DBS Bank hikes FD rates by up to 100 bps and offers up to 8% on this tenor
2 min read . Updated: 27 Feb 2023, 05:04 PM IST
Premium- The interest rates on fixed deposits under ₹2 crore have been raised at DBS Bank India.
The interest rates on fixed deposits under ₹2 crore have been raised at DBS Bank India. The bank raised its interest rates by 100 bps on a variety of tenors ranging from 601 days to 3 years in response to the announcement made on 23rd February 2023. DBS Bank offers interest rates ranging from 2.50% to 6.50% for the general public and from 5.25% to 7.00% for elderly persons. With effect from 23rd February, DBS Bank will provide a maximum interest rate of 8% for senior citizens and 7.50% for non-senior citizens on deposits with maturities of 2 years 6 months 1 day & less than 3 years.
DBS Bank FD Rates
The bank will continue to give an interest rate of 2.50% on fixed deposits maturing in 7 days, while DBS Bank India will continue to offer an interest rate of 2.75% on deposits maturing in 8 days and up to 60 days. The interest rates offered by DBS Bank India will continue at 3.25 percent for deposits held for 61 days and at 3 percent for deposits held for 62 days and beyond.
Deposits that mature in 181 days to less than a year will continue to earn 4.75% interest, while those that mature in a year and up to 375 days will continue to earn 6.25% interest. On fixed deposits maturing in 376 days to 600 days, the bank will continue to offer an interest rate of 7.25% but on those maturing in 601 days to less than 2 years & 6 months, the bank has hiked the interest rate by 75 bps from 6.50% to 7.25%.
DBS Bank India has added a new tenor of 2 years & 6 months only on which it is promising an interest rate of 7.25% for the general public and 7.75% for senior citizens. On fixed deposits maturing in 2 years 6 months 1 day & less than 3 years, the bank has hiked interest rates by 100 bps from 6.50% to 7.50%. Deposits maturing in 3 years to 5 years and above will continue to offer an interest rate of 6.50%.
For fixed deposit tenors of 181 days to 5 years and above, senior citizens will get an additional interest rate of 50 bps, or 0.50% over and above the standard rates. Furthermore, DICGC insurance up to ₹5 lakhs covers your deposits at DBS Bank. Customers with digiSavings accounts are eligible to open term deposits at DBS Bank with a minimum investment of Rs. 5,000 for a fixed deposit and Rs. 100 for a recurring deposit account. The bank holds "AA-" and "Aa1," two of the highest credit ratings in the world. DBS is a well-known financial services provider in Asia with more than 280 sites distributed across 18 countries.