During the last 9 months, the Reserve Bank of India (RBI) has frequently increased the repo rate to control inflation. After this increase, many government and private banks have increased fixed deposit (FD) interest rates. And now, DBS Bank India has increased the interest rates on FDs of less than ₹2 crore.
The new rates of DBS Bank came into effect on February 1, 2023. After the change, the bank is offering interest rates ranging from 2.50 per cent to 6.50 per cent for the general public and 5.25 per cent to 7.00 per cent for senior citizens. With the increment, DBS Bank India is now giving a maximum interest of 7.25 per cent to common people and 7.75 per cent to senior citizens on FDs.
The bank is now offering an interest rate of 2.50 per cent on deposits maturing in 7 days and an interest rate of 2.75 per cent on deposits maturing from 8 to 60 days. The bank will offer interest 3.25 per cent on the deposit period of 61 days and 3.00 per cent on the deposit period of 62 to 180 days. Deposits maturing in the next 181 days to less than a year will get the interest rate of 4.75 per cent, while deposits maturing in the next 365 days to one year will get interest at the rate of 6.25 per cent.
It is noteworthy that recently SBI, PNB, Kotak Mahindra Bank, HDFC Bank, Suryoday Small Finance Bank, Yes Bank and others have also increased their FD rates. This process of increasing FD rates started after the increase in repo rate by RBI.
The Reserve Bank of India increased the repo rate 5 times in the last year. To reduce inflation, the RBI increased the repo rate by another 0.35 per cent, taking it to 6.25 per cent on December 7, 2022.
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