Latest DBS Bank FD Interest Rate April 2023
DBS FD interest rates start from 2.50% to 7.50% for the general public, and 2.50% to 8% for senior citizens. The preferential interest rate of 0.50% is applicable to senior citizens with deposits below Rs.2 crore. The tenure ranges from 7 days to more than 5 years.
DBS bank also offers a variety of fixed deposit schemes for NRIs (Non-Resident Indians), including NRE fixed deposits, NRO fixed deposits and NRO fixed deposits.
DBS Bank FD Interest Rate 2023 Highlights
| Interest Rate | 2.5% to 8% |
| Tenure | 7 days to 5 years+ |
| Minimum Deposit | Rs.5,000 |
| Maximum Deposit | No Upper Limit |
| Lock-in Period | NA (5 years for tax saver) |
How to Calculate DBS Bank FD Interest Rate?
There are essentially two methods to calculate the interest earned on fixed deposits: simple interest method and compound interest and compound interest method Let’s understand how DBS bank FD rates are calculated via simple interest method..
DBS Bank FD Interest Rates – Simple Interest Calculation
The simple interest method involves a straightforward calculation of the interest earned at the end of the investment period, on the principal amount invested, at the predetermined rate.
The formula for simple interest calculation is as follows:
Simple Interest = (P * R * T)/100
Where,
- P = Principal amount invested
- R = Rate of interest (%)
- T = Tenure
Suppose you invest Rs.10,000 for a tenure of 5 years at 6% p.a. interest rate. In this case, P = Rs. 10,000, R = 6% and T = 5 years.
Simple Interest = (10,000 * 6 * 5)/100 = Rs.3,000
Maturity Value = Principal Amount + Simple Interest = Rs.10,000 + Rs.3,000 = Rs.13,000
Therefore, at the end of the 5-year tenure, the maturity value of your FD will be Rs. 13,000.
DBS Bank FD Interest Rates – Compound Interest Calculation
Let’s say you have invested Rs.50,000 for 5 years at an interest rate of 7% p.a. compounded monthly.
A = P (1 + r/n)^(n*t)
Where:
- A = the total amount of money accumulated after t years
- P = the principal amount (the initial investment)
- r = the annual interest rate (as a decimal)
- n = the number of times the interest is compounded per year
- t = the number of years the money is invested
In this case, P = Rs.50,000, interest rate = 7%, the number of compounding in a year is 12, i.e., 1 every month, the number of years of investment is 5 years
Using the compound interest formula, we get
A = 50,000 (1+0.07/12) ^ (12*5)
A, i.e. maturity amount = Rs.71,945.71
Interest amount = Rs.71,945.71 – Rs.50,000 = Rs.21,945.71
Therefore, the maturity amount of the investment after 5 years is Rs. 71,945.71, and the interest earned on the investment is Rs. 21,945.71.
Factors that Affect DBS Bank Fixed Deposit Rate
Listed below are the primary factors that affect the DBS Bank FD rates:
1. FD Investment Period
The duration of an FD investment is directly linked to its interest rate. Generally, long-term deposits earn higher interest rates than ultra short-term deposits.
2. Age
DBS Bank offers higher FD interest rates for senior citizens than the normal rates that apply to regular citizens (investing for tenures upward of 181 days in the case of DBS Bank).
3. RBI Policies
The repo rate set by the Reserve Bank of India (RBI) may have an impact on the FD interest rate. For instance, the recent repo rate hike made banks increase their FD interest rates.
4. Economic Conditions
DBS Bank FD interest rates can be influenced by the broader economic conditions in the country, especially factors of demand and supply.
DBS Bank FD Interest Rate for General Public
DBS Bank FD interest rates differ for senior citizens and the general public. DBS bank FD rates for the general public range from 2.75% to 7.5%.
