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CHANGES IN INTEREST RATES
DBS Bank’s Prime Rate will be reduced by 0.5% to 6.5% with effect from
tomorrow, 4 November 98.
There will also be changes in the deposit rates. Fixed Deposit Rates
will reduce by 0.750% for 1 month - 11 months, 0.875% for 12 months and
1.250% for 24 months. Savings, Savings Plus, Autosave and CPF Investment Account rates
will also be reduced. These changes will also take effect from 4 November 98.
The new rates for Savings, Savings Plus, Autosave, and CPF Investment
Account are as follows :-
| |
New Rates (% pa) |
Changes (% pa) |
| For Savings Account Balances: |
| Below $3,000 |
1.750% |
-0.500% |
| $3,000 - $50,000 |
2.250% |
-0.500% |
| Above $50,000 |
2.625% |
-0.750% |
| For Savings Plus Account Balances: |
| Below $3,000 |
2.000% |
-0.500% |
| $3,000 - $50,000 |
2.500% |
-0.500% |
| Above $50,000 |
2.750% |
-0.625% |
| For Autosave Account Balances: |
| Below $3,000 |
2.125% |
-0.500% |
| $3,000 - $50,000 |
2.625% |
-0.625% |
| Above $50,000 |
3.000% |
-0.750% |
| CPF Investment Account: |
| Below $25,000 |
2.000% |
-0.500% |
| $25,000 or more |
2.375% |
-0.625% |
The posted board rates for Fixed Deposits of amounts less than $50,000
are as follows :-
| Period |
1 month |
2 - 5 months |
6 - 9 months |
10 - 11 months |
12 months |
24 months |
| New Rates (% p.a) |
3.500% |
3.500% |
3.500% |
3.500% |
3.500% |
3.625% |
| Changes (% p.a) |
-0.750% |
-0.750% |
-0.750% |
-0.750% |
-0.875% |
-1.250% |
Rates for higher amounts for Fixed Deposit accounts can be obtained from DBS Bank branches or from the DBS Rates Information Services (1800 - 222 2222).
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