The bank is offering an interest rate of 2.50 per cent on fixed deposits maturing in 7 days. Whereas, the bank has an interest rate of 2.75 per cent on deposits maturing in a period ranging from 8 days to 60 days.
DBS Bank India has increased the interest rates on fixed deposits of less than Rs 2 crore. The bank has increased the interest rate on FDs of 601 days to three years by up to 100 basis points. On DBS Bank FD, general people are getting interest from 2.50 per cent to 6.50 per cent and for senior people, interest is at the rate of 5.25 per cent to 7.00 per cent.
Getting interest up to 8%
From February 23, DBS Bank will offer a maximum interest rate of eight per cent to senior citizens and 7.50 per cent to non-senior citizens. These interest rates are applicable to FDs with maturity of less than 2 years, 6 months, 1 day and 3 years.
The bank is offering an interest rate of 2.50 per cent on fixed deposits maturing in 7 days. Whereas, DBS Bank has an interest rate of 2.75 per cent on deposits maturing in a period ranging from 8 days to 60 days. At the same time, there is an interest rate of 3.25 per cent on FDs with a duration of 61 days and 3 per cent on fixed deposits of 62 days and above.
Know the latest rates
Fixed deposits maturing in 181 days to less than one year will get interest at the rate of 4.75 per cent. Whereas, FD with tenure up to one year and 375 days will have 6.25 percent interest rate. On the other hand, there will be an interest rate of 7.25 percent on fixed deposits maturing in 376 days to 600 days. On the other hand, the interest rate on fixed deposits maturing in 601 days to two years and 6 months has been increased from 6.50 per cent to 7.25 per cent. That is, it has been increased by 75 basis points.
Let us tell you that amidst the volatility in the stock markets, everything is looking good for the Fixed Deposit investors as almost all the banks are offering interest giving inflation beating returns. As the Reserve Bank of India (RBI) has increased the repo rate for six consecutive times and banks have increased the interest rates on FDs throughout the investment period. In the 10 months of 2022, inflation has been more than 6 percent. After which, to deal with inflation, RBI increased the repo rate by 250 basis points from May 2022 to February 2023 and brought the interest rates to 6.50 percent.
