BoI hikes rates for big deposits, DCB offers rewards on UPI spends

Banks are luring customers for deposits with higher interest rates and offers for boosting digital transactions through UPI.

State-run Bank Of India has introduced a ‘super special fixed deposit’ at an interest rate of 7.5% for deposits between ₹2 core and ₹50 crore, while DCB Bank has launched a savings account that offers cashback for digital transactions.

The super special fixed deposit at the Bank Of India is for a limited period and gives 7.5% for 175 days, according to a release.

DCB’s savings account holders may get cashback rewards for UPI debit transactions, with a minimum transaction amount of ₹500. “Customers will make the most of their everyday banking, with the potential to earn significant cash back while maintaining the required average quarterly balance,” said Praveen Kutty, head of retail and agri at DCB Bank. The minimum average quarterly balance for the DCB Happy Savings account is ₹10,000 and customers need to maintain average quarterly balance of ₹25,000 to be eligible for rewards.