DBS Bank, a private bank, has changed the interest rates on its savings accounts. On balances in savings accounts ranging from up to one lakh to five crore, the bank is offering rates between 3.25% and 5%. As of September 26, the new rates are in effect. The interest rate is determined based on the daily available balance, as mandated by the regulator, or by the banks themselves.
The bank published the most recent interest rates on savings accounts on its DBS Treasures website, effective as of September 26. For savings balances up to one lakh rupees, the bank is offering 3.25%; for balances between one lakh and two lakh rupees, the rate is 3.5%.
The bank is offering a 4% rate on balances above ₹2 lakh to ₹5 lakh. The rate is lower at 3% on savings balances above ₹5 lakh to ₹50 lakh.
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Notably, the highest rate is 5% for balances in savings accounts between Rs. 50 lakh and Rs. 5 crore and above.
Up till September 25, DBS Bank offered 3.25% per annum on balance up to ₹1 lakh; 3.5% on balance above ₹1 lakh and up to ₹2 lakhs; 4% p.a on balance above ₹2 lakh and up to ₹5 lakhs; 3% p.a on balance above ₹5 lakh and up to ₹5 crore; and 3.75% on balance above ₹5 crore.
Despite this, DBS increased the interest rate on savings account balances greater than 5 crore. When saving balances increased from 50 lakh to 5 crore, a 5% rate was introduced.
Interest rates will be paid at quarterly rests or on any other rests as the Bank may determine from time to time, according to DBS' website. Additionally, interest will be computed based on the daily available balance, any regulatory requirements, or the banks' own judgement.
"Rate of interest on digiSavings is subject to change from time to time at the discretion of the Bank and/or in accordance with directives from RBI," it added.
The bank continues to offer interest rates between 2.50% to 6.50% on fixed deposits below ₹2 crore. These rates have been unchanged since July 28, 2022.
In Asia and the Middle East, DBS offers the full spectrum of services in consumer, SME, and corporate banking.
