, in the 1930s and is proposed as a commercial bank with modern infrastructure. It follows the digital transformation of banking and financial assistance to its customers, providing internet and online banking support to various individuals and businesses.

DCB Bank is a new-generation private bank with 410 branches and approximately 1 million customers across India as of 30th September 2022. Its promoter group, AKFED - Aga Khan Fund for Economic Development & Platinum Jubilee Investments Ltd. owns less than 15% of shares. The primary objective of DCB bank is to promote entrepreneurship and build healthy businesses. DCB Bank's core segments are Government, Retail, Agriculture, Micro SMEs, SMEs, Medium Enterprises, Commodities, Indian Banks, Public Sector, Cooperative Banks, and Non-Banking Financial Companies (NBFCs).

DCB bank savings account offers individuals a variety of options to help its customers get the most out of their money and meet diverse banking needs. DCB bank savings accounts are professionally managed and have the latest technology, including state-of-the-art internet banking for individual and corporate customers. Different banks have introduced different types of savings accounts with varied features. In this blog, we will look at the banking opportunities provided by DCB bank savings accounts.

Features and Benefits of a DCB Bank Savings Account

A DCB bank savings account has many advantages and features, some of which include the following:

1. The security and safety of the financial information of each client and enterprise is their primary focus. So you can be reset assured that your money is safe with DCB bank.
2. Since different people have different banking needs, considering the same, DCB has come up with various saving account options, with variations in interest earned, application procedure, minimum balance requirements (most of which are zero balance), cashback opportunities, and more.
3. DCB bank savings account provides easy access to your account through Net Banking, Mobile Banking, and SMS Banking.
4. You get free unlimited use of RTGS/NEFT facilities.
5. Another advantage is the unlimited access to ATMs across India.
6. You can earn higher interest rates per annum, ranging from 2.25% to 7%, on your DCB Bank savings account (depending on the type of savings account), so your savings can grow faster.

DCB Bank Saving Account Interest Rates on Saving Accounts

The DCB bank interest rates on saving accounts vary between 2.25% and 7% and are paid out every quarter in June, September, December, and March of each financial year.

Here is the list of DCB bank interest rates on saving accounts applicable from 22nd August 2022:

DCB Bank Savings Account Minimum Balance Requirements

The DCB bank savings account minimum balance held in each account depends on factors such as the type of savings account, the duration of the deposit, etc. Therefore, it may differ for each type of savings account. Here are different DCB bank savings account minimum balance amounts you must hold: 

How to Open a DCB Bank Savings Account?

Anyone can open DCB bank savings account following some simple steps, either using the offline or the online method:

Online Method

Step 1 – Visit the official website of DCB bank.

Step 2 – Go to the 'open an account section and choose 'Savings Account'.

Step 3 - Choose from the given options of the different 'Savings Account' types.

Step 3 – Fill out the online application form, enter your data, and upload all the required documents.

Step 4 – After submitting the online application, you will have to get verified for KYC. This can be done online through a video call.

Step 5 - Once the details have been verified, your application to open a DCB Bank Savings Account will be approved. You will be allotted an account number with a password that can be used to access the account.

Offline Method

Step 1 – You can visit your nearest DCB branch.

Step 2 – Contact one of the bank representatives, and look into the various DCB bank saving accounts available.

Step 3 – After choosing which one to go with, you can fill out the application form for that specific account type.

Step 4 – Submit the necessary documents and get your KYC done.

Step 5 – You will have your savings account opened quickly.

Documents to Open DCB Bank Savings Accounts

The application form for the chosen type of savings account, duly filled with all accurate personal and professional details

• Recent passport-size pictures
• An identity proof which can  be your Aadhar card, PAN card, Passport, etc
• Age and Address proof which can be your Driver's Licence, Voter ID Card, Utility Bills, etc.
• KYC documentation
• Details related to your enterprise if you opt for a premium, elite, or privileged account.

Different Types of DCB Bank Savings Accounts

Let's take a look at the various kinds of savings accounts offered by DCB Bank and their underlying features and benefits:

DCB Elite Savings Account

This account type offered by DCB bank is unique and is packed with powerful advantages, features, and services. One of its USPs is that you are allowed to choose your lucky number or any preferred number as your bank account number. Out of the 14 digits of the DCB Elite account number, you can select the last 8 numbers according to your choice.

Other features:

• You get free unlimited access to all DCB Bank branches and ATMs in India.
• The DCB bank savings account minimum balance AQB is INR 25,000, and this account is for privileged members.
• The Debit Card Withdrawal Limit is INR 50,000 per day, and the Debit Card POS Spending Limit is INR 2,00,000 per day.
• Free unlimited use of RTGS/NEFT facilities.
• Free DCB internet/telephone/mobile banking.
• Protect your valuables with a 50% discount on locker fees. This facility is provided if you maintain an average quarterly balance of INR 1,00,000 with applicable terms and conditions.
• Meets the specific needs of individuals who want to use personal banking privileges and functions.

DCB Premium Savings Account

DCB Premium Savings Account was earlier known as DCB Shubh-Labh Savings Account, and it is a highly rewarding savings account that provides you benefits on every transaction. At DCB Bank, this savings account offers a promising opportunity for the account holders.

Key Features:

• The DCB Premium Savings Account is a high-quality account that offers more than a regular savings account.
• With a quarterly minimum account balance of INR 10,000, it offers a wide range of benefits. Any Indian resident can open a DCB Premium Savings Account.
• Improved and expanded banking features like free unlimited access to all DCB Bank ATMs in India.
• Free RTGS, NEFT, and IMPS transactions via DCB Mobile Banking and DCB Internet Banking
• With this account, you get a high POS transaction limit of INR 1.5 lakh per day and a daily withdrawal limit of INR 50000 per day.

