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

The newly launched scheme will offer 10.5% rate to customers in the 375 days to three-year tenure. However, Senior citizens will receive 0.5% more rate above the card rates.

The bank also increased rate for 91 days deposit to 9% from 7% for deposits up to Rs 50 lakh. The new rates will come effective from October 1.

Last Month, DCB notified 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 percent stake in the fund.