One of the important functions of the Bank is to accept deposits from the public for the purpose of lending. In fact, depositors are the major stakeholders of the Banking System. The depositors and their interests form the key area of the regulatory framework for banking in India and this has been enshrined in the Banking Regulation Act, 1949. The Reserve Bank of India is empowered to issue directives / advice on interest rates on deposits and other aspects regarding conduct of deposit accounts from time to time. With liberalisation in the financial system and deregulation of interest rates, banks are now free to formulate deposit products within the broad guidelines issued by RBI. This policy document on deposits outlines the guiding principles in respect of formulation of various deposit products offered by the Bank and terms and conditions governing the conduct of the account. The document recognises the rights of depositors and aims at dissemination of information with regard to various aspects of acceptance of deposits from the members of the public, conduct and operations of various deposit accounts, payment of interest on various deposit accounts, closure of deposit accounts, method of disposal of deposits of deceased depositors, etc., for the benefit of customers. It is expected that this document will impart greater transparency in dealing with the individual customers and create awareness among customers of their rights. The ultimate objective is that the customer will get services they are rightfully entitled to receive without demand. While adopting this policy, the bank reiterates its commitments to individual customers outlined in Bankers' Fair Practice Code of Indian Banks Association.
    Types of Deposit Accounts

    While various deposit products offered by the Bank are assigned different names.

    The deposit products can be categorised broadly into the following types.

    • Demand deposit means a deposit received by the Bank which can be withdrawn on demand.
    • Savings deposit means a form of demand deposit which is subject to restrictions as to the number of withdrawals as also the amount of withdrawals permitted by the Bank during any specified period.
    • "Term deposit means a deposit received by the Bank for a fixed period which can be withdrawn only after the expiry of the fixed period and include deposits such as Recurring / Fixed Deposits etc.
    • "Current Account" means a form of demand deposit wherefrom withdrawals are allowed any number of times depending upon the balance in the account or up to a particular agreed amount.
    Account Opening and Operation of Deposit Accounts

    While various deposit products offered by the Bank are assigned different names.

    The deposit products can be categorised broadly into the following types.

    • The Bank before opening any deposit account will carry out due diligence as required under Know Your Customer (KYC) and Anti Money Laundering (AML) guidelines issued by RBI and /or such other norms or procedures adopted by the Bank. If the decision to open an account of a prospective depositor requires clearance at a higher level, reasons for any delay in opening of the account will be informed to the customer and the final decision of the Bank will be conveyed at the earliest.
    • The account opening forms and other material would be provided to the prospective depositor by the Bank. The same will contain details of information to be furnished and documents to be produced for verification and / or for record. It is expected of the Bank official opening the account, to explain the procedural formalities and provide necessary clarifications sought by the prospective depositor when he approaches for opening a deposit account. The Bank may also ask for additional documents if required for account opening.
    • For deposit products like Savings Bank Account, No Frill Account and Current Deposit Account, the Bank may stipulate certain minimum balances to be maintained as part of terms and conditions governing operation of such accounts. Failure to maintain minimum balance in the account will attract levy of charges as specified by the Bank from time to time. For Savings Bank account, the Bank may also place restrictions on number of transactions, cash withdrawals, etc., for given period. Similarly, the Bank may specify charges for issue of cheque books, additional statement of accounts, duplicate pass book, folio charges, etc. All such details, regarding terms and conditions for operation of the accounts and schedule of charges for various services provided will be communicated to the prospective depositor while opening the account and is also enclosed in this service guide. These charges may change from time to time and the bank will inform the customer through the website
    • Savings Bank Accounts can be opened by Individuals, HUFs & Trusts (as advised by Reserve Bank of India (RBI) from time to time). Current Accounts can be opened by individuals / partnership firms / Private and Public Limited Companies / HUFs / Specified Associates / Societies / Trusts, etc. Term Deposit Accounts can be opened by individuals / partnership firms / Private and Public Limited Companies / HUFs/ Specified Associates / Societies / Trusts, etc.) The due diligence process, while opening a deposit account will involve satisfying the KYC and AML norms issued by RBI. Obtaining introduction of the prospective depositor from a person acceptable to the Bank and obtaining recent photograph of the person/s opening / operating the account are part of due diligence process.
    • In addition to the due diligence requirements, under KYC norms the Bank is required by law to obtain Permanent Account Number (PAN) or General Index Register (GIR) Number or alternatively declaration in Form No. 60 or 61 as specified under the Income Tax Act / Rules. G) Deposit accounts can be opened by an individual in his own name (status: known as account in single name) or by more than one individual in their own names (status: known as Joint Account). Savings Bank Account can also be opened by a minor jointly with natural guardian or with mother as the guardian (Status: known as Minor's Account).
    • The customer has the freedom to close/switch savings / current accounts, if the customer is not happy with the account, within 14 days from the date of account opening. No charges will be levied for such an action.
    • DBS Bank does not offer any special accounts / interest rates for Senior Citizens.
    • Services Post Account Opening : The customer receives the Welcome Kit from the bank within 3 working days from the date of receipt of the complete account application and supporting documents required by the Bank. Welcome Kit sent to the customer is enclosed with a welcome letter, cheque book, Terms & Conditions. The customer has the freedom to close/switch savings / current accounts, if the customer is not happy with the account, within 14 days from the date of account opening. No charges will be levied for such an action.
    • Operation of Joint Account - The Joint Account opened by more than one individual can be operated by single individual or by more than one individual jointly. The mandate for operating the account can be modified with the consent of all account holders.
    • The joint account holders can give any of the following mandates for the disposal of balance in the above accounts:
      • Either or Survivor : If the account is held by two individuals say, A & B, the final balance along with interest, if applicable, will be paid to survivor on death of anyone of the account holders.
      • Anyone or Survivor/s : If the account is held by more than two individuals say, A, B and C, the final balance along with interest, if applicable, will be paid to the survivor on death of any two account holders.
      • Joint : If the account is held by two individuals say, A & B, under a joint mandate both the holders will be required to sign on all instructions issued to the Bank.

