DBS Bank India has increased fixed deposit (FD) interest rates for amounts less than Rs 2 crore. On select tenors, the bank has raised fixed deposit interest rates by up to 50 basis points (bps). According to a press release from DBS Bank, the new interest rates will take effect on July 28, 2022.
DBS fixed deposit interest rates
DBS Bank offers FD terms ranging from 7 days to a maximum of 10 years.
The bank now charges 5.75 percent for one to 375 days of FD tenure, a 10 basis point increase.
The bank now offers a 6% interest rate for 376 days to less than a two-year term deposit, a 25 basis point increase. The bank now offers 6.50 percent interest on terms of two to three years, an increase of 50 basis points. The bank will continue to offer FDs with terms ranging from three to ten years at a 6.25 percent interest rate.
“Simple Interest rate will be paid on fixed deposits less than 6 months,” according to the DBS website. Interest will be compounded quarterly on fixed deposits of six months or more.”
Senior citizens receive an additional 50 basis points for tenors longer than six months. The bank had previously revised on various tenors on July 15, 2022.