7% interest on savings a/c: DBS Bank launches 'Golden Circle' for elderly

This program offers a suite of exclusive benefits and services, making banking simpler and more rewarding for resident Indian citizens aged 60 years and above.

DBS Bank India has introduced a comprehensive banking programme tailored specifically for senior citizens called 'DBS Golden Circle.' Senior citizens can earn higher interest rates on savings accounts and fixed deposits compared to regular customers  while also get cyber insurance coverage of up to Rs 1 lakh to protect against financial fraud.

Customers can choose from various interest payout options for fixed deposits and enjoy penalty-free withdrawals. The programme offers a range of perks such as zero transaction fees, discounts on locker rentals, and access to exclusive lifestyle offers.

Senior citizens can earn an interest rate of up to 7% per annum on savings account balances above Rs 4 lakh and up to Rs 5 lakh. Additionally, they can benefit from an enhanced interest rate of 0.50% per annum on fixed deposits with a tenure ranging from 376 days to 540 days. These competitive interest rates enable senior citizens to effectively grow their savings and achieve greater financial stability.

Other benefits of ‘DBS Golden Circle’ include:

• Special overdraft rates against FDs and Loans on Deposit.
• Zero transaction fees for NEFT, RTGS, duplicate statements, and unlimited free domestic ATM transactions.
• Lifetime free debit cards.
• Discount on locker rentals, providing a safe and affordable option for storing valuable items.

"Security is a key concern for senior citizens, and the ‘DBS Golden Circle’ program addresses this with cyber insurance coverage up to Rs 1,00,000. The program recognises the importance of flexibility and accessibility in financial planning. Senior citizens can choose from flexible interest payout options for Fixed Deposits, including monthly, quarterly, or cumulative payouts. Moreover, fixed deposits with a tenure of over one year do not incur any penalties for premature withdrawals, ensuring that senior citizens have access to their funds in case of any emergencies," DBS said in a statement.