DBS Bank India has increased interest rates of fixed deposits (FD) for amounts less than Rs 2 crore. The bank has hiked fixed deposit interest rates by up to 50 basis points (bps) on select tenors. The new interest rates are effective from July 28, 2022, according to a DBS Bank press release.
DBS fixed deposit interest rates
DBS Bank offers FD tenures starting from 7 days and going up to a maximum of 10 years.
The bank now offers an interest rate of 5.75 percent for one to 375 days FD tenure, a hike of 10 basis points.
The bank now offers 6% interest rate for 376 days to less than 2 year FD, a 25 basis point increase. The bank now provides 6.50 percent interest on terms of two to three years, a 50 basis point increase. The bank will continue to offer 6.25 percent interest rates for FDs with terms ranging from three to ten years.
According to the DBS website, “Simple Interest rate will be paid on fixed deposits below 6 months. For fixed deposits of 6 months or above, interest will be compounded quarterly.”
Senior citizens earn an additional 50 basis points for tenors above 6 months. The bank had previously revised on July 15, 2022, on various tenors.
NRE revised fixed deposit rates