Terms and Conditions
Term and Interest: You can create a Term Deposit only if you have an active digiSavings. In case of recurring term deposit, instalments will be paid regularly on or before the agreed date and no instalments will be in arrears during any month. If no date is agreed, the last date of the month will be considered as the date of payment. In case of default(s) in the payment of periodic instalment under the Recurring Deposit Scheme, we will pay the interest on the recurring deposit as per the contracted rate. DBS Bank reserves the right to change the rates as and when decided.
Details about various periods, current rates of interest and minimum deposits are available on the Website and on the digibank app. Rate of interest is subject to DBS Bank's own discretion (subject to the directives/guidelines that may be issued by RBI) from time to time. DBS Bank reserves the right to offer differential rates over a prescribed value as decided from time to time by DBS Bank and in accordance with RBI guidelines. Interest will be paid on a compounding basis for term deposits with tenure of one quarter or more.
Term Deposit Confirmation: DBS Bank will issue a "Term Deposit Confirmation Advice" for Term Deposit/s and the same can be downloaded from the digibank app. The Term Deposit Confirmation is only for the purpose of confirming to the Customer the fact of his/her successful Term Deposit placement with DBS and will not be treated as a receipt. In the event of a partial withdrawal of the Term Deposit/s, a new Term Deposit Confirmation Advice will be made available for download within the digibank app for the reduced deposit amount. As soon as this new Term Deposit Confirmation Advice is issued to you, the earlier or the old deposit confirmation will be treated as cancelled, without any further act or communication on the part of DBS. Term Deposit/s are not transferable and are payable on maturity in general.
Renewal: Term Deposits with a reinvestment option will be renewed with interest upon deposit maturity. Term Deposit with an interest pay-out option will be renewed only with principal upon deposit maturity. Interest on Term Deposit will be credited to the digiSavings or as per the instructions given by you and agreed to by us. The renewal will be in accordance with the provision of the relevant RBI scheme/guidelines in force at the time of renewal.
Premature Closure: The Bank shall allow withdrawal of Term Deposit prior to the date of its maturity. The interest on prematurely withdrawn Term Deposit will be paid for the period that such Term Deposit is held, at the rate prevailing on the date of placement of such Term Deposit or the contracted rate, whichever is lower, subject to a deduction of a 1% penalty. Any recovery of interest already paid shall be adjusted from the proceeds of such Term Deposit.
Tax is deductible by DBS Bank if the total interest earnings of all your resident Term Deposits during the financial period of 1 April to 31 March are in excess of the applicable threshold amount prescribed by the Government of India. The deduction of tax is on a payment basis, except as at 31 March when it is on an accrual basis. The rate at which the tax will be deducted will be as per the applicable/governing laws. Once the tax has been deducted by DBS Bank, it will not be refunded, and obtaining the requisite refunds on account of tax deducted at source will be solely your liability and responsibility.
Maturity proceeds from Term Deposits will be credited to the digiSavings of the Customer.