• Fixed Deposits in Singapore

    Fixed Deposit (FD) Singapore

    Fixed Deposit

    A Fixed Deposit is a type of low risk investment opportunity on which you will earn a predetermined fixed rate of interest. Fixed deposits in Singapore are also referred to as Time Deposits. Fixed deposit interest rates can change from time to time, depending on the bank. Many banks in Singapore offer fixed deposit promotions to customers wherein you will earn a higher rate of interest for the duration of the promotion.

    A fixed deposit account can be opened by depositing a fixed amount into the account for a definite period of time. You must note that when opening a fixed deposit account, you can deposit money only once. The interest earned on the fixed deposit will be payable only upon maturity.

    You can use your fixed deposit as collateral to apply for other lines of credit such as loans, credit cards, etc. Many banks in Singapore offer automatic renewal of your fixed deposit account upon maturity so you don’t have to worry about reopening the account.

    Banks in Singapore offer conventional fixed deposit accounts as well as Islamic fixed deposit accounts.

    Why choose a fixed deposit?

    When compared to a savings account, a fixed deposit yields higher interest rates. It can also help cultivate saving habits because once you deposit the money into a fixed deposit, you cannot typically withdraw it. Premature withdrawals of fixed deposits will cost a penalty and you will forfeit the interest rate offered.

    Fixed deposits are very low risk investments. As the interest rate earnings on fixed deposits are fixed before you open the account, they will not be affected by market fluctuations. At the end of the maturity period, you will get your initial deposit + interest. Fixed deposits are more reliable than other market investments such as stocks, shares, bonds, etc.

    Best Singapore Dollar Time Deposit Rates

    Here are fixed deposit interest rates offered on a minimum placement amount of S$5,000 for a tenure of 12 months:

    Bank Interest Rate
    HSBC Singapore Dollar Time Deposit Rate 0.25% p.a.
    Maybank Singapore Dollar Time Deposit 0.70% p.a.
    OCBC SGD Time Deposit 0.25% p.a.
    DBS S$ Fixed Deposit 0.35% p.a.
    UOB Singapore Dollar Time Deposit 0.25% p.a.
    CIMB SGD Fixed Deposit 0.70% p.a.
    Standard Chartered SGD Time Deposit 0.35% p.a.
    POSB S$ Fixed Deposit 0.35% p.a.
    RHB SGD Fixed Deposit 0.45% p.a.
    Bank of China (BOC) Time Deposit 0.60% p.a.
    Citibank SGD Time Deposit (minimum placement amount of S$10,000) 0.10% p.a.
    Hong Leong Finance (HLF) Fixed Deposit 0.45% p.a.

    Features and benefits of Fixed Deposits

    Features of fixed deposits:

    • Fixed deposit tenures in Singapore start from 1 week and extend up to 36 months.
    • The minimum placement amount for most banks in Singapore is S$5,000. Citibank, however, requires you to deposit a minimum amount of S$10,000 to open a fixed deposit account.
    • Interest on fixed deposits is earned on a yearly basis (per annum).
    • You can open more than one fixed deposit account simultaneously.

    Benefits of fixed deposits:

    • Fixed deposits offer guaranteed returns.
    • Fixed deposits are low risk investments.
    • Fixed deposits can be used as collateral to apply for other lines of credit.
    • You get to decide how long you want to save your money in a fixed deposit account.

    Check all Benefits of Fixed Deposit

    Time Deposit Schemes offered by banks

    Maybank Fixed Deposit/Time Deposits

    Maybank offers a choice of 6 fixed deposit accounts including Singapore Dollar Fixed Deposits and Foreign Currency Fixed Deposit accounts. You can choose tenures starting from 1 month and up to 36 months. The minimum deposit to open a Maybank fixed deposit starts at S$1,000.

    Regular FD:

    • Singapore Dollar Privilege Plus Time Deposit:
      • Choose a minimum deposit amount of at least S$25,000 for a tenure of minimum 12 months or at least S$50,000 for a tenure of minimum 6 months.
      • Minimum age – 55 years old.
      • You will earn an additional interest of 0.25% p.a. above the prevailing board rates.
      • Premature withdrawals are permitted.
    • Singapore Dollar Time Deposit:
      • Minimum deposit amount – S$1,000.
      • Minimum placement period – 1 month.
      • Maximum placement period – 36 months.
      • Minimum age to apply – 16 years old.
      • Interest rates offered start from 0.20% p.a. up to 1.25% p.a.
      • Premature withdrawals are permitted.
    • iSaVvy Time Deposit:
      • Minimum deposit amount - S$5,000.
      • Placement periods – 3 months, 6 months, 12 months, 24 months and 36 months.
      • Minimum age to apply - 16 years old.
      • Interest rates offered range from 0.25% p.a. up to 1.35% p.a.
    • Singapore Dollar Choice Date Time Deposit:
      • Minimum deposit amount - S$10,000.
      • Minimum placement period – 30 days.
      • Maximum placement period – 999 days.
      • Minimum age to apply - 16 years old.
      • Interest rates offered start from 0.20% p.a. up to 1.25% p.a.

