DBS Bank is a leading financial services group in Asia with a presence in 18 markets. It is headquartered and listed in Singapore. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world and this is the reason why it is considered Asia's safest bank. It offers fixed deposits that can help investors secure flexibility, maximize savings, and earn returns without risks.
The bank offers fixed deposits ranging from 2.50% to 6.25%. Meanwhile, preferential rate of 50bps will be provided to resident senior citizen on FD bookings less than Rs 2 crore. Senior Citizen preferential rate is applicable only for domestic term deposits. Senior citizen preferential rate benefit is not applicable for NRO and NRE term deposits. The latest fixed deposit interest became effective with effect from July 28, 2022. Check details below for more information on interest rate for general citizens and senior citizens:
1. Fixed Deposit For General Citizens
The bank offers minimum interest rate of 2.50% on fixed deposits for the tenor of 7 days. The maximum interest rate of 6.50% is available under the tenor of 2 years & less than 2 years 6 months, 2 years & 6 months, and 2 years 6 months 1 day & less than 3 years. The maximum tenor offered by the bank is 5 years and above with an interest rate of 6.25% p.a. These rates are applicable for deposits less than Rs 2 crore.
Check the table below for more details:
|Fixed Deposits||Recurring Deposits|
|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 & up to 90 days||3.00%||3.00%|
|91 days to 180 days||3.00%||3.00%|
|181 days to 269 days||4.75%||4.75%|
|270 days to less than 1 year||4.75%||4.75%|
|1 year to 375 days||5.75%||5.75%|
|376 days to less than 2 years||6.00%||6.00%|
|2 years & less than 2 years 6 months||6.50%||6.50%|
|2 years & 6 months||6.50%||6.50%|
|2 years 6 months 1 day & less than 3 years||6.50%||6.50%|
|3 years and less than 4 years||6.25%||6.25%|
|4 years to less than 5 years||6.25%||6.25%|
|5 years and above||6.25%||6.25%|
2. Fixed deposit for senior citizens
The bank is offering a preferential rate of 50bps to senior citizens on FDs less than Rs 2 crore. The rate of interest on FDs remain same both for senior citizens and general citizens for FDs beginning from 8-14 days to 91-180 days. Senior citizens will begin to fetch additional .50% for FDs for the tenor of 181 days to 269 days at 5.25% p.a. The maximum interest offered is 7% for FDs for the tenor of 2 years & less than 2 years 6 months, 2 years & 6 months, and 2 years 6 months 1 day & less than 3 years.
Check the table below for more details:
|Tenure||Regular Citizens||Senior Citizens|
|8 days to 14 days||2.75||2.75|
|15 days to 29 days||2.75||2.75|
|30 days to 45 days||2.75||2.75|
|46 days to 60 days||2.75||2.75|
|61 days to 90 days||3||3|
|91 days to 180 days||3||3|
|181 days to 269 days||4.75||5.25|
|270 days to less than 1 year||4.75||5.25|
|1 year to 375 days||5.75||6.25|
|376 days to less than 2 years||6||6.5|
|2 years & less than 2 years 6 months||6.5||7|
|2 years & 6 months||6.5||7|
|2 years 6 months 1 day & less than 3 years||6.5||7|
|3 years & less than 4 years||6.25||6.75|
|4 years & less than 5 years||6.25||6.75|
|5 years & above||6.25||6.75|
3. Why DBS is considered to be Asia's safest bank?
DBS Bank announced that it has been named the "Safest Bank in Asia" for the 12th consecutive year by New York-based trade publication Global Finance. DBS' rankings as the fourth-safest commercial bank in the world and 14th safest bank globally remains unchanged from 2019 and 2018.
Joseph D. Giarraputo, Global Finance publisher and editorial director, said, "For most of 2020, the world has been lashed by the COVID-19 pandemic, a steep drop in economic activity and, in some cases, serious social unrest. Any of these developments could have significantly impacted banks' credit worthiness. Surprisingly however, the relative position of the world's largest banks on Global Finance's World's Safest Banks 2020 lists has been mostly stable. One can only speculate on when, or if, the changes will come. In the meantime, the rankings will be used by companies, investors and individuals to gauge the relative safety of the banks with which they choose to do business."
"In a year of major turbulence on several fronts, DBS is confirmed to be the safest bank in Asia for the 12th consecutive year and one of the World's Safest Banks globally. It is a sign of the bank's strength and resiliency, and the result of its strong presence in key markets across the region," added Global Finance.
4. Amalgamation of Lakshmi Vilas Bank with DBS Bank India Limited
Lakshmi Vilas Bank (LVB) is now amalgamated with DBS Bank India Limited (DBIL), the wholly owned subsidiary of DBS Group Holdings Ltd. The scheme of amalgamation is under the special powers of the Government of India and Reserve Bank of India under Section 45 of the Banking Regulation Act, 1949, India, and came into effect on 27 November 2020.