By Consultants Review Team
The interest rates on the fixed deposits have less than 2 crore which has been raised at DBS Bank India and the bank raised the interest rates by 100 bps on a variety of the tenors from 601 days to 3 years in response to the announcement completed on 23rd February 2023. DBS Bank offers interest rates which range from 2.5 percent to 6.5 percent for the general public and from 5.25 percent to 7.00 percent for elderly persons. The effect starts from 23rd February and the DBS Bank will be providing a maximum interest rate of 8 percent for senior citizens and 7.5 percent for non-senior citizens on deposits with maturities of 2 years 6 months 1 day and less than 3 years.
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.