DCB Privilege Savings Account

With the DCB Privilege Savings Account, you get the benefits of maximum flexibility with maximum returns. This account offers complete convenience and requires you to maintain a balance of INR 50,000 in any combination of a savings account and bank fixed deposit.

Key Features:

• You can enjoy free unlimited access to all DCB Bank Branches and ATMs in India.
• Free unlimited RTGS/NEFT facilities and free DCB internet/telephone/mobile banking.
• You get the advantage of a dedicated relationship manager to make your banking experience better and more convenient.
• The DCB Privilege Savings Account offers a flexible Total Relation Value (TRV) of INR 5 lakh through bank savings accounts and time deposits.
• You will receive a DCB platinum debit card with a daily cash withdrawal limit of NR 50,000 and a Point of Sale (POS) limit of NR 2,00,000.
• DCB Privilege Account customers have additional benefits like priority service at branches and unlimited access to all DCB Bank ATMs across India.

DCB Cashback Savings Account

This account is currently not available for new account openings as this is soon merging with the DCB Premium Savings Account, but here are some features of this account:

• You can earn while using this card, as this account offers cashback up to Rs. 6,000 in the fiscal year for each purchase made with the DCB Cashback Debit Card.
• You can enjoy the status of the black DCB Cashback Platinum Debit Card with free unlimited access to all DCB Bank ATMs in India and free banking at all DCB Bank branches.
• You get unlimited RTGS/NEFT facilities and free DCB internet/telephone/mobile banking.
• You get free pay orders and demand draft facility up to INR 1 lakh per day.
• To avail of the cashback, your DCB debit card total spending at the merchant must be Rs. 800 or more per month. Since 17th August 2020, the total payment for DCB debit cards at merchants is INR 1000 or more per month to benefit from cashback.
• The maximum cashback amount per month is INR 1,000, and INR 6,000 per year.
• The fiscal year (April to March) is considered when calculating cashback amounts. Cashback is allowed per account, and the total usage of all debit cards linked to your Cashback account will be considered when calculating your Cashback amount.
• The basic criteria for cashback eligibility are to maintain the required AQB of INR 10,000 in your account with a Debit Card Withdrawal Limit of INR 50,000 per day and a Debit Card POS Spending Limit of INR 75,000 per day.

DCB Classic Savings Account

DCB Classic Savings Account is easy to manage and offers a range of benefits. With a DCB bank saving account minimum balance requirement of just Rs. 5,000, this account helps you operate financial transactions freely.

Key Features:

• DCB bank savings account minimum balance every quarter (AQB) maintained is INR 5,000 for Tier 1 branches and INR 2,500 for Tier 2 branches.
• Payable at par chequebook for faster fund transfer
• You get access to a DCB International Visa Debit Card with a Debit Card Withdrawal Limit of INR 25,000 per day and a Debit Card POS Spending Limit of INR 50,000 per day
• You get the benefit of free DCB Mobile Banking, Internet Banking, and Utility Bill Payment

DCB BSBD or DCB Basic Savings Bank Deposit Account

Start banking with this zero-balance BSBD savings account in a simple and hassle-free way.

Key Features:

• There is no need to keep a balance
• You get a free ATM card, email statements, free banking at all DCB Bank branches, and free unlimited use of RTGS/NEFT facilities.
• You can enjoy other advantages like free DCB internet/telephone/mobile banking.

Rules and regulations to operate this account

You must meet certain conditions to operate this basic account effectively. You need to follow the below-mentioned conditions. If they are not met, the account will be frozen, and no further transactions will be permitted until the client submits his latest KYC documentation. The account would then be converted to a regular savings account of the customer's choice.

• The sum of all monthly withdrawals and transfers should not exceed INR 10,000 in your account.
• The sum of all loans during the financial year must not exceed INR 10,000.
• Your balance should never exceed INR 50,000.

Conclusion

This was a comprehensive guide on how to open a DCB bank savings account and the various options available to you. A DCB bank savings account offers cashback on DCB debit card transactions, easy transfers, access to investment solutions, instant payments and account management through the DCB internet banking and mobile banking app. It also offers competitive policy rates, flexible and easy account management, free banking at any DCB bank branch, competitive DCB bank saving account interest rates, NEFT/RTGS facilities and more.

DCB Bank is inclined more toward commercial and business growth, but with a zero-balance savings account, anyone can save more and earn extra if they maintain a good balance. DCB Bank savings accounts help track the account holder's transactions, provide bank statements, and enable various financial transactions. The whole idea is to inculcate the habit of saving.

FAQs

Is DCB Bank a merger with other banks?

Historically, DCB Bank was operational in Maharashtra, India. It is the merger of 2 banks - Ismailia Co-operative Bank Limited and Masalawala Co-operative Bank.

Can I open an account with a zero balance at the DCB bank savings account?

DCB bank has several saving account options, most of which do not require a minimum balance. These savings accounts come with a free debit card, unlimited free use of NEFT and RTGS features, and free internet/mobile/phone banking.

What is TRV?

TRV means the Total Relationship Value in Rupees a customer holds with the DCB bank savings account.

What are the various ways you can access your DCB bank savings account?

You have various ways to access your DCB bank savings account at your convenience, such as:

• DCB Bank Branches
• DCB Personal Internet Banking
• DCB Mobile Banking
• DCB Phone Banking

Is there a restriction on the joint holder who can be added along with the primary account owner in DCB bank savings accounts?

You can nominate anyone who is not a minor (that is, under the age of 18) as a joint holder or a co-applicant for a DCB bank savings account.