      The above mandates will be applicable to or become operational only on or after the date of maturity of term deposits. This mandate can be modified by the consent of all the account holders. At the request of the depositor, the Bank will register mandate / power of attorney given by him authorising another person to operate the account on his behalf.

    Maturity Instructions for Term Deposits
    The term deposit account holders at the time of placing their deposits can give instructions with regard to closure of deposit account or renewal of deposit for further period on the date of maturity. In absence of such mandate, the deposit will be automatically renewed on the due date for an identical period at the applicable rate of interest ruling on the date of maturity, unless written instructions to the contrary are received from the depositor by the Bank at least one working day prior to maturity.

    While various deposit products offered by the Bank are assigned different names. Nomination facility is available on all deposit accounts opened by the individuals. Nomination is also available to a sole proprietary concern account. Nomination can be made in favor of one individual only. Nomination once made can be cancelled or changed by the account holder any time. Nomination can be modified by the consent of all account holders.Thumb impression must be attested by two witnesses. No witnesses are required in case of signatures. Nomination can be modified by the consent of account holder. Nomination can be made in favor of a minor also. Bank recommends that all depositors avail nomination facility. The nominee, in the event of death of the depositor, would receive the balance outstanding in the account as a trustee of legal heirs. The depositor will be informed of the advantages of the nomination facility while opening a deposit account.

    Account Statement
    A statement of account will be provided by the Bank to Savings Bank as well as Current Deposit Account Holders periodically as per terms and conditions of opening of the account.
    Transfer of Accounts
    The deposit accounts may be transferred to any other branch of the Bank at the request of the depositor.
    Interest Payments
    • Interest shall be paid on savings account at the rate specified by Reserve Bank of India directive from time to time. However, term deposit interest rates are decided by the Bank within the general guidelines issued by the Reserve Bank of India from time to time.
    • In terms of Reserve Bank of India directives, interest shall be calculated at quarterly intervals on term deposits and paid at the rate decided by the Bank depending upon the period of deposits. In case of monthly deposit scheme, the interest shall be calculated for the quarter and paid monthly at discounted value. The interest on term deposits is calculated by the Bank in accordance with the formulae and conventions advised by Indian Banks' Association.
    • The rate of interest on deposits will be prominently displayed in the branch premises. Changes, if any, with regard to the deposit schemes and other related services shall also be communicated upfront and shall be prominently displayed.
    • The Bank has statutory obligation to deduct tax at source, if the total interest paid / payable on all term deposits held by a person exceeds the amount specified under the Income Tax Act. The Bank will issue a Tax Deduction Certificate (TDS Certificate) for the amount of tax deducted. The depositor, if entitled to exemption from TDS can submit declaration in the prescribed format at the beginning of every financial year.

