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DBS Savings Account Interest Rates

DBS Savings Account Interest 2021

Last Updated 09th Nov 2021

Saving Account Interest Rate
Savings Premium Plus 3.00% - 4.00%
Auto Saver 3.00% - 4.00%
Digi Account 3.00% - 4.00%
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DBS Bank Savings Accounts Interest Rate

DBS Bank offers an interest rate ranging upto 4.00% on the minimum average balance maintained in the savings account. It calculates the interest rate on savings bank accounts on a daily basis. However, the interest is paid to the account holders every quarter. With DBS Bank Savings Account youth and minors can get additional benefits on their Savings Account. DBS Bank also offers attractive benefits like mobile and internet banking services, free Debit Card and customised savings account depending on different customer profiles.

Features and Benefits

DBS Bank Savings Account helps you to save money by providing interest on your idle money deposited in the savings accounts. The rate of interest on DBS Bank Savings Account varies as per the Savings Account product. Some of the key features and benefits of DBS Bank savings account are:

  • It offers interest rates upto 4.00% p.a. You can easily access DBS Bank Savings Account anywhere through a large network of branches and ATMs .
  • If you want to transfer funds from DBS Bank Savings account to any other bank account, you can do it through modes such as RTGS , IMPS, NEFT and UPI facilities.
  • To maintain an DBS Bank Savings account, you require a minimum balance of Average Monthly Balance of Rs. 5000.
  • DBS Bank personalized account number and cheque book enhances security and ensures your money is safe.
  • You can get SMS Alerts and e-statement facilities with DBS Bank Savings Account.
  • With the Auto Sweep Facility of DBS Bank, your account can be linked to a Multi Option Deposit MOD account.

DBS Savings Account Rates

Saving Account Interest Rate Minimum Balance
Savings Premium Plus 3.00% - 4.00% Overall total relationship balance of Rs. 20,00,000 in a combination of savings account balances, fixed deposits, investments and insurance
Auto Saver 3.00% - 4.00% Rs. 5000
Digi Account 3.00% - 4.00% Average Monthly Balance of Rs. 5000

Eligibility & Documentation Required for Opening Savings Account in DBS Bank

To open a savings account in DBS Bank, you need to fulfill the following eligibility criteria:

  • You need to have valid KYC Documents.
  • You can open a savings account singly or jointly.

Documents Required

You can open a savings account with prescribed application form and minimum KYC documents, which are mentioned below:

  • Application Form with attested photographs
  • Proof of identity- Passport, Voter ID card, PAN Card, Govt./Defence ID card, Driving Licence etc.
  • Proof of current address- Credit Card Statement, Salary slip, Electricity Bill/Telephone Bill, ration card etc.

How is DBS Bank Savings Account Interest Rate Calculated?

As per the RBI mandate, DBS Bank calculates saving account rate on average balances in the account on a daily basis. The interest can however be paid monthly, annually or quarterly. The following formula is used by DBS Bank to calculate interest on Savings Bank Account on the basis of daily balance in the account

Interest = Amount (Daily balance)*(No of days)* Interest/Days in the year.

Compare Savings Account Interest Rates of All Banks

DBS Savings Account Products

  • Savings Premium Plus : DBS Bank offers interest rates ranging between 3.00% to 4.00% on Savings Premium Plus.You can open a Savings Premium Plus in DBS Bank by depositing Overall total relationship balance of Rs. 20,00,000 in a combination of savings account balances, fixed deposits, investments and insurance amount as minimum balance.
  • Auto Saver : If you have deposited your excess funds in a Auto Saver, you can get interest at 3.00% to 4.00% on your account. This account can be opened by anyone with a minimum age of 18 years.
  • Digi Account : DBS Bank provides interest rates ranging between 3.00% to 4.00% on Digi Account. The minimum balance requirement to open this account is Average Monthly Balance of Rs. 5000.

FAQs

How much interest is charged by DBS Bank on Savings Account?

As per the current rates, DBS Bank offers maximum interest rate of 4.00% on Savings Account. DBS Bank provides this interest on the minimum balance maintenance of Average Monthly Balance of Rs. 5000. The interest rate may however vary across the DBS Bank savings account product.

What is the minimum amount required for opening Savings Account in DBS Bank?

The minimum amount required for opening a Savings Account in DBS Bank is Average Monthly Balance of Rs. 5000.

What are the balance non - maintenance Charges on DBS Bank Savings Account?

The Balance Non Maintenance Charges on Savings Account by DBS Bank are NIL charges.The minimum balance requirement in DBS Bank savings account is Average Monthly Balance of Rs. 5000.

What are the DBS Bank ATM Transaction charges on Savings Account?

DBS Bankcharges ATM Transaction on Savings Account are Free.This charge may further depend upon the savings account product of DBS Bank and the debit card types offered with the bank.

How does DBS Bank calculate interest charged on Savings Account?

Interest on Savings Account is calculated on Quarterly basis. The following formula is used by DBS Bank to calculate interest on Savings Account.

Monthly interest=Amount (Daily balance)*(No of days)* Interest/Days in the year

Does DBS Bank offer Debit Card to the account holder?

Yes, DBS Bank offer Debit Cards to the account holders differing according to the product. Some of the popular savings account products of DBS Bank with the type of Debit Card offered are listed in the table below.

Savings Premium PlusInternational VISA Infinite Debit Card
Digi AccountVISA International Debit Card

What is the withdrawal limit of the account?

You can withdraw money from your savings account for a maximum Unlimited times in a month. Withdrawals over and above this limit may impose charges and may lead to deductions from your savings account.The withdrawal limit offered in DBS Bank is Unlimited

What is the eligibility criteria to open a savings account in DBS Bank?

To open a savings account in DBS Bank you need to fulfill the following eligibility criteria:

  • KYC via biometric authentication post registration
  • Valid Aadhaar number and Permanent Account Number (PAN)
  • You must have your basic KYC done

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DBS News - Dec 2021
  • 2021-03-09 : DBS Bank launched a travel marketplace on the digibank app
    DBS Bank introduced a travel marketplace on the digibank app. It will enable customers to browse and book flights, bus tickets and hotels across hundreds of destinations within and outside of India. DBS bank offers a savings account and currently the interest on the savings account is 4%.
  • 2017-12-06 : DBS introduces mutual funds on its digibank app
    DBS Bank will now offer its digibank customers a unique way to invest in mutual funds with a complete signature less and paperless on boarding on its mobile app. With this service, customer can make paperless on boarding, tracking and redemption in mutual funds within few minutes. The aim is to provide instant investment online service to its customers without having to depend on traditional channels.
  • 2017-09-04 : DBS Bank launches Digibank in Indonesia
    Singapore based DBS Bank has unveiled its Digibank a mobile led bank in Indonesia. The initiative will enable the bank customers to enjoy attractive rate of interest while registering for new accounts at DBS along with the higher ease of fund transfer and more flexibility with deposits.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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