DBS Bank Fixed Deposit

DBS Bank offers multiple fixed deposits for various tenures with different interest rates to its investors. The interest rate on DBS Bank FDs is higher than their savings account. One can invest in DBS FDs through both online (digibank) and offline modes with a minimum investment of INR 5,000. This article covers DBS Bank FD, its features and interest rates in detail.

DBS Bank Fixed deposit schemes

Regular Fixed Deposit

Regular Fixed Deposit

This scheme is the only FD scheme offered by DBS Bank. Following are the features of this scheme:

• Tenure: 90 days to 10 years
• Interest Payout: Interest is paid at maturity
• Nomination Facility: Available
• Loan Facility: Available
• Eligibility: Resident Indians, partnership firms, private or public limited companies, Hindu Undivided Family, and trusts

Key Features of DBS Bank Fixed Deposit Schemes

• Tenure: The tenure of a DBS Bank FD ranges from ninety days to ten years. One cannot change the tenure of their DBS Bank FD once it has commenced.
• Minimum and maximum investment: The minimum investment in DBS Bank FD is INR 5,000. However, there is no limit on the maximum amount of investment in DBS Bank FD.
• DBS Bank FD rates: DBS Bank FD rates range between 2.5% and 7.5% for regular citizens and for senior citizens 2.5% and 8.0%. DBS Bank pays interest at maturity or upon withdrawal.
• Premature withdrawal: All DBS Bank FDs can be withdrawn prematurely. For all deposits above INR 15 lakhs, the DBS bank charges 1% if withdrawn prematurely.
• Loan against FD: DBS Bank offers loans against their FDs. Investors can get up to 80% of the deposit amount as a loan against their DBS Bank FD investment. Also, the interest rate on loan will depend on DBS Bank norms.
• Nomination: DBS Bank FD investors can nominate beneficiaries for their FDs.
• Auto-renewal facility: DBS Bank offers an auto-renewal facility on their FDs.
• Safety: The Deposit Insurance Scheme of RBI covers all DBS Bank deposits. The scheme covers all DBS Bank deposits up to INR 5,00,000.
• Additional payments: Investors cannot deposit an additional amount in a DBS Bank FD once it has commenced. However, they can open a fresh DBS Bank FD with the new amount.

How to open a DBS Bank FD deposit account?

One can open a DBS Bank FD account through various modes such as Internet Banking, Mobile App and offline.

Internet Banking

The following steps will help an individual to open a DBS Bank FD account through internet banking:

• Login to the DBS Bank digibank ibanking website.
• Click on ‘Deposits’ in the navigation menu.
• Then select ‘Open New Deposit’ to start investing in DBS FD.

Through Mobile App

Digibank Mobile App

The following steps will guide in opening an FD account through Digibank Mobile App:

• Download the Digibank Mobile App on your mobile.
• Login to your Digibank account and tap on ‘Deposits’ in the navigation menu.
• Under Deposits, select ‘Fixed Deposits’
• Then follow instructions to begin investing.

Offline TMB Bank FD Opening

To open a DBS Bank FD account offline, one has to visit the nearest DBS Bank branch. Fill the DBS Bank FD application form and submit all the necessary documents along with the deposit amount. On successfully processing the application, DBS Bank will provide an FD receipt.

Documents required to Open a DBS Bank FD

To open a DBS Bank fixed deposit scheme, one would need the following documents:

• DBS Bank FD application form
• Passport size photographs
• Government ID proof (PAN Card, Passport, Aadhar Card, Voter ID, and Driving License)
• Address proof (Aadhar Card, Utility bills, and Passport)

Eligibility to Open a DBS Bank FD

Resident Indians, partnership firms, private or public limited companies, Hindu Undivided Family, and trusts are eligible to open an FD account with DBS Bank.

Does DBS Bank offer Recurring Deposits?

DBS Bank offers recurring deposits to its depositors. DBS Bank recurring deposits have a minimum tenure of 90 days and a maximum tenure of 10 years. Depositors can open an RD account either by going to the DBS Bank branch or online using internet banking. The minimum investment in DBS Bank RD is INR 500. The interest rate on DBS RDs is in the range of 2.75% to 5.5% for regular citizens and senior citizens.

Is FD interest taxable?

Investment in DBS Bank FDs doesn’t qualify for tax saving under Section 80C of the Income Tax Act. The interest income from DBS Bank FD is taxable as per the investor’s income tax slab rates. Moreover, the interest income is subject to a TDS of 10% if the income from DBS Bank FD exceeds INR 40,000 per annum. For senior citizens, the limit is INR 50,000 per annum. Also, if the investor doesn’t disclose PAN Card details to the DBS Bank, then the TDS rate will be 20%.

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