DBS Bank hikes interest rates on fixed deposits: Check the latest rates here

DBS Bank hiked interest rates on fixed deposits under ₹2 crore. According to the lender's official website, the new or updated interest rates are effective as of July 28, 2022.  

Bank increased the interest rates on fixed deposits by up to 50 basis points (bps) on deposits of 1 to 3 years. 

Bank is now offering interest rates on deposits maturing in 7 days to 5 years and more that range from 2.50 per cent to 6.25 per cent for the general public and 3 per cent to 6.75 per cent for senior citizens. 

he bank will now give an interest rate of 2.75 per cent on fixed deposits maturing in 7 days to 60 days 

3.00 per cent on term deposits maturing in 61 days and up to 180 days, according to DBS Bank. 

On deposits maturing in 376 days to less than two years, DBS Bank will now give an interest rate of 6%, up from 5.75% earlier, a hike of 25 bps. 

The interest rate on deposits maturing in 2 years and up to 3 years has increased by 50 basis points to 6.50 per cent 

For tenors of more than six months, senior citizens will continue to get an additional 50 basis points over and above the regular interest rate. 

DBS Bank has mentioned on its website that “Simple Interest rate will be paid on fixed deposits below 6 months. 

For fixed deposits of 6 months or above, interest will be compounded quarterly."