Fixed deposit is a secured investment option where a certain amount of money is retained by the banking institution for a fixed term. Upon maturity, you draw the principal amount, plus interest charges at a fixed rate. Fixed deposit or F.D as popularly known is one of the safest investment products available in the market today.
Compared to parking money in a savings account, FD is better equipped to handle your money by earning higher returns over a period of time. This product meets the financial needs of both traditional and risk taking investor by disbursing good returns upon maturity. Fixed deposit is an ideal endowment option that fuels short and long term financial obligations.
About DBS Bank Fixed Deposit
DBS offers an array of Fixed Deposit schemes which helps you to save for a fixed term and maximise earnings. The monies parked in the FD account can also be used as a collateral for obtaining loans and other credit facilities from the bank.
Development Bank of Singapore is a leading banking institution in the country. DBS is a major banking and financial institution that provides services in consumer banking, treasury and markets, asset management, securities, brokerage & equity. DBS is a Singapore headquartered multinational bank with sturdy presence in most of the south East Asian countries which includes India & China.
DBS was founded by the Government of Singapore in 1968. Today, it is the largest bank in Singapore by assets size. This Singapore exchange listed bank runs over 100 branches in the country serviced by 21,000 employees.
DBS Bank Fixed Deposit Schemes in Singapore
Fixed deposit products from DBS are of 3 types.
- Singapore Dollar FD
- Foreign Currency FD
- DBS Premier Income Account
Singapore Dollar FD
A fixed deposit scheme which lets you invest in SGD. Begin your investment journey with a placement amount as less as S$1,000. You can easily invest at branches or via ibanking facility. Choose from a tenor that ranges from one month to 2 years.
Foreign Currency FD
Earn higher interest charges by investing in a foreign currency. Choose from over 9 major currencies worldwide. Minimum placement amount should be equivalent to S$5,000 & the tenor can range from 1 to 12 months.
Given that the conversion rate of many foreign currencies is higher than that of Singapore Dollar, you can get more value for your money by investing on a foreign currency time deposit account from DBS bank. You will also enjoy high interest rate with the amount that you deposit.
|You can check for DBS Bank Foreign Currency Fixed Deposit Interest Rate|
DBS Premier Income Account
A premium fixed deposit product aimed at investment needs of people above the age of 55 years.
Choose from a tenor starting from 6 months that can be extended up to 24 months. For tenors of 12, 18 and 24 months, you get to choose to receive monthly interests or as a lump sum. The minimum placement amount under this scheme is SGD10,000. There can be a joint holding with at least one of the account holders above the age of 55 years.
Why choose DBS Fixed Deposit?
DBS not only offers FD products in Singapore Dollar, but also lets you invest in various international currencies. With flexibility to choose terms as per your convenience and facility to manage the account online, Fixed Deposit from this bank can be your ideal answer to financial goals.
Features & Benefits of DBS Bank Fixed Deposit
Easy to invest: Begin investing in fixed deposits by visiting a branch or via ibanking (internet banking). Manage your deposits under a single window.
Vast & flexible tenor option: Tenor options range from 1 month and can go up to 2 years. With such wide ambit, you are free to choose a period that meets your investment aspirations.
Choice of currencies: Invest in over 9 major currencies without having to worry about conversions. From Singapore Dollar to USD.
Overdraft feature: Pledge your FD as collateral towards applying for an overdraft of up to S$10,000 at exclusive interest rates.
Fixed income option: With DBS Premier Income Account, choose to receive interest charges credited into your bank account on a monthly basis for your fixed deposit.
DBS Fixed Deposit - Eligibility
- Singapore Dollar FD: The applicant should be at least 12 years old. For minors younger than 12 years in age, a trust minor account can be opened under the supervision of a parent/legal guardian who is at least 21 years in age.
- Foreign Currency FD: The account holder should be at least 18 years in age. Minors less than 12 years can open a foreign currency FD with parent/legal guardian who is at least 21 years old.
- DBS Premier Income Account: At Least one of the account holder(s) should be 55 years in age.
Minimum Initial Deposit
|Singapore Dollar FD||S$1,000|
|Foreign Currency FD||S$5,000 equivalent|
|DBS Premier Income Account||S$10,000|
DBS Bank Fixed Deposit Interest Rates
The interest rate varies depending on the term and deposit amount. The interest rate chart is available on the website of DBS for reference. Interest rates are subject to frequent changes. Do inquire with the customer service before choosing the right term.
