Fixed deposits are safe investments in which the customer can deposit surplus cash for a tenure of their choice and earn higher rates interest on the deposit than on their savings account. Fixed deposits are also known as term deposits or time deposits. These deposits will mature at the end of their tenure and the principal amount along with the interest can be withdrawn by the investor or it could be renewed for another term. If you break a fixed deposit before its maturity, you will usually be charged a preclosure penalty.
Check for details about Fixed Deposit
Banks sometimes offer promotional deals to attract customers to invest in fixed deposits. These promotions give you, the customer, additional bonuses for investing your money. The most common promotion offered by banks are higher rates of interest making fixed deposits a very fruitful investment. Make the most of these promotional periods to get more out of your money.
Types of Fixed Deposit Promotions
Banks run promotional offers to raise fixed deposit investments. There are a variety of ways for them to this while giving the customer a great deal on their investment. Some of the most commonly offered promotions are listed below.
- Higher interest rates
- Complimentary dinners
- Shopping vouchers
- Complimentary hotel stays or vacations
- Free entry into festivals or the like
- Freebies and gifts
- Raffle draws and contests
Latest Fixed Deposit Promotion Rates
|Bank||Tenure||Deposit Amount||Interest Rate|
|HSBC||11 months||S$30,000 to S$1.5 million||1.5 percent p.a.|
|RHB||12 months||Depends on the terms and conditions provided by the bank||1.45 percent p.a.|
|OCBC||12 months||S$20,000 to S$999,999||1.5 percent p.a.|
|Maybank||12 months||Up to S$50,000||1.6 percent p.a.|
|UOB||13 months||Up to S$20,000||1.5 percent p.a.|
|CIMB||12 months||S$50,000 to S$999,999||1.7 percent p.a.|
|Standard Chartered||10 months||Up to S$25,000||1.5 percent p.a.|