    Foreign Currency FD:

    • iSaVvy Foreign Currency Time Deposit:
      • Choose from the following currencies – Euro (EUR), Sterling Pound (GBP), United States Dollar (USD), Australian Dollar (AUD) and New Zealand Dollar (NZD).
      • Minimum placement amount – 10,000 units.
      • Placement Periods – 1 month, 2 months, 3 months and 6 months. 12 months placement period is available for United States Dollar (USD).
      • Interest rates offered start from 0% p.a. up to 1.75% p.a.
    • Foreign Currency Time Deposit:
      • Choose from the following currencies - Euro (EUR), Sterling Pound (GBP), United States Dollar (USD), Australian Dollar (AUD), New Zealand Dollar (NZD), Swiss Franc (CHF), Canadian Dollar (CAD) and Japanese Yen (JPY).
      • Minimum deposit units – 10,000 units. 2.5 million units must be deposited for Japanese Yen.
      • Placement Periods – 1 month, 2 months, 3 months and 6 months. 12 months placement period is available for United States Dollar (USD), Australian Dollar (AUD), Sterling Pound (GBP) and New Zealand Dollar (NZD).
      • Minimum age to apply - 18 years old.
      • Interest rates offered starts from 0% p.a. up to 1.75% p.a.

    OCBC Fixed Deposits

    OCBC Time Deposit (Fixed Deposit) offers its customers the choice of 12 different currencies. Starting from a minimum placement amount of S$5,000, earn promotional/board interest rates on your deposits.

    Regular FD:

    • SGD Time Deposit:
      • Minimum placement amount – S$5,000.
      • Placement Period starts from 1 month and up to 48 months.
      • Earn promotional interest rate of 1% for 12 months tenure if you deposit at least S$20,000.
      • Interest rates offered start from 0.05% p.a. up to 0.95% p.a.

    Foreign Currency FD:

    • Foreign Currency Deposit:
      • Initial deposit amount of 5,000 units for Euro (EUR), Sterling Pound (GBP), United States Dollar (USD), Australian Dollar (AUD), New Zealand Dollar (NZD), Swiss Franc (CHF), Canadian Dollar (CAD).
      • Initial deposit amount of 50,000 units for Hong Kong Dollar (HKD).
      • Initial deposit amount of 250,000 units for Renminbi Offshore (CNH).
      • Initial deposit amount of 500,000 units for Japanese Yen (JPY).
      • Promotional interest rates are available for Australian Dollar (AUD) and New Zealand Dollar (NZD) for 3 and 6 month tenures for a minimum placement of 5,000 units.
      • Except NZD, no other currency earns interest. AUD earns interest only during the promotion period.
      • The interest rates are comparatively low for certain foreign currencies. Euro, Hong Kong Dollar, Japanese Yen and Swiss Franc earns no interest at all.

    UOB Fixed Deposits

    UOB offers a choice of two fixed deposit accounts; Singapore Dollar and Foreign Currency Fixed Deposit accounts. The bank offers promotional interest rates on both accounts from time to time. Tenures are as low as 1 week and extend up to 36 months.

    Find all about UOB Fixed Deposit

    Regular FD:

    • Singapore Dollar Fixed Deposit:
      • Minimum placement amount – S$5,000 for tenures of 1 month or more; S$250,000 for tenures of 7 days or 14 days; S$1 million for tenures of less than 7 days.
      • Flexible placement tenures of 1 month to 12 months, 15 months, 18 months, 24 months and 36 months.
      • Interest rates offered start from 0.05% p.a. up to 0.65% p.a. Annual interest rates offered for 24 month and 36 month tenures.
      • Automatic renewal of fixed deposit is available.
      • You can use your UOB fixed deposit account to get privileges on your UOB Credit Card.
      • Minimum age to apply - 15 years old.

    Foreign Currency FD:

    • Foreign Currency Fixed Deposit:
      • Choose from the following currencies - Euro (EUR), British Pound (GBP), United States Dollar (USD), Australian Dollar (AUD), New Zealand Dollar (NZD), Swiss Franc (CHF), Canadian Dollar (CAD), Hong Kong Dollar (HKD) and Japanese Yen (JPY).
      • Minimum placement amount for EUR, GBP, USD, EUR, NZD, CHF and CAD is 5,000 units.
      • Minimum placement amount for HKD is 200,000 units.
      • Minimum placement amount for JPY is 500,000 units.
      • Tenures start from 1 week and extend up to 12 months.
      • Interest rates offered range from 0% to 1.58% p.a.
      • Minimum age to apply - 15 years old.
      • You won’t get any interest for deposits in Euro, Swiss Franc and Japanese Yen.