The table represents DBS Bank FD interest rates for the general public.:
| Tenor | Regular |
| 7 days | 2.50% |
| 8 days to 14 days | 2.75% |
| 15 days to 29 days | 2.75% |
| 30 days to 45 days | 2.75% |
| 46 days to 60 days | 2.75% |
| 61 days | 3.25% |
| 62 days to 90 days | 3.00% |
| 91 to 180 days | 3.00% |
| 181 to 269 days | 4.75% |
| 270 to less than 1 year | 4.75% |
| 1 year to 375 days | 6.25% |
| 376 days to 540 days | 7.25% |
| 541 days to 599 days | 7.25% |
| 600 days | 7.25% |
| 601 days to 2 years | 7.25% |
| 2 years to 2 years 6 months | 7.25% |
| 2 years and 6 months | 7.25% |
| 2 years 6 months 1 day to 3 years | 7.50% |
| 3 years to 4 years | 6.50% |
| 4 years to 5 years | 6.50% |
| 5 years and above | 6.50% |
DBS Bank FD Interest Rate for Senior Citizens
DBS Bank offers an additional 0.50% preferential rate to senior citizens (60 years and above) who invest in the DBS Fixed Deposit for a term equal to or more than 181 days. However, this preferential rate applies only to investments less than Rs 2 cr, and only for domestic term deposits. It does not apply to NRE and NRO term deposits.
The DBS fixed deposit rate for senior citizens is given in the table below:
| Tenor | Senior Citizen |
| 7 days | 2.50% |
| 8 days to 14 days | 2.75% |
| 15 days to 29 days | 2.75% |
| 30 days to 45 days | 2.75% |
| 46 days to 60 days | 2.75% |
| 61 days | 3.25% |
| 62 days to 90 days | 3.00% |
| 91 to 180 days | 3.00% |
| 181 to 269 days | 5.25% |
| 270 to 1 year | 5.25% |
| 1 year to 375 days | 6.75% |
| 376 days to 540 days | 7.75% |
| 541 days to 599 days | 7.75% |
| 600 days | 7.75% |
| 601 days to 2 years | 7.75% |
| 2 years to 2 years 6 months | 7.75% |
| 2 years and 6 months | 7.75% |
| 2 years 6 months 1 day to 3 years | 8.00% |
| 3 years to 4 years | 7.00% |
| 4 years to 5 years | 7.00% |
| 5 years and above | 7.00% |
DBS Bank FD Interest Rate for NRI
The DBS Bank NRI fixed deposits also offer competitive interest rates, which can lead to higher returns on investment.
The different types of DBS Bank NRI FD accounts are:
- NRO Fixed Deposit Account
- NRE Fixed Deposit Account
- FCNR (Foreign Currency Non-Resident Account) Account
DBS Bank NRO FD Interest Rate
The DBS Treasures Non-Resident Ordinary (NRO) account fixed deposit is suitable for NRIs who receive regular income in India, such as rent from a property, mutual fund dividends, fixed deposits, and pension.
The table below highlights the DBS FD interest rates 2023 for NRO account holders.
| Tenor | Regular |
| 7 days | 2.50% |
| 8 days to 14 days | 2.75% |
| 15 days to 29 days | 2.75% |
| 30 days to 45 days | 2.75% |
| 46 days to 60 days | 2.75% |
| 61 days | 3.25% |
| 62 days to 90 days | 3.00% |
| 91 to 180 days | 3.00% |
| 181 to 269 days | 4.75% |
| 270 to less than 1 year | 4.75% |
| 1 year to 375 days | 6.25% |
| 376 days to 540 days | 7.25% |
| 541 days to 599 days | 7.25% |
| 600 days | 7.25% |
| 601 days to less than 2 years | 7.25% |
| 2 years to less than 2 years and 6 months | 7.25% |
| 2 years and 6 months | 7.25% |
| 2 years 6 months 1 day to less than 3 years | 7.50% |
| 3 years and less than 4 years | 6.50% |
| 4 years to less than 5 years | 6.50% |
| 5 years and above | 6.50% |
DBS Bank NRE FD Interest Rate
DBS Treasures NRE fixed deposits are fully repatriable, although your investment will be converted into Indian rupees. Upon repatriation, the amount can be converted to your desired currency. The principal amount and interest earned on NRE fixed deposits are tax exempted.
DBS NRE FD rates are given below:
| Tenure | Interest Rate p.a. |
| 1 year to 375 days | 6.25% |
| 376 days to 540 days | 6.50% |
| 541 days to 2 years | 6.25% |
| 2 years to 2 years 6 months | 5.75% |
| 2 years and 6 months | 5.25% |
| 2 years 6 months 1 day to 3 years | 5.25% |
| 3 years to 4 years | 5.00% |
| 4 years to 5 years | 5.00% |
| 5 years and above | 5.00% |
DBS Bank FCNR Rates
Depositors in the DBS Bank FCNR accounts can maintain their funds in any of six currencies, including USD, GBP, AUD, CAD, SGD, and HKD. Additionally, the account allows choosing a tenure between 1 to 5 years without a minimum deposit requirement. The deposit amount and the interest earned on the FCNR account are fully repatriable in foreign currency. Additionally, the interest earned on the FCNR account is exempt from income tax in India, making it a desirable option for NRIs seeking competitive interest rates on their deposits.
