Terms and Conditions
Form 15G/H: Interest payment is subjected to RBI guideline from time to time. Please refer the latest interest rate chart at the branch or visit www.dbsbank.com. Interest will be paid on maturity on Simple fixed deposits. Simple interest rate will be paid on fixed deposits below 6 months. For fixed deposits of 6 months or above interest will be compounded quarterly. Tax Deducted at Source (TDS) when due and applicable will be deducted in accordance with the provisions of the Income tax Act, 1961 and the rules thereunder as in force. Such TDS shall be recovered from savings / current / demand deposit account(s). Please contact our branch and submit the necessary documents, in case lower TDS applies as provided by the relevant tax treaties. These documents should be submitted along with the account opening form / term deposit form and also before the start of each new financial year. I hereby confirm that DBS Bank India Limited (“DBIL or “the Bank”) reserves its right to reject any of my claims related to reversal / refund of TDS and any such claims, should be directly raised with the Government of India and DBIL will not be liable in any manner whatsoever. I hereby certify that the Form 15G/ 15H provided by me at the beginning of the financial year or on placing the first deposit with any of the Bank branch in India shall be valid and applicable for all fixed deposits placed by me in my name as first holder for the same customer id with the Bank during that financial year and the Bank will apply Nil TDS on all interest paid including on the new deposit(s) placed during the financial year basis the initial Form 15G/15H submitted by me. The Bank will generate a Form 15G/ 15H for each subsequent deposit(s) placed and it will increase the amount of income disclosed in the initial form(s) to the extent of interest payable on such new deposit(s) and I agree and give consent for such Form 15G/15H and is deemed signed by me. I am aware that the Bank will report such form(s) to the income-tax authorities, and I am responsible for the details that is submitted to the tax authorities. If there is any change in the details filled in the form(s), I will inform the same to the Bank immediately. I will be responsible for any default or shortfall in not deducting tax at source on interest paid by the Bank and the Bank can recover the shortfall in tax, interest penalty by debit to my savings account with the Bank. Notwithstanding anything stated above, If the interest income paid/payable by the Bank on the Fixed deposits during the financial year exceeds the maximum amount not taxable under the provisions of the Income-tax Act, 1961, then irrespective of whether the deposit holder has furnished Form 15G/15H to any branch, Bank shall deduct tax at source on all the interest accrued on all fixed deposits held with the Bank. Interest on FCNR(B), NRE deposits will be paid once the deposit has completed at least 1 year.
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 digibank Savings 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: In case of Joint holder relationship, all the depositors must sign the encashment instruction and the same can be done only through branches. In case of Individual relationship, FD / RD opened through branches can also be accessed through Digi App and customers can change maturity instructions during the tenor of the FD/ pre-close prior to maturity/ close through online on maturity / with due validation through Digi App login. 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.
Digital Platforms: FD Liquidation/ Modification of maturity instructions on Net Banking /Digi App is available only for Single Holding Deposits of Individual Customers.
NRO Term Deposits and NRE/FCNR (B) Deposits: " I/We understand that in case of change in the residential status during the tenure of the fixed deposit, the same will be pre-closed and rebooked as a fresh deposit in line with the revised residential status of the customer, without any pre-closure penalty charges. E.g.: if a Resident customer becomes a Non-Resident, the fixed deposit will be closed and rebooked as a NRO deposit , and if a Non-Resident customer becomes a Resident, the fixed deposit will be closed and rebooked as a Resident deposit at the prevailing Fixed deposit rates effective the date of request. During this process if there is any established interest loss, Bank would suitably compensate the same as service gesture". I/We understand that the interest on premature withdrawal of NRO term deposits and NRE/FCNR (B) deposits will be paid for the period that such deposit is held, at the rate prevailing on the date of placement of such deposit or the contracted rate, whichever is lower, subject to a deduction of a 1% penalty. In case the NRE/FCNR Term Deposit closed prematurely, before the completion of the minimum period of 12 months, no interest shall be paid for the said NRE/FCNR term deposit. The Bank also may at its discretion additionally levy Swap cost for premature withdrawal of FCNR (B) deposits. I/We hereby confirm that I/We have read and understood the rules, regulations, and guidelines as issued by RBI from time to time pertaining to the credits in the NRO account and any other regulations related to NRO fixed deposits. Interest earned in NRO term deposit is subject to deduction of withholding tax @ 30% plus surcharge/cess (as applicable) I/We undertake to strictly operate and use the Account in accordance with regulations as laid down by Reserve Bank of India (RBI) or any other authority from time to time. In the event of any failure on my/our part to comply with all or any of the guidelines/rule/law laid down by RBI, the Bank, Government of India, or any other constituted body or authority, I/We agree to forfeit all rights to the account and the said banking facilities and further agree to be debarred from holding/operating and using the account and/or the banking facilities. In the event of any default or breach committed by me/us of any of the aforesaid provision, guidelines, rules, indemnity, terms and conditions, or any law or statute. I/We shall indemnify the Bank for any loss or damage that may be caused to it. The Bank may adopt such action as it deems fit on the happening of such event. I/We hereby expressly authorise the Bank to disclose at any time and for any purpose any information whatsoever relating to my/our Account, transactions or dealings with the Bank to any court of competent jurisdiction, quasi judiciary authority, law enforcement agency, relevant wing of state government, RBI, Income tax authorities, statutory authorities, financial institutions, credit bureaus/agents/vendors or any company which is an affiliate or associate or subsidiary or group company of the Bank. I/We hereby authorise the Bank to send statement of accounts/ advice to the registered email Id. I/We hereby authorise the Bank to communicate and to act on the instructions via registered email id (wherever allowed by the Bank). I/We am/are aware that email is not a secure or error-free medium of communication and of the possible risks involved in connection with the transmission of information via email. I/We accept and acknowledge that the Bank does not accept liability for any errors or omissions in the content of the email messages and its attachments. I/We hereby undertake to indemnify and keep the Bank indemnified at all times against any and all actions, claims, demands, proceedings, costs, charges, losses, damages and expenses which the Bank may incur or suffer or put to for any reason whatsoever by reason of Bank sending the details mentioned above to me/us through email or the Bank acting on any message including any fax or electronic message sent or purported to be sent by me/us
