DBS Bank has revised its savings account interest rates. The Singapore-based lender will give 3.25 to 5 percent interest rate on amounts ranging from Rs 1 lakh to above Rs 5 crore. The new rates came into effect from 26 September.
The interests are going to be paid at quarterly intervals or on any other intervals as determined by the bank from time to time. The interest will be calculated on daily available balance as needed by the regulator or as an outcome of the bank’s own decision. The interest rate on digiSavings is subject to alteration from time to time at the bank’s discretion and/or according to RBI directives.
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DBS Bank is offering an interest rate of 3.25 percent for savings up to Rs 1 lakh. For balances between Rs 1 lakh and Rs 2 lakh, an interest rate of 3.5 percent is on offer. An interest rate of 4 percent will be provided on balances above Rs 2 lakh and Rs 5 lakh. However, the rate is lower at 3 percent for balances above Rs. 5 lakh and below Rs 50 lakh. The highest interest rate, 5 percent, is applicable on the balances between Rs 50 lakh and Rs 5 crore, or above.
When it comes to fixed deposit interest rates, DBS Bank is offering rates between 2.5 percent to 6.25 percent. “Simple Interest rate will be paid on fixed deposits below 6 months. For fixed deposits of 6 months or above, interest will be compounded quarterly,” as per the lender.
DBS Bank provides a wide range of services across Asia and the Middle East in consumer, corporate, and SME banking activities. Based in Singapore, DBS is a midsized Asian bank containing about 22,000 employees. It was formed by the Singapore government in 1968 to help in the modernisation of the island nation. To strengthen its efforts of corporate social responsibility in Singapore and Asia, DBS has established SGD 50 million foundation. It has been named as “World’s Best Digital Bank” by Euromoney.
