DBS Bank now offers interest rates in the range of 2.5-6.25 per cent for the general public and 3-6.75 per cent for senior citizens
Private sector lender DBS Bank India has hiked its interest rates on fixed deposits (FD) for funds below Rs 2 crore. The new rates have become effective from Thursday (July 28). The lender has increased interest rates across tenures. It now offers interest rates in the range of 2.5-6.25 per cent for the general public and 3-6.75 per cent for senior citizens.
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The move to hike FD interest rate by DBS Bank comes after several other lenders, including Bank of Baroda, Kotak Mahindra Bank and PNB, also raised their rates on deposits and loans. The lenders are raising the FD rates as the RBI’s Monetary Policy Committee (MPC) hiked the key repo rates in order to control inflation in the country.
The MPC in its previous policy review in June raised the key repo rate by 50 basis points (bps), which was the second hike within almost a month after it increased 40 basis points in an off-cycle policy review in May. The retail inflation in June stood at 7.01 per cent, which is slightly lower than the 7.04 per cent recorded in May but is higher than the RBI’s target limit of 2-6 per cent.
Here are the revised interest rates (per annum) on fixed deposits below Rs 2 crore at the DBS Bank effective from July 28:
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7 days – For General Public: 2.50 per cent; For Senior Citizens: 3.00 per cent
8 days to 14 days – For General Public: 2.75 per cent; For Senior Citizens: 3.25 per cent
15 days to 29 days – For General Public: 2.75 per cent; For Senior Citizens: 3.25 per cent
30 days to 45 days – For General Public: 2.75 per cent; For Senior Citizens: 3.25 per cent
46 days to 60 days – For General Public: 2.75 per cent; For Senior Citizens: 3.25 per cent
61 days to 90 days – For General Public: 3.00 per cent; For Senior Citizens: 3.50 per cent
91 days to 180 days – For General Public: 3.00 per cent; For Senior Citizens: 3.50 per cent
181 days to 269 days – For General Public: 4.75 per cent; For Senior Citizens: 5.25 per cent
270 days to less than 1 year – For General Public: 4.75 per cent; For Senior Citizens: 5.25 per cent
1 year days to 375 days – For General Public: 5.75 per cent; For Senior Citizens: 6.25 per cent
376 days and less than 2 years – For General Public: 6.00 per cent; For Senior Citizens: 6.50 per cent
2 years and 6 months – For General Public: 6.50 per cent; For Senior Citizens: 7.00 per cent
2 years 6 months 1 day and less than 3 years – For General Public: 6.50 per cent; For Senior Citizens: 7.00 per cent
3 years and less than 4 years – For General Public: 6.25 per cent; For Senior Citizens: 6.75 per cent
4 years to less than 5 years – For General Public: 6.25 per cent; For Senior Citizens: 6.75 per cent
5 years and above – For General Public: 6.25 per cent; For Senior Citizens: 6.75 per cent.
