In a strategic move to deepen its engagement with India’s senior citizen community, DBS Bank India has introduced the ‘DBS Golden Circle,’ a priority banking program designed specifically for residents aged 60 and above. Launched on the occasion of the bank’s 30th anniversary in India, this program exemplifies DBS’s commitment to providing banking solutions that not only cater to but also anticipate the evolving needs of its customers.
The launch of ‘DBS Golden Circle’ comes at a crucial time, as India grapples with the challenges highlighted in the India Ageing Report 2023 by the United Nations Population Fund. The report underscores income insecurity as a significant vulnerability in old age, exacerbated by rising living costs and the complexities of managing savings without compromising long-term investments. DBS Bank India’s new program addresses these concerns head-on, offering a suite of benefits and services designed to make banking simpler, more secure, and ultimately more rewarding for senior citizens.
One of the standout features of the ‘DBS Golden Circle’ is the attractive interest rates offered on savings accounts and deposits. Senior citizens can earn up to 7% per annum on savings account balances between INR 4 Lakhs and INR 5 Lakhs. Additionally, fixed deposits with a tenure of 376 to 540 days come with an enhanced interest rate of 0.50% per annum, providing a reliable way for seniors to grow their savings and achieve greater financial stability.
Prashant Joshi, Managing Director and Head of the Consumer Banking Group at DBS Bank India emphasized the program’s focus on trust, safety, and convenience. “DBS Golden Circle is designed to make banking easier and more convenient for senior citizens,” Joshi said. “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 paramount concern for senior citizens, and DBS Bank India has made it a cornerstone of the ‘DBS Golden Circle’ program. The program includes cyber insurance coverage up to INR 1,00,000, addressing the growing threat of online scams and fraud. Moreover, the program offers flexible interest payout options for fixed deposits, including monthly, quarterly, or cumulative payouts. Importantly, fixed deposits with a tenure of over one year come with no penalties for premature withdrawals, ensuring that seniors have access to their funds in case of emergencies.
In addition to these features, ‘DBS Golden Circle’ offers several other benefits designed to enhance the banking experience for senior citizens. These include special overdraft rates against fixed deposits, zero transaction fees for NEFT, RTGS, and other services, lifetime free debit cards, and discounts on locker rentals for safe and affordable storage of valuable items. The program also provides access to products from leading life insurance companies and ecosystem partners, offering discounts on healthcare services, pharmacy benefits, hospicash benefits, and comprehensive annual health check-ups.
DBS Bank India has a long-standing reputation for safety and security, having been named the ‘Safest Bank in Asia’ by Global Finance for 15 consecutive years. The bank leverages its global expertise and deep understanding of the Indian market to offer a range of premium banking and wealth management services through its Treasures platform. This includes signature lifestyle privileges, exclusive offers, and specialized wealth solutions tailored to customers’ short-term needs and long-term goals. Treasures customers also benefit from preferential remittance rates and solutions, enabling seamless money transfers abroad.
DBS Bank India’s commitment to innovation is further demonstrated by its digiPortfolio, a service that combines human expertise and technology to help customers select mutual fund portfolios tailored to their age, income, and risk appetite. Supported by research from CRISIL, the digiPortfolio offers a curated selection of top-ranked mutual funds, making it easier for senior citizens to navigate the complexities of investment planning.
As technology continues to reshape the banking landscape, DBS has ramped up its efforts to educate its customers, including senior citizens, on the safe and effective use of digital banking services. This includes guidance on identifying potential scams and implementing robust security measures to protect personal and financial information.
With the launch of ‘DBS Golden Circle,’ DBS Bank India reaffirms its dedication to serving the senior citizen community, providing them with the tools and support they need to enjoy their golden years with confidence and peace of mind.