DBS Bank VS Other Banks FD Interest Rate
The table below shows the DBS FD interest rates compared with other banks’ FD interest rates. We have considered the ‘below Rs. 2 cr’ deposit as the benchmark and have included the senior citizen preferential rates in calculating the upper band of the interest rate. However, please note that DBS Bank only provides additional interest to senior citizens when the investment tenure is more than 181 days.
| Bank Name | Tenure | Interest Rate |
| SBI Fixed Deposit | 7 days to 10 years | 2.5% to 7% |
| HDFC Fixed Deposit | 7 days to 10 years | 3% to 7.25% |
| ICICI Fixed Deposit | 7 days to 10 years | 3% to 7.10% |
| Axis Bank Fixed Deposit | 7 days to 10 years | 3% to 7.26% |
| IndusInd Fixed Deposit | 7 days to 5 years and above | 3.50% to 8.25% |
| Indian Overseas Bank | 7 days to 10 years | 4.30% to 7.75% |
| Bank of Baroda Fixed Deposit | 7 days to 10 years | 3% to 7.55% |
| Bank of India Fixed Deposit | 7 days to 10 years | 3% to 7.80% |
| Union Bank Fixed Deposit | 7 days to 10 years | 3% to 8.05% |
| Kotak Bank Fixed Deposit | 7 days to 10 years | 2.75% to 7.70% |
| Punjab and Sind Bank Fixed Deposit | 7 days to 10 years | 2.80% to 7.60% |
| IDFC Bank Fixed Deposit | 7 days to 10 years | 3.50% to 8.25% |
| Yes Bank Fixed Deposit | 7 days to 10 years | 3.25% to 8.25% |
| Central Bank of India Fixed Deposit | 7 days to 10 years | 4% to 6.75% |
| Canara Bank Fixed Deposit | 7 days to 10 years | 4% to 7.75%* |
| Post Office Fixed Deposit/Time Deposit | 1 year to 5 years | 6.6% to 7% |
| Bandhan Bank Fixed Deposit | 7 days to 10 years | 3.75% to 8.50% |
Features and Benefits of DBS Bank FD
Listed below are the key features and benefits of DBS fixed deposits:
- Minimum tenure of 7 days
- Maximum tenure of 5 years and above
- Minimum deposit of Rs.5,000
- No upper limit for maximum deposit
- Senior citizens are eligible for 0.50% higher interest rate over the standard rate
- All your FDs are insured by DICGC for up to Rs. 5 lakhs.
What are the Different Types of FD Schemes Offered by DBS
DBS offers various FD schemes for depositors. Here are some of them:
- DBS Bank Fixed Deposit
- DBS Bank Flexi Deposit
- DBS Bank External Benchmark linked Deposits
- DBS Bank NRO Fixed Deposit
- DBS Bank NRE Fixed Deposit
- DBS Bank FCNR Deposit
1. DBS Bank Fixed Deposit
- Minimum Deposit: Rs.5,000
- Maximum Deposit: No Upper Limit
- Tenure: 7 days to 5 years+
- Interest Rate: 2.50% to 8%
- Eligibility Criteria: Indian resident
2. DBS Bank Flexi Deposit
- Minimum deposit: Rs. 10,000 and in increments of Rs. 1,000
- Maximum deposit: Rs.2 Crore
- Tenure: 374 days
- Eligibility: Indian Resident
3. DBS Bank External Benchmark Linked Deposits
- Minimum deposit: NA
- Maximum deposit: NA
- Tenure: 7 to 14 days
- Interest rate: 6.10%*
- Eligibility: NA
*Disclaimer: As and when RBI revises the benchmark rates, the rate of interest offered would accordingly revise with the same fixed spread for the next deposit creation.
