The DBS Bank Recurring Deposit is a unique term deposit that enables you to invest a fixed sum each month. It is a safe investment tool on which you can earn an attractive interest income. DBS Bank RDs are flexible and easy to invest in. You can open the RD online on the digibank app or internet banking portal.
What are the minimum and maximum tenures of the DBS Bank Recurring Deposit, and how can I get high recurring deposit interest rates?
The minimum tenure to maintain a DBS Bank Recurring Deposit is 6 months or up to 180 days, while the maximum tenure is up to 10 years. For a higher RD interest rate, you should opt for longer-tenure RDs.
What are the tax implications on Recurring Deposit interest earnings?
The interest earned on Recurring Deposits is taxable as per your applicable income tax slab. While filing your tax returns, you must mention your RD interest income under the sub-header ‘income from other sources’. As per government rules, the bank deducts the TDS (Tax Deducted at Source) while crediting your RD interest income. TDS is deducted at 10% on interest income exceeding INR 40,000 for regular investors and and INR 50,000 for senior citizen investors.
How can I calculate the interest income on my Recurring deposit?
You can calculate the interest income on your Recurring Deposit with the DBS Bank RD calculator. Just type in the monthly RD amount you wish to invest and your preferred investment tenure. The calculator applies the applicable interest rate and computes the total interest you stand to earn based on your chosen investment tenure. Click here to access the RD calculator.