DBS Bank India has announced the launch of ‘DBS Golden Circle’, a comprehensive priority banking program designed to cater to the 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 overlaps the 30th anniversary of DBS in India. DBS Bank India intends to leverage its extensive physical network and digital capabilities to provide solutions to meet the needs of its senior customers.
The India Ageing Report 2023 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 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.
Managing Director and Head of Consumer Banking Group, DBS Bank India, Prashant Joshi, commented on the launch, saying, "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.”
As technology rapidly advances and becomes an integral part of our daily lives, DBS has significantly increased its efforts to educate its customers, especially senior citizens, on navigating the digital banking landscape. This involves providing guidance on identifying potential scams and implementing robust security measures to protect their personal and financial information.
