The DBS Auto-Saver offers higher interest rates of fixed deposits on idle funds in savings accounts.
Fixed Deposit is made for a minimum amount of INR 10,000 and in multiples of INR 1,000, subject to a maximum cap of INR 5 lacs
Customers have the flexibility of choosing from a tenure between 7 days – 60 days. Tenure once chosen will remain constant for the entire period in which facility is availed.
Funds will be utilized to automatically create (sweep-in) fixed deposit(s) from the savings account. Linked fixed deposits(s) get broken automatically (sweep-out) to meet the shortfall arising on account of any debits into the savings account e.g. cheques issued, ATM withdrawals, etc.
Fixed Deposit gets broken only in multiples of INR1. The balance in the Fixed Deposit continues to earn interest at the initial contracted rate, to ensure maximum returns
This is offered to both Resident and non-Resident customer (For non-resident customer only on their NRO account and NRO FDs)
When multiple Fixed Deposits are linked to the Savings account, the last Fixed Deposit created is broken first (LIFO method), to ensure maximum returns
There is no extra charge for availing this facility
No penalty will be charged for premature breakage of Fixed deposits when there is shortfall in the account.
The threshold in the Savings account is INR 1 lac beyond which funds will be swept into fixed deposits.