    Direct Credit Facility - Will be effected within 15 mins on receipt of instructions

    Standing Instructions - Will be implemented on the day of receipt of instructions

    Stop payment - Within 15 minutes of receipt of instructions

    Minors' Accounts
    An account in the name of the minor can be opened and operated by the natural guardian as specified during account opening. However on minor attaining majority the guardian along with minor who attained majority to visit the nearest branch and provide the necessary ID documents and address proof along with latest photograph and specimen signature for conversion of Minor account. Customers to note that non-adherence of the above may lead to bank acting at its discretion on treatment of such minor accounts.
    Addition or Deletion of The Name/s of Joint Account Holders
    The bank may at the request of all the joint account holders allow addition or deletion of name/s of joint account holder/s if the circumstances so warrant or allow an individual depositor to add the name of another person as a joint account holder.
    Changing of Account

    If you are not happy about your choice of current or savings account (except for terms deposit account) within 14 days of making your first payment into the account, we will help you switch to another of our accounts or give your money back with any interest in may have earned. We will ignore any notice period and any extra charges. If you decide to close your current/ savings account we will close your account within five working days of receiving your instructions.

    If you want to transfer your account to another branch of our bank we will do so. Your account at the new branch will be operationalised within two weeks of receiving your request, subject to your complying with the required KYC formalities at the new branch. We will intimate you as soon as the account is operationalised. The new branch will be provided with information on your standing instructions/ direct debits if any.

    We will cancel any bank charges you would have to pay as a result of any mistake or unnecessary delay by us when you transfer your account to or from us.

    Account Closures
    Under normal circumstances, we will not close your account without giving you at least 30 days notice. Examples of circumstances, which are not normal include, improper conduct of account etc. In all such cases, you will be required to make alternate arrangements for cheques already issued by you and desist from issuing any fresh cheques on such accounts.
    Collection of KYC documents from existing customers

    The Reserve Bank of India has mandated Banks under Prevention of Money Laundering Act (PMLA) 2002 to periodically obtain identification and address proof documents along with latest photograph/s for existing accounts. To ensure DBS Bank complies with the Reserve Bank of India mandate, customers are requested to provide us the documents listed and the KYC declaration given in the below link based on the category of the customer’s account.

    We will be sending customers reminder letters for the same. The self attested documents and KYC self-declaration along with recent photograph/s can be sent to us within 60 days from the date of this letter to your nearest DBS branch.

    Please call our Customer Care on 1800-209-4555 (Toll Free from India) or 91-44-6685 4555 (from Overseas) for any clarification.

    List of unclaimed account and process for activation

    For list of unclaimed accounts, click here

    The Reserve Bank of India has mandated Banks via circular number RBI/2011-12/389 to display names of customers who have not operated their accounts for more than 10 years in an attempt to make information on unclaimed accounts more readily available. Account to be classified as “Unclaimed” after 10 Years from the last day of customer induced transactions. Please provide account activation letter and Self-declaration format along with applicable KYC documents as per prevailing KYC guidelines. Customer to be physically present in any of the DBS branches for account activation.

