DBS digibank the online bank has made changes in interest rates. Making it favourable for people who keep Rs.3-5 lacs in account.
- For deposit uptil Rs.1lac – reduced 5.5% to 5%
- For deposit from Rs.1-2lac – same 7%
- for deposit from Rs.2-5lac – increased from 5 to 5.5%
- Above Rs.5lac is same 4% before
Clearly shows digibank wants you to keep only till Rs.5lac in account and park rest in fixed deposit. Fixed deposit rates have also been changed from 7th September 2019. Now highest rate is 7% for tenure of 1 year to 15 months.
Last month digibank stopped it’s digibucks reward program. Applying brakes on all sides is making them less attractive than other banks who have a physical branch nearby.