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This Digital Bank Offers Up To 8% Interest On This FD Tenure; All You Need To Know
Since May 2022, the repo rate has been raised by the Reserve Bank of India (RBI) six times at regular intervals. However, in its last meeting, which was held this month, the RBI decided against raising the repo rate. The interest rates on Fixed Deposits offered by the banks have been raised following the repo rate hike by the RBI. Most of the major banks, NBFC. Recently, post office saving scheme interest rates were also raised by the government for the April-June quarter.
DBS Bank Fixed Deposits
Private sector lender DBS Bank is a digital bank that offers attractive interest rates on fixed deposits. The bank raised its interest rates on a variety of tenors ranging in response to the rising repo rate in February 2023. The bank raised the interest rates on 23rd February 2023, according to the bank's official website.
8% Interest Rates
DBS Bank provides interest rates ranging from 2.50% to 6.50% to the general public and 5.25% to 7.00% to senior citizens. DBS Bank is giving an additional 0.50% interest to senior citizen customers above the standard rate on FDs of 181 days to 1 year and 2 years 6 months 1 day to 5 years and above.
On deposits having a maturity of 2 years 6 months 1 day & less than 3 years, the bank offers a maximum interest rate of 8% for senior citizens and 7.50% for general customers.
7.25% Interest Rates
The bank provides 7.25% interest rates to general customers and senior citizens on deposit periods of 376 days to 540 days, 541 days to 599 days, 600 days, 601 days to less than 2 years, 2 years to less than 2 years & 6 months and 2 years & 6 months.
DBS Bank Interest Rates on Fixed Deposits w.e.f. 23rd February 2023
| Tenor | Regular | Senior Citizen |
|---|---|---|
| 7 days | 2.50% | 2.50% |
| 8 days & up to 14 days | 2.75% | 2.75% |
| 15 days & up to 29 days | 2.75% | 2.75% |
| 30 days & up to 45 days | 2.75% | 2.75% |
| 46 days & up to 60 days | 2.75% | 2.75% |
| 61 days | 3.25% | 3.25% |
| 62 days & up to 90 days | 3.00% | 3.00% |
| 91 to 180 days | 3.00% | 3.00% |
| 181 to 269 days | 4.75% | 5.25% |
| 270 to less than 1 year | 4.75% | 5.25% |
| 1 year to 375 days | 6.25% | 6.75% |
| 376 days to 540 days | 7.25% | 7.75% |
| 541 days to 599 days | 7.25% | 7.75% |
| 600 days | 7.25% | 7.75% |
| 601 days to less than 2 years | 7.25% | 7.75% |
| 2 years to less than 2 years & 6 months | 7.25% | 7.75% |
| 2 years & 6 months | 7.25% | 7.75% |
| 2 years 6 months 1 day & less than 3 years | 7.50% | 8.00% |
| 3 years and less than 4 years | 6.50% | 7.00% |
| 4 years to less than 5 years | 6.50% | 7.00% |
| 5 years and above | 6.50% | 7.00% |
Source - dbs.com
Please Note - 1. Senior Citizen preferential rate is applicable only for domestic term deposits. Senior citizen preferential rate benefit is not applicable for NRO and NRE term deposits.
2. Preferential rate will be applicable for tenure of 181 days and above.
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