DBS Bank revises interest rates on retail fixed deposits: Now get up to 6.50%

2 min read . Updated: 20 Oct 2022, 08:25 PM IST Vipul Das

Customers can open Digibank FDs with DBS Bank starting at Rs. 5000 and pick their own amount and tenure. (MINT_PRINT) — Customers can open Digibank FDs with DBS Bank starting at Rs. 5000 and pick their own amount and tenure. **(MINT_PRINT)**

Interest rates on fixed deposits under ₹2 crore have been raised by DBS Bank.

DBS Bank FD Rates

The bank now offers an interest rate of 2.50% on deposits maturing in 7 days, while DBS Bank also offers an interest rate of 2.75% on deposits maturing in 8 days and up to 60 days. Deposits with maturities between 61 and 180 days will now earn interest at a rate of 3.00%, while deposits with maturities between 181 and one year will now pay interest at a rate of 4.75%. The interest rate being offered by DBS Bank is now 6.00% for deposits maturing in one year to 375 days and 6.25% for deposits maturing in 376 days to 540 days. On fixed deposits maturing in 541 days to less than 3 years, the bank will offer a maximum interest rate of 6.50% and on those maturing in 3 years and above DBS Bank will now offer an interest rate of 6.25%.

Customers can open Digibank FDs with DBS Bank starting at Rs. 5000 and pick their own amount and tenure. The DICGC will cover your deposits up to ₹5 lakh rupees. On FD bookings up to INR 2 Cr, resident elderly citizens would receive a preferential rate of 50 bps. Only domestic term deposits are eligible for the senior citizen special rate. For NRO and NRE term deposits, the senior citizen special rate advantage is not available. For tenures of 181 days or more, the preferential rate will be in effect, according to the bank.

According to DBS Bank, a simple interest rate will be paid on fixed deposits below 6 months and for fixed deposits of 6 months or above, interest will be compounded on a quarterly basis.

ABOUT THE AUTHOR

Vipul Das

Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).