Private sector lender Development Credit Bank (DCB) has introduced a new deposit scheme -DCB Freedom 1-2-3 fixed deposit for its customers.

Under the new launch scheme, the bank will offer its customers a rate of 10.5% for fixed deposit in the 375 daysto3years slab. However, Senior citizens will receive 0.5% more rate above the card rates.

DCB also increased its interest rates for deposits of 91 days to 9% from the previous 7%. The new rates will be given for deposits up to Rs 50 lakh.

These new rates will come into effect from October 1st.

Last Month, DCB informed that the bank along with India's Quantum Group will launch a $500 million infrastructure fund in the first half of 2009. Nasser Munjee, Chairman of India's DCB and Quantum's staff would hold 50% stake in the fund.

Development Credit Bank (DCB) is one of the emerging private sector banks in India and provides to its customers, access to over 30,000 ATMs and 80 state-of-the-art branches spread over ten states and two union territories. The Bank has recently launched several value added initiatives and intends to be known as one of the country's preferred and profitable retail banks. DCB was converted into a Scheduled Commercial Bank on May 31st, 1995, in the wake of India's economic liberalization. It is the only co-operative bank, which has successfully crossed over and thrived in the face of change.