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Interest rates on fixed deposits under ₹2 crore have been raised by DBS Bank. The lender’s official website states that the revised or new interest rates are in effect as of October 18, 2022. The bank currently offers standard interest rates on deposits maturing in 7 days to 5 years or longer that range from 2.50 per cent to 6.25 per cent in compliance with the modified. DBS Bank will now give a maximum interest rate of 6.50% to the general public and 7% to senior citizens on deposits due in 541 days to less than 3 years.
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%.
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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.
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