DBS Bank Limited, also known as DBS, is a multinational financial and banking service provider headquartered in Marina Bay Financial Centre, Singapore. This is a Singapore-based bank incorporated in 2003. Presently, it is considered one of Asia’s largest banks, having a global presence in several countries, including India.
When you think about investing your money for future use, there is always a question in your mind, “will it be safe, and will I get guaranteed returns on my investment?” Well, the easiest answer to these questions is a fixed deposit. Opening a fixed deposit account enables you to save your hard-earned money for a fixed period at a fixed interest rate.
DBS Bank FD rates start from 2.50% and go up to 8.005 per annum, based on the tenure and type of applicant. Let us take a closer look at the different features of the DBS Bank fixed deposit account:
|Maximum Deposit||No maximum limit|
|Minimum Tenure||7 days|
|Maximum Tenure||10 years|
|Interest Rates||2.50% – 8.00% (including rates for senior citizens)|
|Lock-in Period||No data found|
|Senior Citizen||2.50% – 8.00%|
|General Citizen||2.50% – 7.50%|
DBS Bank FD Interest Rates 2023
|Tenure||General Citizen||Senior Citizen|
Features and Benefits of DBS Bank FD
DBS FD interest rates vary mainly due to the tenure and the applicant type, whether you are a general or senior citizen. Here are some of the key benefits and features of a DBS Bank FD account:
- The tenure of DBS Bank fixed deposits is flexible and ranges from a minimum period of 7 days to a maximum of 10 years.
- Your fixed deposit account with DBS Bank is insured up to an amount of ₹5,00,000 under DICGC.
- DBS FD rates for senior citizens are higher for general individuals. They get an additional 0.50% interest rate on top of general rates.
- Digi Bank by DBS is a mobile application that helps you manage your details and instructions regarding your FDs from anywhere and at any time.
- A premature withdrawal FD facility is available. You do not have to pay any penalty for withdrawals below ₹15 lakhs.
- DBS Bank offers you the auto-renewal facility on your FD account. You can instruct the bank about auto-renewal terms after your FD matures.
How to Book DBS Bank FD?
Booking a DBS Bank FD is a hassle-free process. You can either choose the online or offline method to start your FD and invest the sum of your choice. The steps have been discussed below:
You can book your DBS Bank FD online by either using the bank’s official website and mobile app:
1. Using Digibank iBanking Website
Here are some easy steps to follow to book your fixed deposit with DBS Bank using its Internet Banking process.
Step 1: Open the official website of DBS Bank and log in with your credentials.
Step 2: Select the ‘Deposits’ option from the navigation menu.
Step 3: Click the ‘Open New Deposit’ tab and follow the instructions provided to start your investment.
Step 4: Fill up the application form with all necessary details, pay the deposit sum and click ‘Confirm’ to complete the FD account opening process.
2. Using the Digibank Mobile App
Here are the steps you must follow to book your fixed deposit account using the mobile app.
Step 1: Log in to your Digibank account using valid credentials.
Step 2: Navigate to the menu and select the ‘Deposits’ option.
Step 3: Under the’ deposit’ tab, select the option ‘Fixed Deposits’ option.
Step 4: Follow all the instructions provided to you on your screen, fill in your details, pay the deposit sum and click on ‘Confirm’ to complete the booking process.
To open your FD account with DBS Bank offline, you need to personally go to the nearest branch of DBS Bank. You must complete the application form for the DBS Bank FD and furnish all essential information and documents, accompanied by the deposit sum. Once DBS Bank successfully processes the application, they will furnish you with an FD receipt.
Documents Required to Book DBS Bank FD
A few documents are necessary to produce while booking your DBS Bank FD. They are:
- Passport-size photographs.
- PAN Card.
- Address Proof – Aadhaar card, Voter ID card, Driving licence, Utility bills, Passport.
- FD application form.
- Government ID Proof (anyone) – Passport, Voter ID card, PAN card, Aadhaar card, Driving licence.
- Age proof – Higher Secondary education certificate, Aadhaar card, Voter ID card, etc.
- Bank details and other documents as requested by DBS Bank.
Eligibility to Open DBS Bank FD
The eligibility criteria that you must fulfil before applying for a DBS Bank FD account are as follows:
- Type of Applicant: An individual, Partnership firms, HUFs (Hindu Undivided Families), Limited Liability Partnerships (LLP), Non-Resident Indians (NRIs), Trusts and Societies, etc.
- Age of Applicant: 18 years or more.
Types of DBS Bank FD Schemes
DBS Bank is seen to offer only a few FD schemes to people to invest their money. The DBS Bank FD interest rates are competitive in the market and change as per the scheme and tenure related to it. Here, we will give you a detailed discussion of the types and eligibility criteria of different FD schemes of the bank, along with a few of their features.
1. Regular Fixed Deposit Scheme
This fixed deposit scheme allows you to invest a certain sum of money for a fixed tenure and at a fixed interest rate. You get different facilities with this plan, such as a nomination facility, the option to withdraw your investment prematurely and auto-renewal of the account.
This scheme is available for different individuals, including NRIs and minors. You can open this account instantly using the bank’s mobile app and complete the process paperlessly.
- Minimum Amount: ₹5,000
- Maximum Amount: No maximum limit
- Tenure: 7 days to 10 years
- Interest Rates: 2.50% to 7.50% for general citizens and 2.50% to 8.00% for senior citizens.
- Eligibility Criteria: Indian residents, NRIs and minors.
2. Tax Saver Fixed Deposit Scheme
DBS Bank offers its customers a tax-saving fixed deposit scheme. Here, you can claim tax deductions of up to ₹1,50,000 each year under Section 80C of the Income Tax Act 1961. Senior citizens are also eligible to open this FD scheme.
The lock-in period on this plan is 5 years; this means that you cannot prematurely withdraw your investment before completing 5 years. Moreover, you are eligible to assign a nominee to this account and can choose monthly or quarterly interest payouts.
- Minimum Amount: ₹1,000
- Maximum Amount: ₹1,50,000 each year
- Tenure: 5 years
- Interest Rates: 6.50% for general citizens and 7.00% for senior citizens.
- Eligibility Criteria: Indian residents
It is advisable to properly understand the accompanying terms and conditions before committing your cash to any FD plan. This is especially true if you think of investing in DBS Bank’s fixed deposits. It is critical to thoroughly investigate elements such as DBS Bank FD rates, tenures, and penalties. Decide on the tenure and principal amount strategically to fit with your financial goals and grow your investment securely.