DBS Digibank Savings Interest Reduced

DBS Digibank Savings Interest Reduced

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Deal Cadet
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Balance up to Rs. 1 lakh will get 3.5% interest rates…
Any balances over and above Rs. 1 lakh and up to Rs. 2 lakhs will get 6% on the incremental amount…
Any balances over and above Rs. 2 lakhs and up to Rs. 5 lakhs will get 4% on the incremental amount…

https://www.dbs.com/digibank/in/rates-and-fees....

Means now it will only provide 3.5+6+4 = 13.5/3 = 4.5% interest rates if more than 2 lacs is maintained…For upto 2 lacs, it will only provide, 3.5+6=9.5/2 = 4.75% interest…

I was expecting this after Kotak reduced their interest TWO times within a 3 weeks period…

Time to close Digibank account & find another alternative…

34 Comments  |  
11 Dimers
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Deal Lieutenant
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Waiting for IDFC FIRST move.

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Deal Newbie
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Other alternatives will take your money and run away .

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Deal Cadet
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Time to get money out of bank and invest in equity

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kirandr221996 wrote:

Time to get money out of bank and invest in equity

Those are for professionals…For a layman, investing in stock-markets, mutual funds or any such thing can be quite risky if they don’t know properly what they are doing & where they are investing otherwise they would lose whatever they had too…

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Deal Cadet
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One advise required from the dimers, Should I move all my savings to IDFC ? But I am not sure if IDFC will start lowering their interest rates soon or not & also keeping more than 5 lacs is not secured in any of these small banks…I don’t trust those small banks either which gives like 8-9% interests…

Or should I do FD in Yes Bank or IndusInd where the FD rate is still 7% ?? But they are not secure banks either… confused

Damn this is getting very bad situation for me & my family because me & my family have to solely depend on the savings in the banks…Already had to cut the broadband & DTH connections at home because of no income due to the lockdown…

P.S. I complained about the TWO times interest rates cut downs in a single month by Kotak on their Facebook page toh they replied “RBI ne ghataya hain toh hum kya kar sakte hain” ?? pensive

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Sushrut.B wrote:

Those are for professionals…For a layman, investing in stock-markets, mutual funds or any such thing can be quite risky if they don’t know properly what they are doing & where they are investing otherwise they would lose whatever they had too…

There is also secondary bond market. There are still many high rated long term bonds with reasonably good interest rates.

Missing
Critic
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Sushrut.B wrote:

One advise required from the dimers, Should I move all my savings to IDFC ? But I am not sure if IDFC will start lowering their interest rates soon or not & also keeping more than 5 lacs is not secured in any of these small banks…I don’t trust those small banks either which gives like 8-9% interests…

Or should I do FD in Yes Bank or IndusInd where the FD rate is still 7% ?? But they are not secure banks either… confused

Damn this is getting very bad situation for me & my family because me & my family have to solely depend on the savings in the banks…Already had to cut the broadband & DTH connections at home because of no income due to the lockdown…

P.S. I complained about the TWO times interest rates cut downs in a single month by Kotak on their Facebook page toh they replied “RBI ne ghataya hain toh hum kya kar sakte hain” ?? pensive

Keep your total value of investment in a particular bank (across all branches) restricted to less than 5 Lakhs.

Missing
Shopping Friend
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Sushrut.B wrote:

One advise required from the dimers, Should I move all my savings to IDFC ? But I am not sure if IDFC will start lowering their interest rates soon or not & also keeping more than 5 lacs is not secured in any of these small banks…I don’t trust those small banks either which gives like 8-9% interests…

Or should I do FD in Yes Bank or IndusInd where the FD rate is still 7% ?? But they are not secure banks either… confused

Damn this is getting very bad situation for me & my family because me & my family have to solely depend on the savings in the banks…Already had to cut the broadband & DTH connections at home because of no income due to the lockdown…

P.S. I complained about the TWO times interest rates cut downs in a single month by Kotak on their Facebook page toh they replied “RBI ne ghataya hain toh hum kya kar sakte hain” ?? pensive

RBI Bonds 7.75% half yearly or interest on maturity 7 years lock in period

one needs to give FORM 15G/H every april to avoid TDS

if u fill ITR then u need to show this investment and income from it

Missing
Deal Cadet
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panchabhut wrote:

Keep your total value of investment in a particular bank (across all branches) restricted to less than 5 Lakhs.

