|Tenure||Regular customers||Senior citizens|
The Period that begins from 7 days to 1 year or less than a year are known as short term fixed deposits, and their interest rates start from 2.50% to 3.50% depending on the number of days of the deposit for general customers, and the same for senior citizens.
A Medium-term fixed deposit, that is, from 1 year to 5 years, withhold interest rates are 4.25% to 5.50% for general customers and the same for senior citizens according to the period of lock-in.
A Long-term FD goes from 5 years and more, and the interest rate is 5.50% for general customers and same for senior citizens.
A DBS Bank FD account can be opened through different modes like Mobile App, Internet Banking, and offline.
1) Internet Banking
Follow the below-mentioned steps for opening a DBS Bank FD account via internet banking-
2) Mobile App - Digibank Mobile App
Follow the steps mentioned ahead to open an FD account via DBS Bank Digibank Mobile App-
3) Opening DBS Bank FD Offline
For opening a DBS Bank FD account via offline mode, one has to visit the nearest DBS Bank branch. Fill out the DBS Bank FD application form and present all the necessary documents with the deposit amount. On successful processing of the application, an FD receipt will be provided by the DBS bank.
Individuals or entities satisfying the following criteria can opt for a fixed deposit in DBS bank –
The following documents have to be furnished for opening a DBS FD –
An investment in DBS Bank Tax Saving FD entitles to tax saving up to Rs. 1,50,000 p.a. No other DBS Bank entitle to tax saving under Section 80C of the Income Tax Act.
Also, note that the interest income from the DBS Bank Fixed Deposit is taxable according to the slab rates of income tax. Also, the interest income is subject to a TDS of 10% if the income from DBS Bank FD exceeds Rs. 40,000 p.a.
For senior citizens, the limit is Rs. 50,000 p.a. Also, if the investor fails to provide PAN Card details to the bank, the TDS rate will be 20%.
DBS Bank provides loans against their Fixed Deposits. Investors can receive up to 80% of the deposit as a loan against their DBS Bank Fixed Deposit. The rate of interest on loan depends on DBS Bank terms and conditions.
All DBS Bank Fixed Deposits can be withdrawn prematurely. Note that for all deposits above Rs 15 lakhs, the DBS Bank levies 1% on withdrawing prematurely.
Is it possible to cancel the fixed deposit before it matures?
A deposit can be canceled at any time. To do so, the depositor must log in to the ‘DigiBank App' and pick the ‘Manage' button under the ‘Term Deposits' area. However, the depositor must pay a penalty for requesting an early closure. The remaining balance of the deposit will be remitted immediately to the connected savings account by the bank. It will take at least one working or business day. For additional information, visit the branch or contact the bank's customer service staff.
What are the advantages of a DBS Fixed Deposit?
The following are some of the advantages of using DBS fixed deposit schemes:
What is the minimum amount and duration of DBS Bank's term deposits?
The minimum deposit amount for DBS Bank's Fixed Deposits is Rs. 5,000. These FDs have maturities ranging from 3 months to 5 years. For further information, please contact your relationship manager or visit your local DBS Bank office.
What documents do I need for the FD?
Is there a nomination option in the DBS FD?
DBS Bank also provides a nomination function for Fixed Deposits, allowing the depositor's estate to collect the sum in the event of the depositor's death. When creating a DBS Bank FD account, you may only nominate one person. At the time of claim, the candidate must provide identification.
Who is eligible for the scheme?