RATE OF INTEREST
|1 mth||0.0500% p.a.||0.0500% p.a.||0.0500% p.a.||0.0500% p.a.||0.0500% p.a.||0.0500% p.a.||0.0500% p.a.|
|2 mth||0.0500% p.a.||0.0500% p.a.||0.0500% p.a.||0.0500% p.a.||0.0500% p.a.||0.0500% p.a.||0.0500% p.a.|
|3 mth||0.1500% p.a.||0.1500% p.a.||0.1500% p.a.||0.1500% p.a.||0.1500% p.a.||0.1500% p.a.||0.1500% p.a.|
|4 mth||0.1500% p.a.||0.1500% p.a.||0.1500% p.a.||0.1500% p.a.||0.1500% p.a.||0.1500% p.a.||0.1500% p.a.|
|5 mth||0.1500% p.a.||0.1500% p.a.||0.1500% p.a.||0.1500% p.a.||0.1500% p.a.||0.1500% p.a.||0.1500% p.a.|
|6 mth||0.2000% p.a.||0.2000% p.a.||0.2000% p.a.||0.2000% p.a.||0.2000% p.a.||0.2000% p.a.||0.2000% p.a.|
|7 mth||0.2000% p.a.||0.2000% p.a.||0.2000% p.a.||0.2000% p.a.||0.2000% p.a.||0.2000% p.a.||0.2000% p.a.|
|8 mth||0.2000% p.a.||0.2000% p.a.||0.2000% p.a.||0.2000% p.a.||0.2000% p.a.||0.2000% p.a.||0.2000% p.a.|
|9 mth||0.2500% p.a.||0.2500% p.a.||0.2500% p.a.||0.2500% p.a.||0.2500% p.a.||0.2500% p.a.||0.2500% p.a.|
|10 mth||0.2500% p.a.||0.2500% p.a.||0.2500% p.a.||0.2500% p.a.||0.2500% p.a.||0.2500% p.a.||0.2500% p.a.|
|11 mth||0.2500% p.a.||0.2500% p.a.||0.2500% p.a.||0.2500% p.a.||0.2500% p.a.||0.2500% p.a.||0.2500% p.a.|
|12 mth||0.3500% p.a.||0.3500% p.a.||0.3500% p.a.||0.3500% p.a.||0.3500% p.a.||0.3500% p.a.||0.3500% p.a.|
|18 mth||0.6000% p.a.||0.6000% p.a.||0.6000% p.a.||0.6000% p.a.||0.6000% p.a.||0.6000% p.a.||0.6000% p.a.|
|24 mth||1.0000% p.a.||1.0000% p.a.||1.0000% p.a.||1.0000% p.a.||1.0000% p.a.||1.0000% p.a.||1.0000% p.a.|
|36 mth||1.1000% p.a.||1.1000% p.a.||1.1000% p.a.||1.1000% p.a.||1.1000% p.a.||1.1000% p.a.||1.1000% p.a.|
|48 mth||1.1500% p.a.||1.1500% p.a.||1.1500% p.a.||1.1500% p.a.||1.1500% p.a.||1.1500% p.a.||1.1500% p.a.|
|60 mth||1.2000% p.a.||1.2000% p.a.||1.2000% p.a.||1.2000% p.a.||1.2000% p.a.||1.2000% p.a.||1.2000% p.a.|
DBS Fixed Deposit Insurance Scheme
Deposits in Singapore Dollars will be covered under the Singapore Deposit Insurance Corporation for up to S$50,000 in aggregate per depositor. Foreign and dual currency deposits are not covered under the insurance scheme.
Other Products offered by DBS Singapore
- Apart from Fixed Deposits DBS offering below products
- Savings Account
- DBS Credit Cards & Debit Cards
- DBS Home Loans
- DBS Personal Loans
- DBS Car Loans
- Foreign Exchange and Cash Management
- Retirement Planning
DBS Fixed Deposit FAQs
- What happens if I decide to close my DBS fixed account before maturity?
- How is interest computed on the fixed deposit?
- Is there an eligibility requirement to open a fixed deposit account with DBS?
- Can I convert my personal fixed deposit account into a joint account?
The bank allows its customers to close or withdraw fixed deposit amount before its maturity. You may receive less or no interest on the principal amount. However, DBS returns the principal amount in full.
DBS follows the industry standards of computing interest in calendar quarters of the specific year.
The investor should be at least 18 years in age. For foreign currency fixed deposits, customers less than 12 years are eligible to apply with representation from parent or legal guardian of at least 21 years.
You are free to convert your DBS FD account into a joint account by visiting any of the designated branches. The bank does not charge any fee for conversions.
News About DBS Bank Fixed Deposit
DBS to gain big from rate upcycle
Singapore’s largest bank, DBS, is all set to make big returns from the new rate upcycle, owing to its large number of loans denominated in Singaporean dollars.
Loans in Singapore dollars make up for 40.5% of total loans, mostly owing to the Singapore dollar-CASA ratio standing at 89.5%.
DBS has also consistently maintained its market share in Singapore dollar denominated savings accounts and currently holds 52% of the total market share. As far as Singapore dollar Fixed Deposits are concerned, although the share of these FDs is 10.4% of its Singapore dollar denominated deposits, it doesn’t need to aggressively push for an increase in this number owing to its healthy market standing in terms of total deposits denominated in Singaporean dollars.
Moreover, DBS’s fixed deposit rates are amongst the lowest rates in Singapore – 0.56% - much lower in comparison to other top banks like OCBC and UOB that offer Fixed Deposit rates of 1.04% and 1.12% respectively.
16th August 2017
DBS stays in front of the dollar-bond game
Development Bank of Singapore Group has pushed the market share to 47% from 39% and has stayed on top of the dollar-bond game in Singapore. This data is as per the information provided by Bloomberg.
