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DBS Bank is the latest to join the bandwagon of hiking fixed deposit interest rates on various tenures for its customers. The bank raised its FD rates by 20 basis points to a hefty 150 basis points on tenures beginning from 181 days to 10 years. Senior citizens will earn higher rates on their FD investments compared to regular customers. Currently, many banks like SBI, Axis Bank, and IDBI Bank among others have increased their FD rates.
At DBS Bank, the FD rates are offered on starting to lowest 7 days and maximum up to 10 years. The new rates are offered on FDs below ₹2 crore.
Regular Customers:
On FDs below ₹2 crore, the interest rate has been hiked by 25 basis points to 6.25% on tenures starting 3 years to 10 years compared to 6%. Meanwhile, a 6% rate is offered on 2 years 6 months to less than 3 years tenure -- higher by 20 basis points compared to 5.80%. The rate is increased by 40 basis points on 2 years to less than 2 years 6 months tenure to 6% from 5.60%.
Further, on 376 days to less than 2 years tenure - the rate is increased by 25 basis points to 5.75% compared to 5.50. Also, an interest rate of 5.65% is offered in 1 year to 375 days tenure - higher by 35 basis points from 5.30%.
The highest hike is 150 basis points on 181 days to 269 days tenure, where the interest rate is now 4.75% from 3.25%. Also, the bank hiked the rate by 100 basis points to 4.75% on 270 days to less than 1-year tenure compared to earlier 3.75%.
The interest rate is kept unchanged at 2.50% on 7 days tenure, at 2.75% on 8 days to 60 days tenure, and 3% on 61 days to 180 days tenure.
A senior citizen will now earn a 6.75% interest rate on tenures from 3 years to 10 years - a hike of 25 basis points from 6.50%. The interest rate is also increased by 25 basis points to 6.25% on 376 days to less than 2 years tenure from 6%. Further, the rate has been hiked by 20 basis points to 6.50% from 6.30% on tenure 2 years 6 months to less than 3 years, while the rate is raised by 40 basis points on 2 years to less than 2 years 6 months to 6.50% from 6.10%. A hike of 35 basis points is given on 1 year to 375 days tenure to 6.15% from 5.80%.
The hike is 100 basis points on 270 days to less than 1-year tenure to a 5.25% interest rate from 4.25%. While the rate is increased by 150 basis points to 5.25% from 3.75% on 181 days to 269 days tenure.
The rate is kept unchanged at 2.50% on 7 days tenure, at 2.75% on 8 days to 60 days tenure, and 3% on 61 days to 269 days tenure.