DCB Happy Savings Account: Cashback up to Rs 7,500 per year, check details

DCB Bank Limited has launched a new savings scheme offering attractive cash back offers to its customers. DCB Happy Savings Account is targeted at customers who frequently make large UPI transactions.

DCB Happy Savings Account requires a minimum Average Quarterly Balance (AQB) of Rs 10,000. Account holders need to maintain an AQB of Rs 25,000 to qualify for cashback rewards. Cashback for a specific quarter will be credited to the customer’s account in the first month of the following quarter.

Cashback is capped at Rs 625 per month. Customers can get cashback of up to Rs 7,500 per year. This attractive cashback promotion is open to new customers and existing account holders. Existing account holders can also choose to convert their savings account to a Virtue Happy Savings Account.

Praveen Kutty, head of retail and SME banking at DCB Bank, said in a recent interview that the product offers the best of both worlds – exciting cashback rewards and a seamless banking experience.

“We believe this account will allow our customers to take advantage of their daily banking routines, potentially earning substantial cash back, while maintaining the required average quarterly balance,” he said.

Kutty said this is a testament to the bank’s commitment to providing innovative and beneficial banking solutions to its valued customers. This cashback is limited to debit card transactions within India.

Apart from the DCB Happy Savings Account scheme, DCB Bank has also launched another incentive for its customers. Lenders have increased fixed deposit (FD) interest rates by up to 10 basis points (bps) for deposits below Rs 2 crore. According to the DCB Bank website, the new interest rate will be implemented from December 13, 2023.

After the revision, the bank is offering 8% FD interest rate to general customers and 8.60% to senior citizens. The bank has raised interest rates for ordinary citizens from 1 day to 12 months to 10 days by 10 basis points, from 7.75% to 7.85%. For seniors, the tax rate increased from 8.25% to 8.35% during the same term.