In a periodic interest payout option, DBS Bank would transfer the interest earned at each interval (say, quarterly) to your bank account. The interest would remain the same across the life of the deposit. On maturity, unless the deposit is renewed, would transfer the principal amount to your bank account.
In case you opt for a DBS Bank cumulative deposit, on maturity you would get a credit for the principal and interest earned net of TDS.
Calculate the FD maturity amount using the FD calculator.
Fixed Deposit calculator DBS Bank – Will TDS be deducted?
In case the interest earned by you across all your fixed deposits across all branches of DBS Bank in a year exceeds 0, the bank must deduct TDS at 10.3%. In case your IT PAN is not updated in the DBS Bank records, it must deduct twice the TDS at 20.6%. So, do remember to update your PAN on your FD.
Sorry, but we aren’t done with tax yet. This was only the TDS. Now, you would need to add the interest income on all your DBS Bank FD’s and other FD’s to your taxable income for the year. Based upon your tax bracket, income tax is payable on this income. Remember that you must estimate the interest income and all your other incomes and, based on this, pay advance tax on advance tax payment dates (15th Sep, 15th Dec, 15th March and 31st March).
DBS Bank will also issue you a Form 16A giving details of tax deducted on FD interest and tax deposited by it with government treasury. The TDS amount deposited by the bank with Income Tax Department can be verified in your 26AS statement available online on IT department website or through your net banking account. You can claim credit for the TDS amount in your annual Income Tax Return.
DBS Bank FD interest rate calculator – Check your city
Keep your KYC documents - PAN card, address proof and photo ready.
To know more or apply, contact any of the branches of DBS Bank in your city
DBS Bank has reduced its overnight and three months marginal cost of lending rates to 7.90 and 7.95 percent respectively. The bank has also reduced its one year MCLR by 20 basis points to 8.15 percent as compared to 8.35 percent earlier. The rates are effective from 7th February, 2017.
DBS Bank is looking forward to increase its SME customer base by 30-40% in the current fiscal year with its new product offerings. The bank offers a wide variety of asset and liability side products to its SME customers. The bank is primarily focusing on the chemicals, auto and auto ancillary and pharmaceuticals sector for extending their loans.
DBS Bank will launch a complete digital platform named Digibank in India for lending to SMEs by the end of this year. India will be the first market to launch digital SME platform by the bank in line with its strategic focus of expanding SME lending in India. DBS bank is also looking to open 48 more branches in India in the coming years if they get regulatory approval by the government.
DBS Bank is looking to grow its retail banking operation using digital channels. DBS launched a mobile only bank on Tuesday and aims to garner 5 million customers and a deposit base of Rs.50000 crore over the next five years. The DBS mobile application named digibank will allow individuals to access a wallet at first and then open a savings deposit account with the bank. The balance in the account will earn 7% interest per annum.
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