Overview of Dena Bank Fixed Deposit

About Dena Bank

Dena Bank was founded on 26th May 1938 as Devkaran Nanjee Banking Company by the family of Devkaran Nanjee. The name Dena Bank was adopted in December 1939 when it became a public company. The logo depicts the Hindu goddess ‘Lakshmi’, who is known as the goddess of wealth. The ‘D’ in the logo stands for dynamism, dedication and drive towards customer satisfaction. The heritage and strength of Dena Bank speaks for itself by continually rising above the competition decade after decade.

With its headquarters in Mumbai, Dena Bank is owned by the government of India and has a vast network of 1400 branches across the nation. Dena Bank was nationalised in July 1969 thus becoming a public sector bank, constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970.

About Dena Bank Fixed Deposits

With its long and spectacular legacy, Dena Bank offers its customers a simple and secure solution for their investments with its fixed deposit account scheme. The current market capitalisation of Dena Bank is at a whopping ₹ 2,976.81 crores. With a net interest income of ₹ 2,671.11 crore and net profit of ₹ 76.56 crore as on December 2014, Dena Bank stands as a strong contender for its customer’s valuable investment.

Eligibility for a Fixed Deposit Account with Dena Bank

In order to open a fixed deposit account with Dena Bank, an individual must have the following documents-

• Application form
• 1 Passport size Photograph
• PAN card
• Proof of identity in the form of any one of the following-
• Passport,
• Driving License,
• Letter from the Employer (Reputed Firms / Pvt / Ltd Co.) holding an account with the bank,
• Letter from any Schedule Bank,
• PAN Card,
• Voters ID Card,
• Pass Book with attested photograph,
• Photo Ration Card,
• Letter from village Pradhan,
• Photo Ration Card for Head of the Family for rural or semi-urban branches,
• MAPIN issued by NSDL on behalf of SEBI,
• Photo Credit / Debit Card with signature,
• BSF/Defense/Govt./Public Sector/Reputed MNCs / Public Ltd Co - ID Card,
• Dependent's Card issued by Defense Authorities,
• Senior Citizen's card issued by Govt. Agencies,
• Letter from recognised public authority,
• Any other document acceptable to the bank

Proof of address in the form of any one of the following-

• Passport, Driving License,
• Letter from the Employer (Reputed Firms / Pvt / Ltd Co.) holding an account with the bank,
• Letter from any Schedule Bank, Pan Allotment / Intimation letter, which is less than 5 years old from the date of issue,
• Voters ID Card, Passbook with attested photograph, Photo Ration Card, Ration Card, Letter from village Pradhan,
• Passbook / Bank Statement - Not more than 3 months old,
• Credit Card Statement - Not more than 3 months old,
• Electricity / Telephone Bill - Not more than 3 months old,
• Latest House Tax Receipt from Municipal Office,
• LIC Policy OR Latest Premium Notice,
• IT Assessment Order or Acknowledgement copy of IT Return with PAN,
• Lease Agreement or Purchase Agreement - Subject to conditions,
• Cooking Gas Consumer Book / Vehicle Registration Certificate,
• Any other document acceptable to the bank
• Signature Verification (provide one of following):
• Passport, Driving License, Letter from the Employer holding an account with the bank, Letter from any Schedule Bank, PAN Card, MAPIN issued by NSDL on behalf of SEBI, Photo Credit / Debit Card with signature, BSF/Defense/Govt./Public Sector/Reputed MNCs / Public Ltd Co - ID Card, Dependent's Card issued by Defense Authorities, Self-Cheque of another bank, Letter from recognised public authority, Any other document acceptable to the bank
• Permanent address
• Cash / self-drawn Cheque for fixed deposit amount
• Telephone number
• Age Verification for senior citizens in the form of the following documents-
• Senior School Leaving Certificate indicating date of birth, LIC policy, Voters Identity Card, Pension Payment Order, Birth Certificate issued by the competent authority, Passport, Any other document acceptable to the bank

Interest Rates Offered for a Fixed Deposit Account with Dena Bank

Interest rates offered under the fixed deposit scheme with Dena Bank can vary from 6.5% to 8.75% depending on the tenure that a depositor chooses and the amount that he holds as deposit. Interest rates, while fixed for the tenure of the chosen deposit, can change for new deposits made depending on the rate set by the bank. New rates are applicable on renewal of deposits and when opening new deposit accounts. When interest rates are expected to fall, depositors can avail the attractive long-term rates offered by Dena Bank. The bank also offers very good rates vis-a-vis its peers on short-term holdings which account holders can avail of when they have surplus funds that they are looking to channelise to alternative instruments in the near-term

What Is the Minimum Amount that is needed to open a Fixed Deposit Account with Dena Bank?

₹ 1 Lakh is the minimum amount that is needed to open a fixed deposit account with Dena Bank.

What Is the Minimum and Maximum Deposit Period at Dena Bank?

A fixed deposit account can be maintained with Dena Bank for a minimum of 7 days and a maximum of 10 years.

Does Dena Bank Offer Overdraft Facility Against its Fixed Deposit Accounts?

Yes, Dena Bank offers loans against fixed deposits. Overdraft facility against NRE fixed deposits can be used for investment purposes in specified areas, such as, purchasing of houses/flats subject to predecided conditions. Loans availed against fixed deposits cannot be used to credit money to FCNR/NRE accounts. Maximum ceiling of overdraft facility is as per Reserve Bank of India guidelines.

What Benefits do Senior Citizens Enjoy with a Dena Bank Fixed Deposit Account?

An additional 0.50% over the existing rack rates of interest against fixed deposits is offered to senior citizens. This only includes senior citizens who are residents of India.

Does Dena Bank charge a penalty for premature withdrawals?

Dena Bank allows premature withdrawals subject to penalty at the contracted rate or at the rate of interest applicable for the duration for which the deposit has been held. However, no interest will be paid by the bank o­n deposits which have remained with the bank for less than 15 days.

Does Dena Bank offer NRI deposits?

Dena Bank offers FCNR, NRO and NRE fixed deposits.

• Non-Resident (External) Rupee Account Scheme – NR(E)RA
• Amount is repatriable in any currency.
• No income tax is charged on interest.
• Nomination facility is available.
• Customers can avail of loans against deposits.

Interest Rates* on NRO deposits less than Rs. 1 crore are listed below:

Maturity Period	Interest Rate
1 year	8.50%
5 years to less than 8 years	8%
8 years to 10 years	8%

*Rates are subject to change.

• Non-Resident Ordinary Rupee Account Scheme – NRO
  • Interest is taxable.
  • Repatriation for up to 1 million USD per financial year is allowed.
  • Customers can avail of loans in India.

Interest Rates* on NRO deposits less than Rs. 1 crore are listed below:

Deposit Period	Interest Rate
7 to 14 days	5.00
46 to 60 days	6.75
271 to 364 days	8.00
1 year to less than 2 years	8.50
8 years and up to 10 years	8.00

*Rates are subject to change.

• Foreign Currency Non-Resident Accounts (Banks) Scheme (FCNR)
  • Amount is repatriable (principal and interest).
  • Interest is not subject to income tax and wealth tax.
  • Nomination facility is available.
  • Customers can avail of loans.

Interest Rates* on FCNR deposits less than Rs. 1 crore are listed below:

Maturity Period	USD	GBP	EUR
1 year to less than 2 years	2.50%	2.66%	2.08%
3 years to less than 4 years	3.25%	3.26%	2.66%
5 years only	3.70%	3.26%	2.66%

*Rates are subject to change.