4. DBS Bank NRO Fixed Deposit
- Minimum deposit: NA
- Maximum deposit: NA
- Tenure: 7 days to 5 years and above
- Interest rate: 2.5% – 7.5%
- Eligibility: Only Non-Resident individuals of Indian nationality or Indian origin
5. DBS Bank NRE Fixed Deposit
- Minimum deposit: NA
- Maximum deposit: NA
- Tenure: 1 year to 5 years and above
- Interest rate: 5% – 6.5%
- Eligibility: Only Non-Resident individuals of Indian nationality or of Indian origin
6. DBS Bank FCNR Deposit
- Minimum deposit: No minimum deposit amount
- Maximum deposit: NA
- Tenure: 1 year to 5 years
- Interest rate: On request
- Eligibility: Non-Resident Indians or those who have a PIO card (The Person of Indian origin) / OCI card (Overseas Citizen of India)
How to Invest in DBS Bank FD
You have two options to open a DBS FD account – via mobile app and website. The process is quick and easy, taking only a few minutes to maximise savings.
1. Via DBS Mobile Application
If you are using the DBS mobile app, follow these steps:
- Step 1: Select ‘Fixed Deposit’
- Step 2: Enter the deposit amount
- Step 3: Choose from Popular Plans or click on ‘Show All Plans’ and enter your desired tenure
- Step 4: Select ‘Done’ and then ‘Continue’
- Step 5: Provide Maturity instructions, Nominee and Deposit name.
- Step 6: Press ‘Next & Confirm”
- Step 7: Agree to the Terms and Conditions for Fixed Deposit.
And your Fixed Deposit will be created.
2. Via DBS Net-Banking
Alternatively, you can open a DBS fixed deposit account via DBS netbanking.
- Step 1: Sign in to your account
- Step 2: Go to the navigation menu and click on ‘Deposits’
- Step 3: Choose ‘Fixed Deposits’
- Step 4: Follow the given instructions to start your investment.
3. Via DBS Website
If you are using the DBS website:
- Step 1: Go to the website
- Step 2: Log in to your account and click on ‘Deposits’ in the navigation menu
- Step 3: Select ‘Open New Deposit’ to begin your investment.
Documents Required to Open DBS Bank FD
The primary documents required to open an FD account with the DBS Bank include the following:
- Aadhaar card
- Voter ID card
- PAN card
- Driving licence
- Passport size photographs
Eligibility to Open DBS Bank FD
You can open an FD account with the DBS Bank if you are one of the following:
- Any individual
- Hindu Undivided Family (HUF)
- Partnership firms
- Non-Resident Indians (NRIs)
- Limited Liability Partnership (LLP)
- Minor with a co-applicant
- Trusts
Taxation on DBS Bank FD Deposit Scheme
- Not all DBS Bank fixed deposits qualify for tax saving under Section 80C of the Income Tax Act. Only the 5-year tax saver FD fetches up to Rs.1.5 lakh tax deductions for the investors under Section 80C.
- The interest earned from the fixed deposit is taxable based on the depositor’s tax bracket.
- If the annual income from the deposit exceeds Rs.40,000 (or Rs.50,000 for senior citizens), a 10% TDS is applicable.
- If the depositor fails to provide their PAN Card details to the bank, the TDS rate will be 20%.
Final Word
DBS FD interest rates vary based on the investment tenure. Use DBS fixed deposit calculator to understand your FD returns for a particular tenure. Also, consider your investment goals and horizon before investing in fixed deposits.
If you’re looking for other investment avenues, you can consider investing with Navi Mutual Fund. Download the Navi app, select the fund that matches your goals and start investing.
Disclaimer: Mutual fund investments are subject to market risks, read all scheme related documents carefully.
FAQs
The minimum amount required to open a fixed deposit account with the DBS Bank is Rs.5,000.
The minimum investment horizon that DBS Bank offers on fixed deposit is 7 days. The maximum tenure is 5 years and above.
The interest rates for DBS Bank fixed deposits range from 2.50% to 7.50% pa for the general public and 2.50% to 8.00% pa for senior citizens, depending on the tenure and type of fixed deposit.
Yes. The interest income is subject to a TDS of 10% if the income from DBS Bank FD exceeds Rs.40,000 (Rs.50,000 for senior citizens) per annum. The bank may levy 20% TDS if the PAN card of the customer is not furnished to the Bank.
If you withdraw the deposit before maturity, the interest will be subject to a 1% deduction.
Any individual who is a resident of India and aged 18 years or above can open a fixed deposit account with DBS Bank. Minors (with a co-applicant), HUFs, LLPs, or Trusts can also open an FD account. Non-resident Indians (NRIs) can also open an NRE, NRO, or FCNR fixed deposit account with the bank.
Disclaimer
This article is solely for educational purposes. Navi doesn't take any responsibility for the information or claims made in the blog.
