Banking
Account
Savings Account
Savings Account Interest Rates

At a Glance

Enjoy exclusive privileges as a DBS Bank Savings Account Holder, including attractive Savings Account interest rates on your deposits. Remember that higher deposits attract higher interest rates.

DBS Bank Savings Account

For an unparallel banking experience, the DBS Bank Savings Accounts is just the account you need. Equipped with over 40 bespoke facilities, it also provides exclusive and personalised services tailored to fulfil every banking need. Earn high Savings Account interest rates on your DBS Bank account deposits and let your idle savings grow.

DBS Bank Savings Account Interest Rates

DBS Bank Savings Account (Nature Domestic)

Up to Rs.1 lakh

3.25%

Above Rs 1 lakh and up to Rs.4 Lakhs

3.50%

Above Rs.4 Lakhs and up to Rs.5 Lakhs

7.00%

Above Rs.5 lakhs and up to Rs.10 lakhs

5.00%

Above Rs.10 lakhs and up to Rs.50 lakhs

4.00%

Above Rs.50 lakhs and up to Rs.1 Cr

5.00%

Above Rs.1 Cr

3.00%

*Interest rates mentioned above are per anum


Note:

  1. *Interest rate revised as above w.e.f. 14th June 2024.
  2. Interest will be paid at quarterly rests or on any other rests as the Bank may decide from time to time.
  3. Interest will be calculated on daily available balance or as required by the regulator or as a result of banks own decision.
  4. Rate of interest is subject to change from time to time at the discretion of the Bank and/or in accordance with directives from RBI

llustration: (Domestic)

If the balance in the savings account is 5 Crores 50 Lakhs, then the Savings Account Interest will be calculated as follows:

Savings Interest Calculation

Rates Applied as per the below Slab

Up to Rs 1 Lakh: 3.25%

Up to Rs 1 lakh

3.25%

Rs 1 lakh - Rs 4 lakhs: 3.50%

Above Rs 1 lakh and up to Rs.4 Lakhs

3.50%

Rs 4 lakhs - Rs 5 lakhs: 7.00%

Above Rs.4 Lakhs and Upto Rs.5 Lakhs

7.00%

Rs 5 lakhs - Rs 10 lakhs: 5.00%

Above Rs 5 lakhs and up to Rs.10 lakhs

5.00%

Rs 10 lakhs - Rs 50 lakhs: 4.00%

Above Rs 10 lakhs and up to Rs.50 lakhs

4.00%

Rs 50 lakhs - Rs 1Cr: 5.00%

Above Rs 50 lakhs and up to Rs.1Cr

5.00%

Rs.1 Cr– Rs.5 Crores: 3.00%

Above Rs.1 Cr and up to Rs.5 Crores

3.00%

Remaining Rs.50 lakhs: 3.00%

Above Rs.5 Crores

3.00%

DBS Bank Savings Interest Rates Calculation

At DBS Bank, we calculate the interest rates on Savings Accounts on a daily basis. Interest is calculated on the daily available closing balances in your account. Savings interest rates are computed at the rate specified by the regulator, the Reserve Bank of India or as a result of the bank’s own decision. DBS Bank calculates and rounds off the interest income to the nearest rupee. The bank credits the interest income directly into your DBS Bank Savings Account at quarterly rests or on any other rests on the last day of each quarter (March, June, September, and December) or at its discretion from time to time. The rate of interest on DBS Bank Savings Accounts is subject to change at the discretion of the bank and/or in accordance with directives from the RBI.

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Frequently Asked Questions

Is the Savings Account interest income taxable, and how should I declare it?

The interest earned on Savings Account deposits is taxable in India per your income tax slab rate. You must declare it under the sub-header ‘income from other sources’ while filing your returns.

Can I claim deductions on Savings Account interest income? If yes, how?

Yes, you may claim a deduction on the interest earned on your Savings Account. Under Section 80TTA of the Income Tax Act of India, 1961, you may claim a deduction if your annual interest income from all deposits, does not exceed ₹ 10,000.

I am a senior citizen. Do I qualify for additional tax deductions on Savings Account interest rates?

As a Resident Indian above 60 years of age, you can avail of deductions of up to ₹ 50,000 p.a., on interest earned from various types of deposits, including interest on bank Savings Accounts and bank and post office fixed deposits. You can avail of this deduction over and above the ₹ 1.5 lakhs deduction permitted under Section 80C of the IT Act.

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