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DBS FD Interest Rates

DBS FD Rates 2020

Last Updated 07th Sep 2020

DBS Bank is one of most reliable FD providers amongst a number of FD providers in the market. DBS Bank FD offers a number of benefits to investors such as higher returns, flexible tenure, lower minimum deposit limit, and loan against FD facility, among others. When it comes to the FD interest rate, the highest rate offered on DBS Bank FD is 5.20%. Latest DBS Bank FD interest rate for senior citizens, on the other hand ranges between 2.60% to 5.20%.

Tenure FD interest rates Senior Citizen FD interest rates
7 days 2.60% 2.60%
8 days to 14 days 2.60% 2.60%
15 days to 29 days 2.90% 2.90%
30 days to 45 days 3.15% 3.15%
46 days to 60 days 3.20% 3.20%

DBS Fixed Deposit (FD)

DBS Bank FDs are one the best investment option available for depositors who are looking to invest in a fixed income instrument and earn higher returns than savings account. Key Features of DBS Bank FD are:

  • Deposit Amount: DBS Bank FD can be opened with an amount as a low to up to .
  • FD Tenure: Ranges between 7 days to 10 years.
  • Interest Rate Range: 2.60% p.a. to 5.20% p.a.
  • Senior Citizens FD Rate: 2.60% to 5.20% p.a.
  • Highest Interest Rate: As per today’s rate, DBS Bank’s highest interest rate on FD is 5.20% offered for a tenure of 10 years.
  • Safety of DBS Bank Deposits: DBS Bank deposits are covered under the Deposit Insurance Scheme of RBI in which up to ₹ 5 lakh of all deposits of a depositor are insured by DICGC.
  • Loan against FD: DBS Bank provides loan against FD to help its depositor meet their liquidity requirements without breaking the FD.
  • Auto Renewal Facility: Available
  • Nomination Facility: Available
  • Popular FD Schemes: Regular Fixed Deposits

DBS Bank Best FD Plan

We need to compare tenure wise latest FD rate of DBS Bank to choose the tenure at which it provides the highest interest rate. DBS Bank FD rates are best for the deposits with a tenure of 5 years to 10 years, wherein the current FD rate of interest is 5.20% p.a

If one is looking to invest in short term deposits with DBS Bank, FD interest rates range from 2.60% p.a. to 4.00% p.a for deposits with a tenure of 7 days to less than 365 days. These deposits are known as short term deposits as they have a tenure of less than 1 year. Short term DBS Bank FD rates for senior citizens range from 2.60% to 4.00% p.a.

If one is looking to invest in long term deposits, DBS Bank FD interest rates with tenure of 5 years to 10 years are a good choice with interest rates on deposits with a tenure of 10 years at 5.20%. Senior citizens are offered special rates from bank with highest deposit rates of 5.20% p.a. on long term FDs.

Fixed Deposits of DBS Bank have a higher interest rate compared to their saving deposits. Benefits of opening a FD account in DBS Bank are:

  • Interest on deposit is paid only at the time of the maturity
  • Nomination facility available
  • Extra interest of 0.25% to 0.50% payable to the senior citizens
  • Availability of auto renewal facility on the deposit
  • Earn higher returns on the money deposited

FD in DBS Bank – Premature Withdrawal

Premature closure of Term Deposit with DBS Bank is along with the lower interest rate of 1% for deposits above Rs. 15 lakh than the contracted rate. The penal provisions for premature closure on DBS Bank FD are subject to change from time to time and may also vary with deposit schemes.

Loan against Fixed Deposit DBS Bank

DBS Bank offers loan up to 0% against its own deposit. Note that DBS Bank will not give you loan against FD of any other bank. DBS Bank offers Loan against FD at the rate of 3.6% to 6.2%

FD Account Opening Process at DBS Bank

To open a Fixed Deposit account in DBS Bank, you can visit the official website and login to your account. Choose Fixed Deposit option from the menu and select the Type of FD you want to open and proceed. After this, you have to fill the deposit amount and select ‘Senior Citizen’ option if you are above 60. You have to choose the tenure of deposit and interest payout frequency. Click on Submit to open the DBS Bank FD after reading the terms and conditions.

Nomination Facility on DBS Bank FD

DBS Bank offers nomination facility on Fixed Deposit to claim the amount in case of the death of the depositor. An individual, single or joint account holders can appoint a nominee. Only one person can be appointed as nominee. You can fill nominee details while opening a DBS Bank fixed deposit. Nominee has to submit his/her identification proof at the time of claim.

DBS Bank Fixed Deposit Scheme

Regular Fixed Deposits

Description:

  • Under this scheme, the depositor is allowed to make investment into the deposit to earn attractive and higher returns along with a flexibility and security.
  • Easy investment with attractive returns
  • Nomination facility is available
  • Avail overdraft facility upto 90 per cent against your deposit
  • Interest on deposit is paid only at the time of the maturity

Who is eligible?

  • Resident Indians, private or public limited company, hindu undivided family, trust, partnership firm

FAQs

What is the highest FD rate for DBS Bank?

You can earn a maximum interest of 5.20% on DBS Bank fixed deposit.

Are there any special rates for senior citizens FD of DBS Bank?

Yes, senior citizens get a higher rate on their deposits compared to FD rates. The rate of regular FD are in the range of 2.60% to 5.20%. Compared to this, the rate of senior citizens FD are in the range of 2.60% to 5.20%.

Can I deposit additional amount in my FD account?

No, you cannot deposit any additional amount in your existing FD account as you are allowed to deposit only once at the time of opening the account. If you want to invest any additional amount in FD, you are required to open a new FD account.

Who is eligible for opening an FD account in DBS Bank?

All resident individuals, HUFs, NRIs, Firms including minors are eligible to open a fixed deposit account.

Is it possible to change the tenure of my existing fixed deposit account with DBS Bank?

No, it is not possible to alter the tenure selected for the fixed deposit account once the account is opened. However, you may close your existing fixed deposit account and can open a new account with a desired tenure of your choice.

What are the implications of opening an FD bank account without having PAN?

Following are the implications for the customers opening an FD account with DBS Bank without their PAN card

  • TDS will be deducted at the rate of 20% as against 10% under section 206AA
  • NO TDS credit from the Income Tax department
  • NO TDS certificate will be issued
  • Form 15G/H and other exemption certificates will be invalid and penal TDS will apply

What is the current interest rate on FD in DBS Bank?

Current interest for FD in DBS Bank ranges between 2.60% - 5.20%.

Can a customer open a FD account online in DBS Bank?

Yes, you can submit your application for opening a FD account on the website of DBS Bank. After submitting the application, you will be contacted by the bank’s representative for further process which includes filling an application process and submitting KYC documents.

In how many years FD will double in DBS Bank?

The interest rate on FD depends upon the tenure you choose. To know the time period in which your FD amount will get doubled, you need to divide 72 with the 5.20%. For DBS Bank FD the number of years in which your FD will get doubled is; 72/5.20 = 14


DBS News - Sep 2020
  • 2019-10-15 : Revised FD rates for DBS Bank
    DBS Bank revised its interest rates on fixed deposits for the month of October. The revised rate for a period of 7 days is 4%, for 8-29 days the rate is 4.25%, the rate for 30-45 days is 4.5% for 46-60 days it is 5%, the rate for 61 days to 90 days is 5.5%, for 91-180 days the rate is 5.75%, for 181-269 days the revised rate is 6.25% and for 270 days to 1 year the rate is 6.5%. For longer tenure of 1 year to 15 months, the rate is 6.75%, and for 15 months one day to less than three years, the rate is 6.25%, and for three years and above, the rate is 6.5%.
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