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CHANGES IN INTEREST RATES
DBS Bank's Prime Rate will be reduced by 0.50% to 6% with effect from tomorrow, 18 November 98.
There will also be changes in the deposit rates. Fixed Deposit Rates will decrease by 0.625% for 1 - 5 months and 0.50% for 6 - 24 months. Savings, Savings Plus, POSBank Savings, Autosave and CPF Investment Account rates will also be decreased. These changes will also take effect from 18 November 98.
The new rates for Savings, Savings Plus, POSBank Savings, Autosave, and CPF Investment Account are as follows :-
| |
New Rates (% pa) |
Changes (% pa) |
| For Savings Account
Balances : |
| Below $3,000 |
1.250% |
-0.500% |
| $3,000 - $50,000 |
1.750% |
-0.500% |
| Above $50,000 |
2.125% |
-0.500% |
| For Savings Plus
Account Balances : |
| Below $3,000 |
1.500% |
-0.500% |
| $3,000 - $50,000 |
2.000% |
-0.500% |
| Above $50,000 |
2.250% |
-0.500% |
| For POSBank Savings
Account Balances (tax-exempted) : |
| Below $50,000 |
2.250% |
-0.500% |
| In excess of $50,000 |
2.250% |
-0.625% |
| For Autosave Account
Balances : |
| Below $3,000 |
1.625% |
-0.500% |
| $3,000 - $50,000 |
2.125% |
-0.500% |
| Above $50,000 |
2.500% |
-0.500% |
| CPF Investment Account
: |
| Below $25,000 |
1.500% |
-0.500% |
| $25,000 or more |
1.875% |
-0.500% |
The posted board rates for Fixed Deposits of amounts less than $50,000 are as follows :-
| Period |
New Rates (% p.a) |
Changes (% p.a) |
| 1 month |
2.875% |
-0.625% |
| 2 months |
2.875% |
-0.625% |
| 3 – 5 months |
2.875% |
-0.625% |
| 6 – 9 months |
3.000% |
-0.500% |
| 10 – 11 months |
3.000% |
-0.500% |
| 12 months |
3.000% |
-0.500% |
| 24 months |
3.125% |
-0.500% |
Rates for higher amounts for Fixed Deposit accounts can be obtained from DBS Bank branches, selected POSBank Services branches or from the DBS Rates Information Services (1800 - 222 2222).
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