Singapore based, DBS Banks announces a hike of 100 to 125 basis points in its Domestic and Non Resident Ordinary (NRO) fixed deposits rates.

The bank has increased the interest rate for fixed deposits maturing in between 181 days to one year to 10.75% against 9.5% earlier. Similarly the rates for one to two years of deposits have risen from 10.25% to 11.25%. This revision is declared on deposits below Rs 15 lakh.

More over senior citizens will avail additional 50 basis points over the card rates on any deposit.

The upward revision in the rates by DBS seems strange at a time when most banks are cutting down their deposit rates. The bank feels that this decision would help in mobilizing funds to meet the strong credit demand from customers.

A bank statement said, "This will provide a very competitive opportunity to DBS Bank customers who can now benefit from the best interest rates offered by any bank in the country."

Besides the bank is also offering various maturity options starting from 7 days to 180 days with different interest rates that blend with the customers' demand.

For the deposits with longer tenure like 2 to 5 years, bank is offering an interest rate of 10% on both ordinary fixed deposits and deposits for senior citizens.

DBS Bank is a subsidiary of DBS Group of Singapore and in India it is currently operating through six branch offices in Bengaluru, Chennai, Delhi, Kolkata, Mumbai and Pune.