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.
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.
In order to open a fixed deposit account with Dena Bank, an individual must have the following documents-
Proof of address in the form of any one of the following-
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
₹ 1 Lakh is the minimum amount that is needed to open a fixed deposit account with Dena Bank.
A fixed deposit account can be maintained with Dena Bank for a minimum of 7 days and a maximum of 10 years.
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.
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 oÂn deposits which have remained with the bank for less than 15 days.
Dena Bank offers FCNR, NRO and NRE fixed 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.
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.
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.
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Mumbai based Dena Bank has announced that they have revised the rates of some of the fixed (term) deposits. Under the new revisions, for fixed deposits held for periods of 7 to 45 days, the interest rates have gone up by 100 to 175 points while deposits held for longer than 45 days have had interest rates reduced by 25 to 50 basis points.
Bulk deposits that are made for amounts up to Rs 5 crores, with maturity periods up to 90 days have seen an increase in basis points ranging from 25 points to 225 points while term deposits for longer periods have seen a reduction of 25 basis points. The changes have also extended to the NRE term deposits which have seen a reduction in rates of 25-50 basis points. As of 1st Feb 2015 they have even reduced the interest rates for FCNR (B)/ RFC term deposits across all maturity periods.
4 February 2015
