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DBS Bank Fixed Deposit Rates
DBS Bank is a leading global bank with a strong presence in India. The bank offers a variety of banking products and services, including fixed deposits (FDs). FDs are a popular investment option for individuals and businesses, as they offer a safe and secure way to grow your money.
Interest Rates
DBS Bank offers a competitive range of FD interest rates. The interest rate you earn on your FD will vary depending on the tenure of your deposit, the amount you invest, and whether you are a senior citizen.The following table shows the current FD interest rates offered by DBS Bank in India, please note that the FD Interest Rates are subject to change at DBS Bank’s discretion:
DBS Bank Interest Rates 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% |
Different Kinds of DBS Bank FD Schemes
DBS Bank offers the following kinds of FD schemes:
- Regular FD: This is the most basic type of FD scheme. The interest rate is fixed for the entire tenure of the FD.
- Senior Citizen FD: This scheme is for senior citizens aged 60 years and above. The interest rate for DBS Bank Senior Citizen FD is 50 basis points higher than the regular FD rate.
- Tax Saving FD: This scheme is for investors who want to save tax on their investment income. The interest earned on this scheme is tax-free up to Rs.1.5 lakh per annum.
- Special FD: This scheme offers a higher interest rate than the regular FD scheme. However, there is a penalty for premature withdrawal from this scheme.
Premature Withdrawal Conditions
There are certain conditions that must be met in order to withdraw money from a DBS Bank FD before the maturity date. These conditions are as follows:
- There is a penalty for premature withdrawal from a regular FD. The penalty is equal to 1% of the amount withdrawn.
- There is no penalty for premature withdrawal from a DBS Bank Senior Citizen FD.
- There is no penalty for premature withdrawal from a Tax Saving FD, but the interest earned will be taxable.
- There is no penalty for premature withdrawal from a Special FD, but the interest earned will be lower than the interest earned if the FD is allowed to mature.
Benefits of Investing in a DBS Bank FD
There are several benefits to investing in a DBS Bank FD. These benefits include:
- Guaranteed returns: The interest rate on a DBS Bank FD is guaranteed for the entire tenure of the FD.
- Liquidity: Money can be withdrawn from a DBS Bank FD at any time, subject to the terms and conditions of the scheme.
- Higher returns: DBS Bank FDs typically offer higher returns than savings accounts.
- Flexibility: You can choose the tenure of your FD, which can range from 7 days to 10 years.
- Safety: DBS Bank is one of the safest banks in the world. Your money is safe with DBS Bank. FDs are a safe and secure investment option, as they are backed by the full faith and credit of DBS Bank.
- Convenience: You can open a DBS Bank FD online or at any DBS Bank branch.
Additional benefits
In addition to the interest rates listed above, DBS Bank also offers a number of other benefits to FD investors, including:- Free online account opening: You can open a DBS FD account online for free.
- No minimum balance requirement: There is no minimum balance requirement for DBS FD accounts.
- Early withdrawal facility: You can withdraw your money from your FD account early, but you may be subject to a penalty.
- Tax benefits: FD interest income is taxable in India, subject to a maximum threshold. However, there are a number of tax benefits available to FD investors, such as tax-saving FDs.
Conclusion
DBS Bank FDs are a safe, secure, and convenient way to grow your money. With interest rates as high as 7.5%, you can earn higher returns than you would with a savings account. And with flexible tenure options, you can choose the investment period that best meets your needs.
If you are looking for a safe and secure investment option with the potential for higher returns, then a DBS FD may be a good option for you.
FAQs Of DBS Bank Fixed Deposit Rates
1. What are the risks of investing in a DBS FD?
The main risk of investing in a DBS FD is that the interest rates may change over time. However, DBS Bank has a good track record of keeping interest rates stable.
2. How can I get more information about DBS FDs?
You can get more information about DBS FDs by visiting a DBS branch or by calling the DBS customer care line.
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