    CIMB Fixed Deposit

    CIMB is one of the few banks in Singapore that offers both, conventional as well as Islamic Banking Fixed Deposit accounts. You have the option to choose from three different types of fixed deposits offered with minimum placement amount starting from S$1,000. Promotional interest rates are offered from time to time.

    Regular FD:

    • SGD Fixed Deposit Account:
      • Initial deposit amount – S$1,000.
      • Placement tenures of 1 month, 2 months, 3 months, 6 months, 9 months, 12 months and 24 months.
      • Automatic renewal upon maturity is available.
      • Interest rates offered start from 0.20% p.a. up to 1.10% p.a.

    Foreign Currency FD:

    • Foreign Currency Fixed Deposit Account:
      • Choose from the following currencies - Euro (EUR), British Pound (GBP), United States Dollar (USD), Australian Dollar (AUD), New Zealand Dollar (NZD), Canadian Dollar (CAD) and Renminbi Offshore (CNH).
      • Minimum placement amount – 10,000 units.
      • Placement tenures of 1 month, 3 months, 6 months and 12 months.
      • Automatic renewal upon maturity is available.
      • Interest rates offered range from 0% to 2.515% p.a.
      • For the month of August, you can get a promotional interest rate up to 2.39% p.a. on Foreign Currency Fixed Deposit of 20,000 units for a period of 1 year.

    Islamic FD:

    • Why Wait Fixed Deposit-i Account:
      • This is a Shariah compliant FD account that is based on the Murabahah concept.
      • You will receive your returns upfront in the form of a profit without having to wait for your FD to mature.
      • Minimum placement amount is S$1,000.
      • Up to August 15, 2017, CIMB is offering promotional interest of up to 1.08% p.a. (for 6 months) and 1.18% p.a. for 1 year. You need to deposit at least S$20,000 to benefit from this promotion.

    Standard Chartered Fixed Deposit

    Standard Chartered offers a choice of two fixed deposit accounts with preferential interest rates for Priority Banking customers. The bank also offers additional features such as consolidated statements, phone banking and SC online banking services.

    Regular FD:

    • Singapore Dollar Time Deposit:
      • Minimum placement amount – S$5,000.
      • Flexible deposit tenures of 1 month, 3 months, 6 months, 9 months, 12 months, 15 months, 18 months, 24 months, 36 months, 48 months and 60 months.
      • Interest rates offered start from 0.05% p.a. up to 0.75% p.a.
      • Overdraft facility is available.
      • Automatic renewal upon maturity is available.
      • Minimum age to apply - 18 years old.

    Foreign Currency FD:

    • Foreign Currency Time Deposit:
      • Choose from the following currencies - Euro (EUR), British Pound (GBP), United States Dollar (USD), Australian Dollar (AUD), New Zealand Dollar (NZD), Canadian Dollar (CAD), Hong Kong Dollar (HKD) and Renminbi Offshore (CNH).
      • Minimum placement amount for USD, GBP, AUD, EUR and NZD is 5,000 units.
      • Minimum placement amount for CAD, HKD, CHF and CNH is 25,000.
      • Deposit tenures include 1 week, 2 weeks, 1 month, 2 months, 3 months, 6 months and 12 months.
      • Interest rates offered range from 0% to 3.15% p.a. Euro deposits don’t earn any interest.
      • Overdraft facility is available.
      • Automatic renewal upon maturity is available.
      • Minimum age to apply - 18 years old.

    Check for SC Fixed Deposit Rates

    Bank of China Fixed Deposits

    Choose between 10 different currencies with deposit insurance scheme for up to S$50,000 with tenures starting from 1 month.

    Regular FD:

    • SGD Time Deposit Account:
      • Minimum placement amount is S$5,000.
      • Deposit tenures include 1 month, 3 months, 6 months, 9 months, 12 months, 24 months and 36 months.
      • Interest rates offered start from 0.175% p.a. up to 0.95% p.a.
      • Minimum age to apply – 15 years old.
      • Deposit Insurance Scheme is available.

