Fixed Deposits help you get the most from your savings without risking a thing. You can use the digibank app to make a one-off deposit (FD), save monthly (RD) or set a savings goal. Choose how long you want to invest your money for and when the term ends, you can either reinvest in a new deposit or just add your newly boosted savings to your digiSavings account!
Instant, hassle-free and paperless
Invest on-the-go with the digibank app
Maximise your savings
Earn up to 6.25% interest per annum
Bank the way you want to
Save a one-off amount or make regular deposits
Benefits of Fixed Deposit
- Simple: anyone with a digiSavings account can make a term deposit
- Convenient: Manage your deposit using the digibank app or ibanking
- Paperless: no bank queues or filling in long forms
- Flexible: save towards a goal or make daily, monthly or quarterly payments
- Customisable: make a fixed deposit of ₹5000 and up or a recurring deposit of ₹100 and up and choose how long you want to invest for
- Secure: deposits are insured by the DICGC for up to ₹1 lakh (learn more here)
Frequently Asked Questions
A fixed deposit (FD) is an investment instrument that allows you to invest a lump-sum amount for a chosen tenure to earn interest at a fixed rate. You get a higher interest rate on a fixed deposit than on a regular savings account.
RD or recurring deposit is a type of deposit that enables you to invest smaller amounts at regular intervals while giving you interest similar to a fixed deposit.
The minimum amount for a fixed deposit is Rs. 5,000 while it’s Rs. 500 for a recurring deposit. The tenure can range from a few days to five years. You can choose to invest the RD amount on a daily, weekly, monthly or quarterly basis.
To know more about the interest rates on term deposits, please download our digibank app, or visit the ibanking website.
No. The current interest rate at the time of the creation of the new deposit will apply.
Yes, you can terminate a deposit at any time, but there are penalties for the early closure. Use the "Manage" tab in the "Term Deposits" section of the digibank app to know more.
Yes. Your deposits are insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC), a subsidiary of the Reserve Bank of India (RBI), for up to Rs. 1 lakh.
When your deposit matures, you have the option of reinvesting the balance in a new deposit, transferring the money into your digiSavings account, or only transferring the interest to your account and reinvesting the original investment in a new term deposit.
Setting up an RD is an easy and hassle-free process. You can do so via the digibank app on your smartphone or visit the digibank ibanking website, log in and select "Deposits (FD/RD)" in the navigation menu. Post that, click on "Open new deposit" and follow the instructions as shown on the website. You have the choice of setting up the frequency of the pay-out, the total amount, and the duration for which you want to have the deposit. In just a few minutes, you can open a deposit with DBS Bank and maximise your savings!
It will be automatically reinvested only if your instructions while opening the deposit mention reinvesting the amount on maturity. You can edit your settings in the "Deposits (FD/RD)" section of the digibank app., select the deposit you want to view or change and then click on the "Manage" tab.
No. You can change the maturity instructions at any time during the tenure by visiting the "Manage" tab in the "Deposits (FD/RD)" section of the digibank app.
In case your digiSavings account has insufficient funds, and we're unable to debit the payment, your term deposit will continue, but the amount and interest you receive at maturity will be adjusted based on the missed payments. Fees may also be payable.
No, we do not charge you for opening a fixed deposit with us. The bank covers the applicable cost.
No. Once the RD has been created, changing the payment amount or the frequency is not possible.
In case your term deposit matures on a weekend or a public holiday, the maturity will automatically happen on the next working day. However, the deposit will continue to earn interest for the extra days.
The Interest on your fixed deposit is credited to your account on maturity or premature termination. But an early termination may result in an interest rate lower than the current rate.
To find out how much interest you’ve earned on your FD or RD, visit "Deposits (FD/RD)" section of the digibank app.
If you have a digiSavings account, you can easily open a term deposit. For a fixed deposit, the minimum amount you need to invest is Rs. 5,000, and for a recurring deposit it is Rs. 100.
How to Apply for Fixed Deposit
For digibank users
- Using the digibank mobile app
- Launch the app on your smartphone
- Log in, go to the navigation menu then tap on "Fixed Deposits"
- Using the digibank ibanking website
- Log in and click on "Deposits" in the navigation menu
- Then click on 'Open New Deposit' to start investing
New to digibank?
- Download the digibank app on your mobile phone
- Launch the app then sign up for a full digiSavings account
- In the navigation menu, tap on "Fixed Deposits"
- Start investing!