DBS Bank India Revises FD Rates, Earn Up To 8% On This Tenure

DBS Bank, a Singapore-based bank having its subsidiary in India has revised its interest rates on domestic fixed deposits (FDs) of less than Rs 2 Cr. The bank is giving regular rates of 2.50% to 6.50% on fixed deposits that mature from 7 days to 5 years and above, and 5.25% to 7.00% for senior citizens. The bank is now giving a maximum interest rate of 7.50% for the general public and 8.00% for senior citizens on a deposit tenor of 2 years 6 months 1 day and less than 3 years. As per the official website of the bank, the new FD rates are effective as of 10th July 2023.

DBS Bank FD Rates

The bank now offers an interest rate of 2.50% on fixed deposits that mature within 7 days, while DBS Bank is now giving an interest rate of 2.75% on deposits maturing in 8 days and up to 14 days. The current interest rates offered by DBS Bank are 4.00% for deposits held for 15 days and up to 29 days, and 2.75% for deposits held for 30 days to 60 days. Deposits with a time frame for maturity of 61 days will now earn interest at a rate of 4.50%, while those with a maturity period of 62 days to 180 days will now earn interest at a rate of 3.00%.

On fixed deposits maturing in 181 days to 1 year, the bank is offering an interest rate of 4.75% and on those maturing in 1 year to 375 days, DBS Bank is paying an interest rate of 6.25%. DBS Bank will impose an interest rate of 7.25% on a deposit tenor of 376 days to 6 months and the bank will charge an interest rate of 7.50% on a deposit tenor of 2 years 6 months 1 day & less than 3 years. Deposits maturing in 3 years to 5 years and above will fetch an interest rate of 6.50%.

On FD bookings under INR 2 Cr, resident elderly citizens would receive a higher rate of 50 bps additional over and above the standard rates. Only domestic term deposits are eligible for the senior citizens' additional FD rates; NRO and NRE term deposits are not eligible for this benefit and the additional senior citizen FD rates are applicable on tenors of 181 days and above.