Mr. Clifford Lee, the fixed income head of DBS stated that they have a 50% market share at present. They have made it possible by bringing in more issuers from foreign countries. Manulife, the Canadian insurance company, was also helped by the bank when DBS joined hands with Standard Chartered bank. The insurer was able to sell ten year bonds worth S$500 million at 3.85%.
11th July 2016
DBS Foundation to Fund Aspiring Entrepreneurs
The DBS Foundation will provide funding and business advice to people aiming to become social entrepreneurs in 2016 through its competition and grant programme. It has ordered research on the process of working with social incubators to help social enterprises and on alternative financing methods for such enterprises. Two-day DBS Foundation 2016 Social Enterprise Summit called ‘Hard Truths & Honest Conversations’ will be held in the Marina Bay Financial Centre and will have people who practice social enterprise discuss the realities of enterprise management, market and communities, skills, etc. This Summit will allow social enterprise aspirants to register for the grant programme from June 30. The applicants will be selected by a team from DBS based on the business model and its impact on the social need they plan to champion.
30th June 2016
Chart Released By DBS Bank Shows Improvement in Local Liquidity Conditions
DBS Bank released a chart today that indicates that liquidity conditions have improved in Singapore over the past few months. It also indicates that deposits have seen a steady increase for a while, whereas loan numbers have decreased slightly. There has also been a decent improvement in foreign reserves. According to DBS, domestic conditions in Singapore will be sufficient to counter any negate any pressure on Singapore Dollar rates as a result of the Singapore Dollar being weakened. The bank expects that Singapore Dollar rates will stabilise against US Dollar rates as there is possibility of rate hike by the US Federal Reserve.
17th May 2016
DBS declares Q1 profit: S$1.2 billion
A sharp increase in corporate borrowing and the number of housing loans disbursed paved the way for Singapore’s largest bank, DBS, to be able to declare a strong 6% rise in core net profits for Q1, 2016.
This announcement was made for the first 3 months of the year ending
March 31st, 2016. In the same time last year, the bank had declared a profit of S$1.13 billion.
In terms of total income, the bank exceeded its own expectations, and was able to generate a staggering S$2.87 billion. The net income from interest was reported to be S$1.82 billion.
04th May 2016
DBS Beats Expectations To Post Record Increase in Net Profit in Q4
The biggest bank in Singapore, DBS, reported an increase in its net profit by 20 percent for Q4. The bank exceeded all expectations with its performance and its full year profit increased to SGD 4.45 billion for the year 2015. For the last quarter that ended on Dec 31, 2015, the net profit of DBS was SGD 1 billion. The net income from interest for the bank rose to SGD 1.85 billion by 11 percent. Even the net amount of loans rose by 3 percent. Overall, 2015 was a successful year for DBS Bank.
23rd February 2016
DBS Extends Its Cash Withdrawal Network To More Retail Outlets
The customers of DBS Bank will now be able to withdraw cash at all the stores of retail outlets such as Giant, Market Place, Cold Storage and Jasons. Through this service, DBS account holders can withdraw up to an amount of S$200 when they approach the checkout counter to pay for the goods they purchase. This service offered by DBS Bank is known as the POSB Cash-Point service. In order to avail this service, customers will need to use their DBS / POSB credit or debit card that is linked to their savings account.
Those customers who are among the initial 10,000 to withdraw $200 or more in the months of November and December will be offered with an additional $10 that will be credited to their accounts. DBS Bank announced the usage of this service has been increasing every month by 115 percent since 2014. On an average, a customer withdraws S$50 through the POSB Cash-Point service for each transaction. The average amount withdrawn every month with the help of this service has also increased by 56 percent since 2015. At present, the POSB Cash-Point service is offered at around 800 locations.
06th November 2015
Apply for Singapore Savings Bonds Today
Investors are rejoicing as applications for the Singapore savings bonds (SSB) is scheduled to open from today, the 1st of September, 2015. The Monetary Authority of Singapore (MAS) and DBS Bank are receiving a lot of enquiry calls regarding these bonds, which shows the increasing interest of the industry in this product. $2 billion to $4 billion worth SSBs will be issued by the government this year and every month, a new batch will be released. These SSBs will be 10 year bonds but they can be reclaimed any time before the maturity period and there will be no penalty for prepayment.
MAS will post a notice on these Savings Bonds by 4.30 pm which will contain all the details including the amount of bonds offered and from 6 p.m, people can start applying for the same. Request for application can be made through POSB, DBS, OCBC Bank or UOB's ATMs (Automated Teller Machines).
In order to apply, a person needs to have an account with the banks providing this service. They also need to possess a CDP (Individual Central Depository) account with the direct crediting service. The transaction fee for application is $2 which will not be refunded.
A person can avail a maximum of $100,000 worth of SSBs. The minimum amount during application for every bond has to be $500 and maximum $50,000. The bonds will be given to the successful applicants on the 1st of October, 2015. The money will be refunded to the applicants who are unsuccessful. All people applying for the bonds have to pay the application fee and the other charges even if they do not get them.
31st August 2015