– Increase in interest rates on FDs below 2 crores
– The new rates of DBS Bank will be effective from July 15.
– This process of increasing the rates has started after the increase in the repo rates by the RBI.
New Delhi. After the increase in the repo rate by the Reserve Bank of India (RBI), banks have also started increasing the interest rates. Apart from increasing the interest rate on loans, interest rates on bank deposits have also started increasing. Meanwhile, the private sector’s DBS Bank has increased the interest rates on fixed deposits i.e. FDs.
New rates effective from July 15
The new rates of DBS Bank will be effective from July 15. The bank has increased the interest rates on FDs of less than 2 crores. FDs are offered in DBS Bank with a minimum tenure of 7 days and maximum of 10 years. The bank has increased its FD rates by 20 to 150 basis points for tenors ranging from 181 days to 10 years.
New interest rates of dbs bank
Now fixed deposits of 181 days to 269 days in DBS Bank will get 3.25 percent interest, while the interest rate on FDs maturing from 270 days to less than 1 year will be 4.75 percent. At the same time, this interest rate will be 5.65 percent for tenures ranging from 1 year to less than 375 days, 6 percent for 2 years to less than 3 years and 6.75 percent on FDs with tenures up to 5 years.
Many banks have increased FD rates
It is worth noting that recently SBI, Axis Bank, Indian Overseas Bank, Punjab and Sind Bank, IDBI Bank etc. have also increased their FD rates. This process of increasing the rates has started after the increase in the repo rates by the RBI.