DBS Bank Hikes Interest Rate On Retail Fixed Deposit
DBS Bank announces a hike on retail fixed deposit. Find out all the interest rates for various tenues offered by the bank.
DBS Bank has hiked interest rate on retail fixed deposits under Rs. 2 crores. According to the bank’s website, the revised interest rates have become effective from October 18, 2022. The bank presently offers standard interest rates on deposits expiring in 7 days to 5 years or more that vary from 2.50% to 6.25%. On deposits that are presently due in 541 days or less than three years, DBS Bank will offer a maximum interest rate of 6.50% to the general public and 7% to senior citizens.
Updated Interest Rates On Retail Fixed Deposits
In the following section, we will take a look at the different interest rates for various tenures offered by DBS Bank under Rs. 2 crores:
For deposits maturing within 7 days, the interest rate is calculated at 2.50% per annum.
For deposits maturing in 8 days and up to 14 days, the interest rate is calculated at 2.75% per annum.
For deposits maturing in 15 days and up to 29 days, the interest rate is calculated at 2.75% per annum.
For deposits maturing in 30 days and up to 45 days, the interest rate is calculated at 2.75% per annum.
For deposits maturing in 46 days and up to 60 days, the interest rate is calculated at 2.75% per annum.
For deposits maturing in 61 days and up to 90 days, the interest rate is calculated at 3.00% per annum.
For deposits maturing in 91 days and up to 180 days, the interest rate is calculated at 3.00% per annum.
For deposits maturing in 181 days to 269 days, the interest rate is calculated at 4.75% per annum.
For deposits maturing in 270 days to less than a year, the interest rate is calculated at 4.75% per annum.
For deposits maturing within 1 year to 375 days, the interest rate is calculated at 6.00% per annum.
For deposits maturing in 376 days to 540 days, the interest rate is calculated at 6.25% per annum.
For deposits maturing in 541 days to less than 2 years, the interest rate is calculated at 6.50% per annum.
For deposits maturing in 2 years and less than 2 years 6 months, the interest rate is calculated at 6.50% per annum.
For deposits maturing in 2 years and 6 months, the interest rate is calculated at 6.50% per annum.
For deposits maturing in 2 years 6 months 1 day and less than 3 years, the interest rate is calculated at 6.50% per annum.
For deposits maturing in 3 years and less than 4 years, the interest rate is calculated at 6.25% per annum.
For deposits maturing in 4 years to less than 5 years, the interest rate is calculated at 6.25% per annum.
For deposits maturing in 5 years and above, the interest rate is calculated at 6.25% per annum.
Also note:
Only when an FD is booked by an individual, the preferred rate will be used. No preferential rate is valid for non-individual FD bookings (like HUF). Further, residents who are senior would enjoy a preferential rate of 50 bps on FD bookings up to Rs. 2 crores. The senior citizen special rate is only available on domestic term deposits. The senior citizen special rate benefit is not available for NRO and NRE term deposits. According to the bank, the special rate will be in place for tenures of 181 days or more.
Disclaimer: The interest rates mentioned in this article are recorded at the time of writing and are subject to change. BQ Prime does not endorse any of the fixed deposit interest rates mentioned above. Please invest at your own discretion.