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CHANGES IN INTEREST RATES
DBS Bank’s Prime Rate will be reduced by 0.50% to 5.5%
with effect from tomorrow, 10 December 1998.
Following a review of its deposit rates, DBS Bank has decided to move
these rates in line with the prevailing interbank money market rates. Fixed Deposit Rates
will therefore decrease by 1.625% for 1 month, 1.375% for 2 - 5 months, 1%
for 6 - 9 months, 0.875% for 10 - 11 months and 0.625% for 12 - 24 months. Savings,
Savings Plus, POSBank Savings, Autosave and CPF Investment Account rates will also be
decreased. These changes will also take effect from 10 December 1998.
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 |
1.000% |
-0.250% |
| $3,000 - $50,000 |
1.250% |
-0.500% |
| Above $50,000 |
1.750% |
-0.375% |
| For Savings Plus Account Balances : |
| Below $3,000 |
1.000% |
-0.500% |
| $3,000 - $50,000 |
1.500% |
-0.500% |
| Above $50,000 |
1.750% |
-0.500% |
| For POSBank Savings
Account Balances (tax-exempted) : |
| For the first $50,000 |
1.500% |
-0.750% |
| In excess of $50,000 |
1.750% |
-0.500% |
| For Autosave Account Balances : |
| Below $3,000 |
1.125% |
-0.500% |
| $3,000 - $50,000 |
1.625% |
-0.500% |
| Above $50,000 |
2.000% |
-0.500% |
| CPF Investment Account : |
| Below $25,000 |
1.000% |
-0.500% |
| $25,000 or more |
1.375% |
-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 |
1.250% |
-1.625% |
| 2 months |
1.500% |
-1.375% |
| 3 – 5 months |
1.500% |
-1.375% |
| 6 – 9 months |
2.000% |
-1.000% |
| 10 – 11 months |
2.125% |
-0.875% |
| 12 months |
2.375% |
-0.625% |
| 24 months |
2.500% |
-0.625% |
Interest earned on the POSBank Savings Account is tax-exempt.
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