    • KYC Self Declaration
    • KYC Documentation
    • For finding nearest bank branch location and contact numbers, click here or
    • They may contact us via our toll-free number 1800-209-4555 / 1800-103-9897 or International helpline 91-44-6685 4555 or write to [email protected] or
    • For further support, please access our grievance redressal link.
    Customer Information
    The customer information collected from the customers shall not be used for cross selling of services or products by third parties without the permission of the customer.
    Secrecy of Customer Accounts
    The Bank shall not disclose details / particulars of customer accounts to a third person or party without the expressed or implied consent from the customer. However, there are some exceptions, viz. disclosure of information under compulsion of law or regulations, where there is a duty to public to disclose and where the interests of the Bank require disclosure.
    Premature Withdrawal of Term Deposit
    The Bank on request from the depositor, at its discretion may allow withdrawal of term deposit before completion of the period of the deposit agreed upon at the time of placing the deposit. The Bank shall declare their penal interest rates policy for premature withdrawal of term deposit. The Bank shall make depositors aware of the applicable rate along with the deposit rate. Penal rate of interest shall vary from time to time, however currently we do not charge any penal interest for premature withdrawal of deposits for less then Rs 15 lacs.
    Premature Renewal of Term Deposit
    Incase the depositor desires to renew the deposit by seeking premature closure of an existing term deposit account, the bank will permit the renewal at the applicable rate on the date of renewal, provided the deposit is renewed for a period longer than the balance period of the original deposit. While prematurely closing a deposit for the purpose of renewal, interest on the deposit for the period it has remained with the bank will be paid at the rate applicable to the period for which the deposit remained with the bank and not at the contracted rate.
    Premature OVERDUE of Term Deposits
    The deposit will be automatically renewed for the same tenor in case there are no instructions from the customer.
    Advances Against Deposits
    The Bank may consider request of the depositor/s for loan / overdraft facility against term deposits duly discharged by the depositor/s on execution of necessary security documents.
    Insurance Cover for Deposits
    All bank deposits are covered under the insurance scheme offered by Deposit Insurance and Credit Guarantee Corporation of India (DICGC) subject to certain limits and conditions. The DICGC insures principal and interest upto a maximum amount of Rs. 5 lakh. For example, if an individual had an account with a principal amount of Rs. 4,70,000 plus accrued interest of Rs. 29,000, the total amount insured by the DICGC would be Rs. 4,99,000. If, however, the principal amount in that account was Rs. 5 lakh, the accrued interest would not be insured, not because it was interest but because that was the amount over the insurance limit.
    Stop Payment Facility
    The Bank will accept stop payment instruction from the depositors in respect of cheques issued by them. Charges, as specified, will be recovered.
    Dormant Accounts
    Accounts which are not operated for a period of 24 months will be transferred to a separate dormant / inoperative account status in the interest of the depositor as well as the Bank. The depositor will be informed of charges, if any, which the Bank will levy on dormant / inoperative accounts. The depositor can request the Bank by way of a written application to activate the account for operating it.
    Foreign Exchange Services
    The exchange rates are published by the bank on a daily basis. The customer will be informed about the exchange rate applicable on the date of receipt of funds. The customers account will be credited with the funds on the same day if the funds are received before 2:00 pm (Monday - Friday) and the next working day if the funds are received after 2:00 pm
    Validity of cheques
    With effect from 1st April 2012 validity of Cheque/Pay Order /Demand Draft will be 3 (three) months as per RBI circular no. DBOD.AML BC.No.47/14.01.001/2011-12 dated 4th November 2011. Banks shall not make payment of Cheques/Pay Order/Demand Draft if they are presented beyond the period of three months from the date of such instrument.
    Cheque Truncation System

    RBI as per circular no. 1622/04.07.05/2012-13 dated 18 March 2013 has extended the timeline to July 2013 (from March 2013) for all cheques issued by the customer to be CTS (Cheque Truncation System) compliant. Kindly contact your nearest branch or visit our website or call our customer care centre on Local helpline 1800-209-4555/1800- 103-9897, International helpline 91-44-6685 4555 to request for a new cheque book if your existing cheque book is non-CTS compliant.”

    Simple guide for customers to identify if their cheques are CTS compliant.


    You can get information on common fees and charges through any one of the following

    • Looking at our notices in our branches
    • Phoning our Branches
    • Checking our website
    • Asking our designated staff
    • Referring to the service guide

    Interest rates will be updated on the website and the notices in our branches from time to time. You can also get the latest deposit rates by calling our branches, looking on our websites and asking our designated staff.

    RBI guidelines on Alterations / Corrections on cheques w.e.f. 1 December 2010
    As per RBI guidelines on Alterations / Corrections on cheques, effective 1 December 2010, no changes / corrections would be allowed on cheque forms (other than for date validation purposes, if required). For any changes in the cheque, a fresh cheque form needs to be issued. This will be applicable only for cheques cleared under the image based cheque truncation system (CTS), which is currently operational in Delhi and will be implemented across India in future. W. e. f 15th September 2011 CTS has been extended in Chennai and w e f 1st April 2012 it will be implemented in Bangalore. This is not applicable to cheques cleared under other clearing arrangements such as MICR clearing, non-MICR clearing, over the counter collection (for cash payment) or direct collection of cheques outside the Clearing House arrangement.