Increase in interest rates on FDs below Rs 2 crore.
The new rates of the bank have become effective from July 28.
Recently SBI, Axis Bank, IDBI Bank etc. have also increased their FD rates.
New Delhi. After the increase in the repo rate by the Reserve Bank of India (RBI), banks have also started increasing the interest rates. Apart from increasing the interest rate on loans, interest rates on bank deposits have also started increasing. Meanwhile, DBS Bank of the private sector has given a big gift to its customers. The bank has announced to again increase the interest rates on Fixed Deposits. The new rates of the bank have come into effect from July 28, 2022. Earlier, the bank had increased the interest rates on July 15, 2022.
up to 0.50% increase
DBS Bank has increased the interest rates on FDs of less than 2 crores. The bank has increased the FD interest rates by 50 bps i.e. up to 0.50 percent on select tenors. FDs are offered in DBS Bank with a minimum tenure of 7 days and maximum of 10 years.
new interest rates of dbs bank
FDs are offered in DBS Bank with a minimum tenure of 7 days and maximum of 10 years. According to the DBS website, simple interest rate will be paid on FDs of less than 6 months. For FDs of 6 months or more, compound interest will be given on quarterly basis.
7 days – 2.50 percent
8 to 14 days – 2.75 percent
15 to 29 days – 2.75 percent
30 to 45 days – 2.75 percent
46 to 60 days – 2.75 percent
61 to 90 days – 3.00 percent
91 to 180 days – 3.00 percent
181 to 269 days – 4.75 percent
270 to less than one year – 4.75 percent
375 days to a year – 5.75 percent
376 days to less than 2 years – 6.00 percent
2 years to 2 years to less than 6 months – 6.50 percent
2 years 6 months – 6.50 percent
2 years 6 months 1 day to less than 3 years – 6.50 percent
3 years to less than 4 years – 6.25 percent
4 years to less than 5 years – 6.25 percent
5 years and above – 6.25 per cent
Many banks have increased FD rates
It is worth noting that recently SBI, Axis Bank, Indian Overseas Bank, Punjab and Sind Bank, IDBI Bank etc. have also increased their FD rates. This process of increasing the rates has started after the increase in the repo rates by the RBI.
FIRST PUBLISHED : July 29, 2022, 14:14 IST