DBS Bank FD Interest Rates

DBS Bank offers competitive Fixed Deposit interest rates ranging from 2.50% to 8.00% for regular citizens and 3.00% to 7.50% for senior citizens of Singapore. These rates surpass those of many banks, making DBS an appealing choice for investors. Fixed Deposits provide higher interest than standard savings accounts, and DBS stands out as a reliable option with varying Rates of Interest (ROI) compared to other lenders.

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We are rated~
rating
6.7 Crore
Registered Consumers
51
Insurance Partners
3.4 Crore
Policies Sold

DBS Bank Fixed Deposit Rates

  1. For Regular Citizens and Senior Citizens:

    The following are the DBS Bank FD rates w.e.f. 10 July, 2023 for regular and senior citizen accounts: 


    Tenor 
    Interest Rates (% p.a.) 
    Regular Citizen  Senior Citizen
    7 days 2.50% 2.50%
    8 days & up to 14 days 2.75% 2.75%
    15 days & up to 29 days 4.00% 4.00%
    30 days & up to 45 days 2.75% 2.75%
    46 days & up to 60 days 2.75% 2.75%
    61 days 4.50% 4.50%
    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 to 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%

    *The FD Rates are subject to change, without any prior notice. Standard T&C Apply

  2. NRO Fixed Deposit Interest Rates of Deposits Less Than Rs 2 Crore w.e.f. 10 July 2023:

    Tenure Interest Rates (% p.a.) for Regular Citizens
    7 days 2.50%
    8 days & up to 14 days 2.75%
    15 days & up to 29 days 4.00%
    30 days & up to 45 days 2.75%
    46 days & up to 60 days 2.75%
    61 days 4.50%
    62 days & up to 90 days 3.00%
    91 to 180 days 3.00%
    181 to 269 days 4.75%
    270 to less than 1 year 4.75%
    1 year to 375 days 6.25%
    376 days to 540 days 7.25%
    541 days to 599 days 7.25%
    600 days 7.25%
    601 days to less than 2 years 7.25%
    2 years to less than 2 years & 6 months 7.25%
    2 years & 6 months 7.25%
    2 years 6 months 1 day & less than 3 years 7.50%
    3 years and less than 4 years 6.50%
    4 years to less than 5 years 6.50%
    5 years and above 6.50%
  3. Non-Resident External (NRE) Fixed Deposit Interest Rates of Deposits Less Than Rs 2 Crores w.e.f. 10 July 2023:

    Tenure Interest Rates (% p.a.)
    1 year to 375 days 6.25%
    376 days to 540 days 6.50%
    541 days to less than 2 years 6.25%
    2 years & less than 2 years 6 months 5.75%
    2 years & 6 months 5.25%
    2 years 6 months 1 day & less than 3 years 5.25%
    3 years and less than 4 years 5.00%
    4 years to less than 5 years 5.00%
    5 years and above 5.00%

    *The FD Rates are subject to change, without any prior notice. Standard T&C Apply

What are the Features and Benefits of DBS Bank Fixed Deposit for NRIs?

  • NRE fixed deposits offer the dual advantage of tax exemption in India for both principal and earned interest.

  • Enjoy the flexibility to freely repatriate the principal amount along with the accrued interest to your country of residence through your NRE FD account.

  • Benefit from competitive interest rates, enhancing the appeal of NRE fixed deposits for NRIs.

  • Explore the option to hold the NRE FD jointly, allowing collaboration with more than one non-resident Indian.

  • Choose from flexible tenures ranging from one year to 10 years when opening an NRE FD.

  • Effortlessly renew your NRE fixed deposit online, ensuring a hassle-free process for account management.

  • Assign a nominee to your NRE FD, providing an added layer of security and peace of mind.

  • Consider the DBS Treasures Non-Resident Ordinary (NRO) account fixed deposit if you are an NRI with regular income sources in India, such as rental property, fixed deposits, pension, or mutual fund dividends.

  • While interest earned on NRO account deposits is taxable under the Income Tax Act of 1961, enjoy the flexibility of transferring the entire interest earned to a foreign currency.

  • Open the NRO fixed deposit jointly with either a non-resident or resident Indian citizen, offering versatility in account ownership.

  • Earn higher interest rates and returns on rupee income, making the NRO fixed deposit a lucrative option for NRIs.

What are the Documents Required to Open Fixed Deposit Accounts for NRIs?

  1. For NRI (Non-Resident Indian)

    • Recent passport-size colour photograph

    • Valid Passport Copy

    • Indian PAN card or Form 60

    • Address proof (overseas and in India) as per Customer Identification Policy

    • Proof of NRI status - Employment/Residence Visa copy or Work/Residence Permit

    • Additionally, for seafarers: Copy of CDC and last page with disembarkation stamp, current work contract and FEMA declaration

  2. For PIO (Person of Indian Origin)

    • Passport

    • Recent passport-size colour photograph

    • Valid PIO/OCI card or other proof of PIO status as per Customer Identification Policy

    • Address proof (overseas and in India) as per Customer Identification Policy

    • Duly signed and filled-in PIO declaration

Additional Information for NRI Fixed Deposit

Account NRE Fixed Deposits NRO Fixed Deposits FCNR Deposits
Currency Indian Rupees Indian Rupees USD, GBP, AUD, CAD, SGD and HKD
Tenure 1 to 10 years 1 to 10 years 1 to 5 years
Eligibility NRI, PIO, OCI NRI, PIO, OCI NRI, PIO, OCI
Tax Tax-free Interest taxable Tax-free
Repatriation Fully repatriable Partially repatriable Fully repatriable
Joint Account Facility Yes Yes Yes

DBS Bank FD Calculator

The DBS FD Calculator is designed to assist NRIs in determining the maturity value of their fixed deposit at DBS Bank. Simply input the investment amount, FD tenure, and interest rate to obtain accurate results.

DBS Bank, recognized as The Development Bank of Singapore Limited, operates as a Wholly Owned Subsidiary (WOS) of DBS Bank Ltd., Singapore. Renowned for its established financial services, DBS Bank offers competitive Fixed Deposit rates ranging from 2.50% to 7.75% per annum, positioning it as a top choice in the FD market for NRIs.

Premature Withdrawal of Fixed Deposits

If the FD account holder decides to withdraw the amount before its tenor, it attracts the following charges:

  • The Penalty rate of 1% will be deducted from interest paid.

  • The applicable rate will be the lower of two conditions:

    • Interest rate for original/contracted tenor of the deposit

    • Interest rate applicable at the time for the deposit period for which FD remained with the bank.

  • 1% pre-closure charges will apply to all FDs booked/renewed on or after 15th April 2019.

Conclusion

DBS Bank stands out with its compelling fixed deposit interest rates, offering customers a variety of deposit tenures and compounding options to optimize returns on their investments. Overall, DBS Bank's FD interest rates provide a reliable and attractive investment option for customers looking to grow their savings.

FAQ's

  • Are all Non-Resident Indian (NRI) fixed deposits tax-exempt?

    No, NRO fixed deposits are subject to income tax. However, NRE and FCNR deposits are not subject to income tax.
  • Which type of fixed deposit is suitable for me?

    Depending on your income source, you have the option to open either an NRE or NRO fixed deposit with DBS Treasures. Our assistance can guide you in identifying the ideal investment solution.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

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