I asked a different question than what you answered…I am already aware about the DICGC coverage of 5 Lacs max…

I asked in which bank/s I should put the money for maximum benefit in term of interest rates…I have major amount of savings in IDFC (under the 5 Lacs coverage)…Where should I put the remaining money that’s what I wanted to get a suggestion for…Should I do an FD in Yes Bank or IndusInd because they are still giving high FD rates…

Missing
Deal Cadet
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panchabhut wrote:

There is also secondary bond market. There are still many high rated long term bonds with reasonably good interest rates.

I already mentioned that, I am a completely layman in investing so I can’t take the risk unless I’m completely sure that I know what I am doing…

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Deal Cadet
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desiman wrote:

RBI Bonds 7.75% half yearly or interest on maturity 7 years lock in period

one needs to give FORM 15G/H every april to avoid TDS

if u fill ITR then u need to show this investment and income from it

I used to file ITR but now I have zero income from last few months so I file Nil GSTR1 & 3B returns every months…

Is this safe ?? 7 years lock-in is a too long time… rolleyes

What you guys have to say about buying Digital Gold from our bank accounts ?? Is it profitable & secure ?? All my banks’ netbanking & mobile apps show this everytime I log-in…But I didn’t invest as I have never done this before…

Missing
Deal Cadet
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Sushrut.B wrote:

One advise required from the dimers, Should I move all my savings to IDFC ? But I am not sure if IDFC will start lowering their interest rates soon or not & also keeping more than 5 lacs is not secured in any of these small banks…I don’t trust those small banks either which gives like 8-9% interests…

Or should I do FD in Yes Bank or IndusInd where the FD rate is still 7% ?? But they are not secure banks either… confused

Damn this is getting very bad situation for me & my family because me & my family have to solely depend on the savings in the banks…Already had to cut the broadband & DTH connections at home because of no income due to the lockdown…

P.S. I complained about the TWO times interest rates cut downs in a single month by Kotak on their Facebook page toh they replied “RBI ne ghataya hain toh hum kya kar sakte hain” ?? pensive

U have 5L in savings and say u r suffering from lockdown.
Then think about day wage workers.

Missing
Critic
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Sushrut.B wrote:

I asked a different question than what you answered…I am already aware about the DICGC coverage of 5 Lacs max…

I asked in which bank/s I should put the money for maximum benefit in term of interest rates…I have major amount of savings in IDFC (under the 5 Lacs coverage)…Where should I put the remaining money that’s what I wanted to get a suggestion for…Should I do an FD in Yes Bank or IndusInd because they are still giving high FD rates…

Nothing comes free. Higher the risk, higher the rate of return. But to certain extent then risk is insured by DICGC. However, the process of getting the money back through DICGC is a long drawn process. Yes bank situation is well known. Indus Ind is also not far behind.
Finally it is your decision how much risk you want to take.

Missing
Critic
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Sushrut.B wrote:

I used to file ITR but now I have zero income from last few months so I file Nil GSTR1 & 3B returns every months…

Is this safe ?? 7 years lock-in is a too long time… rolleyes

What you guys have to say about buying Digital Gold from our bank accounts ?? Is it profitable & secure ?? All my banks’ netbanking & mobile apps show this everytime I log-in…But I didn’t invest as I have never done this before…

RBI bonds are one of the safest form of deposit in India.
Gold and gold derivatives are subject to market risk.

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Sushrut.B wrote:

I already mentioned that, I am a completely layman in investing so I can’t take the risk unless I’m completely sure that I know what I am doing…

Understanding Bond ratings are actually easier than understanding stocks. And they are fixed return investments with lower risk profile than shares.

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botlike wrote:

U have 5L in savings and say u r suffering from lockdown.
Then think about day wage workers.

Where did I mention that I have 5L in savings ?? Also the amount I have is not only mine, my entire family’s life savings…Read properly before you reply…I just mentioned a generic fact that upto 5L is insured by DICGC

And I am not a daily wager that doesn’t mean that my economic condition is good…Why you comparing them with me ?? I’m fully qualified to get a high paying job but my physical inability doesn’t allow me to do a physical job..Also currently it’s not possible to get a job in private sector where many people are getting sacked everyday from their jobs…

Your comparison is like, since daily wagers are suffering so you shouldn’t talk about your own situation…

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Deal Cadet
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panchabhut wrote:

Nothing comes free. Higher the risk, higher the rate of return. But to certain extent then risk is insured by DICGC. However, the process of getting the money back through DICGC is a long drawn process. Yes bank situation is well known. Indus Ind is also not far behind.
Finally it is your decision how much risk you want to take.

