DBS Bank revises FD interest rates: senior citizens can earn up to 8% (2024)

DBS Bank has revised the interest rates of its fixed deposits below Rs 2 crore. After the revision, DBS Bank offers interest rates ranging from 2.50% to 7.50% to the general public and 2.50% to 8% to senior citizens. DBS Bank will offer a maximum interest rate of 8% to senior citizens and 7.50% to non-senior citizens on deposits maturing between two years and six months and less than three years. The new rates are effective from February 23, 2023.

Also read: How interest on bank FD is calculated in case of premature withdrawal

DBS Bank FD Rates

For fixed deposits that mature in seven days, the bank will pay an interest rate of 2.50%. DBS Bank offers an interest rate of 2.75% on deposits maturing between eight days and 60 days. DBS Bank offers interest rates of 3.25% for deposits maintained for 61 days or less and 3% for deposits held for 62 days or more.

The interest rate on deposits that mature between 181 days and less of a year will be 4.75%. The interest rate on deposits maturing between a year and 375 days is 6.25%. The bank offers an interest rate of 7.25% on fixed deposits maturing between 376 days and 600 days. After the revision, the bank will now offer an interest rate of 7.25% on deposits maturing between 601 days and less than two years and six months.

The bank offers the highest interest rate of 7.50% on the tenure of two years and six months to less than three years. The bank will offer an interest rate of 6.50% on tenure of three years and above.

Tenor	Regular	Senior Citizens
7 days	2.50%	2.50%
8 days & up to 14 days	2.75%	2.75%
15 days & up to 29 days	2.75%	2.75%
30 days & up to 45 days	2.75%	2.75%
46 days & up to 60 days	2.75%	2.75%
61 days	3.25%	3.25%
62 days & up to 90 days	3.00%	3.00%
91 to 180 days	3.00%	3.00%
181 to 269 days	4.75%	5.25%
270 to less than 1 year	4.75%	5.25%
1 year to 375 days	6.25%	6.75%
376 days to 540 days	7.25%	7.75%
541 days to 599 days	7.25%	7.75%
600 days	7.25%	7.75%
601 days to less than 2 years	7.25%	7.75%
2 years to less than 2 years & 6 months	7.25%	7.75%
2 years & 6 months	7.25%	7.75%
2 years 6 months 1 day & less than 3 years	7.50%	8.00%
3 years and less than 4 years	6.50%	7.00%
4 years to less than 5 years	6.50%	7.00%
5 years and above	6.50%	7.00%

Senior citizen FD rates
DBS Bank offers an additional 50 basis points to resident senior citizens on FD bookings of below Rs 2 crore.

Also read: Latest Bank Fixed Deposit (FD) Interest Rates in India for 2023

How interest on fixed deposit is calculated
According to the DBS Bank website, “Various factors like the amount invested, duration of the FD, rate of interest, and computation frequency play a role in the interest you earn on your fixed deposit. Though you needn't worry about complex calculations, you still need to know your fixed deposit's interest rate to estimate how much you've accumulated over the tenure.”