DBS Recurring Deposit Interest Rates
The current DBS Bank RD rates range from 3.00% to 7.50% for general citizens and from 3.00% to 8.00% for senior citizens. DBS RDs are ideal for individuals seeking a structured savings plan with attractive returns and minimal effort.
Set up in the year 1968 by the Government of Singapore, DBS Bank was initially made to take over the industrial financing activities from the Economic Development Board. Currently, it operates in 15 Asian countries with 12 branches across India.
Through its wealth management services, DBS Bank helps its customers to achieve their financial goals.
Recurring Deposit from DBS Bank
Recurring Deposit is a wise saving option for small time investors and those with a steady monthly income. A unique kind of term deposit, RD allows the investors to deposit a fixed sum every month for a fixed period. Once the deposit tenure is over, the account holder gets back a lump sum amount including the principal and interest.
To encourage the habit of savings in its customers and to maximise their profit, DBS Bank offers Recurring Deposit scheme with various features and benefits.
Features and Benefits of DBS Bank’s Recurring Deposit (RD)
- The deposit tenure ranges from a minimum of 6 months to a maximum of 5 years.
- The minimum monthly deposit amount is as low as Rs. 1000.
- You do not require to invest a lump sum amount, upfront, to open an RD account with DBS Bank.
- If you already hold a savings account with DBS Bank, then you can avail the option of ‘auto-debit to RD account’.
- Visit any DBS Bank branch to open an RD account.
- TDS deductions are subject to the existing income tax rules as at the time of opening the RD account.
Interest Rates offered on DBS Bank’s Recurring Deposit
DBS Bank believes in guaranteeing maximum returns to its customers. Hence, the Recurring Deposit interest rates are same as that of the term deposit rates. Please contact the nearest DBS branch to know more about the interest rates offered on Recurring Deposit.
How to Apply for a DBS Bank Recurring Deposit
Individuals who satisfy the eligibility criteria and are keen to open a Recurring Deposit with DBS Bank can do so without hassle. All one has to do is approach any branch of DBS or call their hotline number and make a request for the same. The account will be opened once all formalities are completed, providing account holders an opportunity to earn assured returns on their savings.
Interested individuals can call on the following numbers to apply for a Recurring Deposit Account:
- 1800 209 4555
- 1800 103 9897
- +91 44 6685 4555
FAQs on DBS Bank RD
- What is the minimum deposit tenure for an RD in DBS Bank?
The minimum deposit tenure is six months.
- What is the minimum deposit tenure to open a recurring deposit.
The minimum deposit tenure is six months for recurring deposits in DBS Bank.
- What percentage of RD interest is tax deductible?
Up to Rs.10,000 of RD interest is tax-free. TDS is deducted if the interest earned is greater than Rs.10,000. The TDS deducted will be 10% on the interest earned on the sum above Rs.10,000.
- Do I need to invest a lump sum upfront to open a recurring deposit in DBS Bank?
No, one of the benefits of investing in RD is you don’t need a huge amount money.
- Can I start a recurring deposit at DBS Bank online?
Yes. You can apply for a recurring deposit account by logging into your DBS Bank net banking account. Please include all necessary information, including name, DOB, tenure, and the number of monthly instalments. Upload the application. You will receive a confirmation letter/SMS to your r registered email ID and registered mobile number. Every month on the day (the first investment was made) the monthly instalment will be automatically debited.
- Can I apply for a loan at DBS Bank against an RD?
Yes, you may use a recurring deposit opened at DBS bank as collateral for a loan or overdraft.
- What is the minimum monthly deposit amount you need to have a recurring deposit with DBS Bank?
You can open a recurring deposit with Rs.100 per month at DBS Bank.
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