I am currently not in the position to take ANY risk at all to be precise as the savings amount stored in the bank is our family’s only savings & we currently don’t have any other source of income except from these bank’s savings quarterly interests which keep on decreasing by the way because of all banks lowering their interest rates…If we would have a running/stable source of monthly income except bank savings, only then I could take the risks… confused

Missing
Deal Cadet
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Sushrut.B wrote:

Where did I mention that I have 5L in savings ?? Also the amount I have is not only mine, my entire family’s life savings…Read properly before you reply…I just mentioned a generic fact that upto 5L is insured by DICGC

And I am not a daily wager that doesn’t mean that my economic condition is good…Why you comparing them with me ?? I’m fully qualified to get a high paying job but my physical inability doesn’t allow me to do a physical job..Also currently it’s not possible to get a job in private sector where many people are getting sacked everyday from their jobs…

Your comparison is like, since daily wagers are suffering so you shouldn’t talk about your own situation…

Ur comments mention that more than 5L.
I didn’t ask u to compare. I am saying facts.

U have X amount and earning interest on it for daily expanses. U can even take that X amount and lead life for few months/years depending on that X amount.

But see migrant labourer or daily wage earners they don’t have job or don’t have any deposited money in bank.

Learn to satisfy with what we have in hand.that doesn’t mean u don’t have to grow.atleast be happy for u have that much savings which is giving money for Ur living.

Hope u understand my comment.

Missing
Deal Cadet
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botlike wrote:

Ur comments mention that more than 5L.
I didn’t ask u to compare. I am saying facts.

U have X amount and earning interest on it for daily expanses. U can even take that X amount and lead life for few months/years depending on that X amount.

But see migrant labourer or daily wage earners they don’t have job or don’t have any deposited money in bank.

Learn to satisfy with what we have in hand.that doesn’t mean u don’t have to grow.atleast be happy for u have that much savings which is giving money for Ur living.

Hope u understand my comment.

Thanks for your “GYAN” but Please keep those with you because I’m not interested in listening to your life-lessons…

My intention behind sharing these things here ONLY to know where can I maximize my little amount of savings…It had NOTHING to do with comparing me with how daily wagers are living their lives…

You didn’t even understand the point of my comments…If you don’t have any useful thing to say, then just avoid/ignore my comments because other dimers have already commented with their helpful suggestions…

Thanks…

Missing
Deal Cadet
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panchabhut wrote:

RBI bonds are one of the safest form of deposit in India.
Gold and gold derivatives are subject to market risk.

Thanks…I will try to read some reviews on this on Youtube & then decide if I need to go ahead…I will have to consult with my family as the savings are total family savings & not only mine…Thanks for confirming… : )

Missing
Deal Cadet
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Sushrut.B wrote:

Thanks for your “GYAN” but Please keep those with you because I’m not interested in listening to your life-lessons…

My intention behind sharing these things here ONLY to know where can I maximize my little amount of savings…It had NOTHING to do with comparing me with how daily wagers are living their lives…

You didn’t even understand the point of my comments…If you don’t have any useful thing to say, then just avoid/ignore my comments because other dimers have already commented with their helpful suggestions…

Thanks…

Now I understand.
Bye

Missing
Deal Cadet
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What about investing in NBFC ? Like Koshamattam finance . Invest in NCD. You will get 9% interest for your deposit .

Missing
Blogger
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saymyname78 wrote:

Other alternatives will take your money and run away .

lol. true

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jerryn70 wrote:

What about investing in NBFC ? Like Koshamattam finance . Invest in NCD. You will get 9% interest for your deposit .

naah. no Deposit insurance bro. Park your money in Scheduled Commercial Banks only

Missing
Shopping Friend
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Sushrut.B wrote:

I used to file ITR but now I have zero income from last few months so I file Nil GSTR1 & 3B returns every months…

Is this safe ?? 7 years lock-in is a too long time… rolleyes

What you guys have to say about buying Digital Gold from our bank accounts ?? Is it profitable & secure ?? All my banks’ netbanking & mobile apps show this everytime I log-in…But I didn’t invest as I have never done this before…

around the year 2003 i had invested in these RBI bonds series at 6.5% and 8% pa i had never though it would be so smooth process went to local investment fellow filled up forms and submitted

they gave me some commission on the invested amount took a huge risk coz that time too banks were giving less interest so thought lets try these even though it was lock in for 5-6 years that time.

