DBS Bank India has announced the launch of its new offering, 'DBS Golden Circle'. This priority banking program has been carefully crafted to address the specific needs of senior citizens. Designed for resident Indian individuals aged 60 and above, the program provides an array of exclusive benefits and services to simplify and enhance the banking experience.
The program provides a range of benefits and services tailored to meet the needs of senior citizens. These include competitive interest rates on both savings accounts and fixed deposits, advanced security measures, and customized financial solutions aimed at tackling income uncertainty – a prevalent issue among the elderly population, as emphasized in the India Ageing Report 2023 published by the United Nations Population Fund.
Senior citizens enrolled in the DBS Golden Circle can earn up to 7% interest per annum on savings account balances above Rs 4 lakhs and up to Rs 5 lakhs. 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.
"DBS Golden Circle is designed to make banking easier and more convenient for senior citizens, with a strong focus on trust, safety, and convenience.," said Prashant Joshi, Managing Director and Head of Consumer Banking Group, DBS Bank India.
Fixed deposits (FDs) that have been held for over one year do not impose any penalties for early withdrawals. This policy is designed to provide senior citizens with the flexibility to access their funds in the event of an emergency.
Furthermore, account holders can take advantage of additional perks such as zero transaction fees for national electronic funds transfer (NEFT) and real-time gross settlement (RTGS), as well as the option to obtain duplicate account statements.
Additionally, customers can benefit from lifetime free debit cards, unlimited complimentary domestic automated teller machine (ATM) transactions, discounted rates on locker rentals, special overdraft terms secured against FDs, and preferential loan offerings.
The launch of 'DBS Golden Circle' coincides with a significant milestone for DBS in India - its 30th anniversary. This celebration highlights the bank's unwavering dedication to the local market. DBS Bank India continues to utilise its widespread physical presence and digital capabilities to deliver tailored solutions that adapt to the changing requirements of its clientele, fostering trust and nurturing enduring partnerships.