On the 30th anniversary of DBS Bank in India, the Singaporean multinational banking and financial services corporation has launched ‘DBS Golden Circle’, for senior citizens.
The priority programme offers several exclusive benefits and services, making banking simpler and more rewarding for resident Indian citizens aged 60 years and above.
The India Ageing Report 2023, compiled by the United Nations Population Fund, highlights income insecurity as a significant vulnerability in old age.
Navigating savings effectively during the advanced stage of life is made more complex because of increasing living costs and the growing challenge of accessing funds without compromising on investments.
“This priority banking programme for senior citizens addresses these concerns. One of its key features is the attractive interest rate offered on savings accounts and deposits,” said Prashant Joshi, Managing Director and Head of Consumer Banking Group, DBS Bank India.
“We empower our customers to enjoy their golden years by delivering a banking experience that is secure, reliable, and tailored to their unique needs,” he added.
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What does the programme offer to senior citizens?
Senior citizens can earn an interest rate of up to 7 per cent per annum on savings account balances above Rs 4 lakh and up to Rs 5 lakh. Additionally, on fixed deposits (FDs), they can earn an enhanced interest rate of 0.50 per cent with a tenure ranging between 376 and 540 days.
“These competitive interest rates enable senior citizens to grow their savings and achieve greater financial stability,” said Joshi.
The programme addresses security concerns and offers a cyber insurance coverage of up to Rs 1 lakh.
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FDs 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 emergency.
Other benefits are zero transaction fees for national electronic funds transfer (NEFT), real-time gross settlement (RTGS) and duplicate statements.
Also on offer, lifetime free debit cards, unlimited free domestic automated teller machine (ATM) transactions, discount on locker rentals, special overdraft rates against FDs and loans.
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