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Private banker, DBS Bank has revised its savings account interest rates. The bank is offering from 3.25% to 5% rates on saving account balances from up to ₹1 lakh to above ₹5 crore. The new rates have come into effect from September 26. The interest rate is calculated on the daily available balance or as required by the regulator or as a result of the banks’ own decision.
Under its website, DBS Treasures, the bank announced the latest interest rates on savings account effective from September 26. The bank is offering 3.25% on savings balance up to ₹1 lakh, while the rate is 3.5% on balance above ₹1 lakh to ₹2 lakh.
The bank is offering a 4% rate on balances above ₹2 lakh to ₹5 lakh. The rate is lower at 3% on savings balances above ₹5 lakh to ₹50 lakh.
Notably, the highest rate is 5% on saving account balances above ₹50 lakh to ₹5 crore, and above ₹5 crore balances.
Up till September 25, DBS Bank offered 3.25% per annum on balance up to ₹1 lakh; 3.5% on balance above ₹1 lakh and up to ₹2 lakhs; 4% p.a on balance above ₹2 lakh and up to ₹5 lakhs; 3% p.a on balance above ₹5 lakh and up to ₹5 crore; and 3.75% on balance above ₹5 crore.
That said, DBS has hiked its interest rate on the savings account balances above ₹5 crore. While it introduced a 5% rate on saving balances above ₹50 lakh to ₹5 crore.
On its website, DBS said, interest rates will be paid at quarterly rests or on any other rests as the Bank may decide from time to time. Further, interest will be calculated on the daily available balance or as required by the regulator or as a result of the banks’ own decision.
“Rate of interest on digiSavings is subject to change from time to time at the discretion of the Bank and/or in accordance with directives from RBI,” it added.
The bank continues to offer interest rates between 2.50% to 6.50% on fixed deposits below ₹2 crore. These rates have been unchanged since July 28, 2022.
DBS provides the full range of services in consumer, SME, and corporate banking activities across Asia and the Middle East.
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