I got the BOND certificate from ICICI and HDFC as had invested at 2 different interest rates coz of some TDS provisions….

interest were paid regularly on time half yearly by cheque / DD – as i opted for cheque payment option now they are directly credit into bank… they used to send FORM 15G by courier which we had to sign and return them… for non deduction of TDS

at the end of the period the final payment also went smoothly…

now times have changed after those lock in periods i did not again invest in these bonds as banks started giving good interest rates…

this govt changed the RBI Bonds series to 2018 and interest to 7.75% from 8%

you will have to check with some one who has invested in recent years about these bonds whether the process is smooth and interest payments are regular

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panchabhut wrote:

RBI bonds are one of the safest form of deposit in India.
Gold and gold derivatives are subject to market risk.

bro have u invested in these new RBI bonds series of 2018 @ 7.75% PA

rolleyes
Missing
Deal Cadet
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desiman wrote:

around the year 2003 i had invested in these RBI bonds series at 6.5% and 8% pa i had never though it would be so smooth process went to local investment fellow filled up forms and submitted

they gave me some commission on the invested amount took a huge risk coz that time too banks were giving less interest so thought lets try these even though it was lock in for 5-6 years that time.

I got the BOND certificate from ICICI and HDFC as had invested at 2 different interest rates coz of some TDS provisions….

interest were paid regularly on time half yearly by cheque / DD – as i opted for cheque payment option now they are directly credit into bank… they used to send FORM 15G by courier which we had to sign and return them… for non deduction of TDS

at the end of the period the final payment also went smoothly…

now times have changed after those lock in periods i did not again invest in these bonds as banks started giving good interest rates…

this govt changed the RBI Bonds series to 2018 and interest to 7.75% from 8%

you will have to check with some one who has invested in recent years about these bonds whether the process is smooth and interest payments are regular

Thanks for sharing your personal experiences in detail…

What you guys have to say about the Small Finance banks which give like 8-9% interest rates on FD ??

Any of these banks you guys invested in & will recommend ?? Also maybe this is a silly question but these banks are not covered in DICGC…Are they ??

1. Au Small Finance Bank Limited
2. Capital Small Finance Bank Limited
3. Equitas Small Finance Bank Limited
4. Suryoday Small Finance Bank Limited
5. Ujjivan Small Finance Bank Limited
6. Utkarsh Small Finance Bank Limited
7. ESAF Small Finance Bank Limited
8. Fincare Small Finance Bank Limited
9. Jana Small Finance Bank Limited
10. North East Small Finance Bank Limited

Found the above list on Policybazaar site when searching for Small Finance Banks…

Missing
Shopping Friend
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Sushrut.B wrote:

Thanks for sharing your personal experiences in detail…

What you guys have to say about the Small Finance banks which give like 8-9% interest rates on FD ??

Any of these banks you guys invested in & will recommend ?? Also maybe this is a silly question but these banks are not covered in DICGC…Are they ??

1. Au Small Finance Bank Limited
2. Capital Small Finance Bank Limited
3. Equitas Small Finance Bank Limited
4. Suryoday Small Finance Bank Limited
5. Ujjivan Small Finance Bank Limited
6. Utkarsh Small Finance Bank Limited
7. ESAF Small Finance Bank Limited
8. Fincare Small Finance Bank Limited
9. Jana Small Finance Bank Limited
10. North East Small Finance Bank Limited

Found the above list on Policybazaar site when searching for Small Finance Banks…

have never taken services of these banks and now in these uncertain times it might be even more riskier

still those who invest in these banks might be able to guide you further

Missing
Deal Subedar
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Sushrut.B wrote:

Thanks for sharing your personal experiences in detail…

What you guys have to say about the Small Finance banks which give like 8-9% interest rates on FD ??

Any of these banks you guys invested in & will recommend ?? Also maybe this is a silly question but these banks are not covered in DICGC…Are they ??

1. Au Small Finance Bank Limited
2. Capital Small Finance Bank Limited
3. Equitas Small Finance Bank Limited
4. Suryoday Small Finance Bank Limited
5. Ujjivan Small Finance Bank Limited
6. Utkarsh Small Finance Bank Limited
7. ESAF Small Finance Bank Limited
8. Fincare Small Finance Bank Limited
9. Jana Small Finance Bank Limited
10. North East Small Finance Bank Limited

Found the above list on Policybazaar site when searching for Small Finance Banks…

My question too

Missing