DBS Bank India has hiked its interest rates on fixed deposits of less than ₹2 Cr. According to the bank’s official website, the new rates take effect on February 1st, 2023. Following the modification, the bank is offering interest rates for the general public of 2.50% to 6.50% and for senior citizens of 5.25% to 7.00%. DBS Bank will now provide a maximum interest rate of 7.75% for elderly people and 7.25% for non-senior citizens on deposit tenors of 376 days to 600 days.
DBS Bank FD Rates
The bank is now providing an interest rate of 2.50% on deposits maturing in 7 days and is now promising an interest rate of 2.75% on deposits maturing in 8 days and up to 60 days. A deposit tenor of 61 days will now earn interest at a rate of 3.25% from DBS Bank, while a deposit tenor of 62 days and up to 180 days will earn interest at a rate of 3.00%. Deposits maturing in the next 181 days to less than a year will earn interest at a rate of 4.75%, while those maturing in the next 365 days to a year will now earn interest at a rate of 6.25%.
On a deposit maturing in 376 days to 600 days, DBS Bank is now offering a maximum interest rate of 7.25% and on those maturing in 601 days to 5 years and above, the bank is now promising an interest rate of 6.50%. Senior citizens will get an additional interest rate of 50 bps, or 0.50% more than the regular rates, for fixed deposit tenors of 181 days to 5 years and above. Only domestic term deposits are eligible for the senior citizen special rate. For NRO and NRE term deposits, the senior citizen preferential rate premium is not available.
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You may set your own amount and term while opening a DBS Bank FD beginning at ₹5000. Additionally, your deposits at DBS Bank are insured by DICGC insurance up to ₹5,00,000 (5 lakh rupees). Upon maturity or early termination, the interest earned on your fixed deposit is credited to your account. However, a premature withdrawal may result in a penalty. Customers with digiSavings accounts may open a term deposit with ease. The minimum investment required for a fixed deposit is Rs. 5,000, and for a recurring deposit, it is Rs. 100 at DBS Bank.
With more than 280 locations spread across 18 nations, DBS is a prominent financial services company in Asia. DBS has a presence in Greater China, Southeast Asia, and South Asia. It is headquartered in Singapore and is publicly traded there. The bank has some of the best credit ratings in the world holding “AA-” and “Aa1.”