Launch of “DBS Golden Circle”.

DBS Bank India has announced the launch of ‘DBS Golden Circle’, a comprehensive priority banking program meticulously designed to cater to the unique needs of senior citizens. This program offers a suite of exclusive benefits and services, making banking simpler and more rewarding for resident Indian citizens aged 60 years and above.

This launch also marks the 30th anniversary of DBS in India, a milestone that underscores the bank’s commitment to the local market. DBS Bank India continues to leverage its extensive physical network and digital capabilities to provide solutions that meet the evolving needs of its customers, fostering trust and building lasting relationships.

The India Ageing Report 2023[i] by the United Nations Population Fund highlights income insecurity as a significant vulnerability in old age. Navigating savings effectively during this stage of life is made more complex by increasing living costs and the challenge of accessing funds without compromising investments.

‘DBS Golden Circle’ addresses these concerns, and one of its key features is the attractive interest rate[ii] offered on savings accounts and deposits. Senior citizens can earn an interest rate of up to 7% per annum on savings account balances above INR 4 Lakhs and up to INR 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.

Prashant Joshi, Managing Director and Head of Consumer Banking Group, DBS Bank India, said, “DBS Golden Circle is designed to make banking easier and more convenient for senior citizens, with a strong focus on trust, safety, and convenience. We empower our customers to enjoy their golden years by delivering a banking experience that is secure, reliable, and tailored to their unique needs. This aligns seamlessly with our brand promise of ‘Live More, Bank Less’, as we combine the best of both worlds—tech-driven, tailored service complemented by a personal touch—to help senior citizens navigate banking confidently.”

Security is a key concern for senior citizens, and the ‘DBS Golden Circle’ program addresses this with cyber insurance coverage up to INR 1,00,000[iii]. The program recognises the importance of flexibility and accessibility in financial planning. Senior citizens can choose from flexible interest payout options for Fixed Deposits, including monthly, quarterly, or cumulative payouts. Moreover, fixed deposits with a tenure of over one year do not incur any penalties for premature withdrawals, ensuring that senior citizens have access to their funds in case of any emergencies.