    Foreign Currency FD:

    • Foreign Currency Time Deposit:
      • Choose from the following currencies - Euro (EUR), British Pound (GBP), United States Dollar (USD), Australian Dollar (AUD), New Zealand Dollar (NZD), Canadian Dollar (CAD), Hong Kong Dollar (HKD), Renminbi (RMB) and Japanese Yen (JPY).
      • Minimum placement amount for EUR, NZD, AUD and CAD is 5,000 units.
      • Minimum placement amount for RMB is 3,000 units.
      • Minimum placement amount for USD and GBP is 2,000 units.
      • Minimum placement amount for HKD is 50,000 units.
      • Minimum placement amount for JPY is 500,000.
      • Minimum age to apply – 21 years old.
      • Deposit Insurance Scheme is available.
      • Interest rates offered range from 0.0001% p.a. to 2.3% p.a.
    • RMB Time Deposit:
      • Deposit tenures between 1 month and 12 months.
      • Singapore citizens, Permanent Residents and Foreigners are eligible to apply.
      • Minimum age to apply - 21 years old.
      • Deposit Insurance Scheme is available.

    Learn more on Bank of China FD Rates

    DBS/POSB Fixed Deposits

    DBS and POSB offer Singapore Dollar Fixed Deposits and Foreign Currency Fixed Deposits to customers at attractive interest rates. Choose from flexible deposit tenures starting from 1 day and up to 60 months.

    Regular FD:

    • Fixed Deposit – Singapore Dollar:
      • Minimum placement amount – S$1,000.
      • Option to use your fixed deposit as collateral to apply for other lines of credit.
      • Deposit tenures from 1 month to 12 months, 18 months, 24 months, 36 months, 48 months and 60 months.
      • Interest rates offered start from 0.05% p.a. up to 1.20% p.a.
      • Minimum age to apply – 12 years old.

    Foreign Currency FD:

    • Fixed Deposit – Foreign Currency:
      • Choose from the following currencies - Euro (EUR), British Pound (GBP), United States Dollar (USD), Australian Dollar (AUD), New Zealand Dollar (NZD), Canadian Dollar (CAD), Hong Kong Dollar (HKD), Offshore Renminbi (CNH), Swiss Franc (CHF) and Japanese Yen (JPY).
      • Minimum placement amount – 5,000 units. For RMB, you need to have at least an equivalent of S$50,000 for foreign exchange conversion. Once the amount is converted to RMB, you can make multiple deposits of the same or different tenures with the equivalent of S$5,000.
      • Deposit tenures include 1 day, 1week, 1 month, 2 months, 3 months, 6 months and 12 months.
      • Interest rates offered range from 0% p.a. to 1.615% p.a. You will not earn any interest on Chinese offshore Renminbi, Japanese Yen and Euro deposits.
      • Minimum age to apply – 18 years old.

    Check for DBS Fixed Deposit Rates

    Hong Leong Fixed Deposit

    Hong Leong Finance is currently one of the few banks in Singapore that offers special interest rates to senior citizen applicants. The bank also requires the lowest minimum placement amount across the island.

    Hong Leong Fixed Deposit:

      • Deposit tenures start from 1 week and extend up to 36 months.
      • Minimum deposit of S$500 for deposit tenures between 3 months and 36 months.
      • Minimum deposit of S$10,000 for deposit tenures of 1 month and 2 months.
      • Minimum deposit of S$100,000 for deposit tenure of 1 week.
      • Interest rates offered start from 0.10% p.a. up to 1.30% p.a.
      • Senior citizens will enjoy a bonus interest rate of 0.125% p.a. for tenures of 12 months and above.
      • Minimum age to apply – 15 years old.

    Check out all Hong Leong FD rates in Singapore

    Corporate or Company Fixed Deposits

    Corporate Fixed Deposits or Company Fixed Deposits are the type of deposits that are accepted by several financial institutions. Corporate Fixed Deposits are very similar to bank fixed deposits. They also have interest rates and a fixed tenure. Corporate Fixed Deposits generally offer interest rates that are much higher than the regular fixed deposits of banks. They are also a much riskier investment when compared to a personal fixed deposit.

    Under the schemes of Corporate Fixed Deposits, customers choose to deposit a particular sum of money with a certain company for a fixed tenure. The rate of interest remains fixed until the maturity period is reached. At the end of the holding period, the customers not only receive principal amount in return, but also, huge payouts as interests. The tenure of deposits can vary from 6 months to 7 years. Deposit certificates stating several important details including maturity date, interest rate, tenure, etc. are issued to the deposit holders by the companies. The interest that is earned on the company fixed deposits is taxable.

    Company Fixed Deposits are not guaranteed at all in case of default. Different agencies like ICRA and CRISIL award rating points to companies and their fixed deposit schemes. The frequency of compounding interest may vary. It could be annually, semi-annually, quarterly or monthly basis.

    Foreign Currency Fixed Deposit Schemes

    You can invest in a fixed deposit with over 10 different foreign currencies accepted by majority of banks in Singapore. Some foreign currencies earn higher interest rates than others. There are foreign currencies that do not earn any interest no matter which tenure you have chosen, making them just a savings option rather than an investment. Also, the longer tenure you choose, the higher will be your return on investment.

    Learn more about Foreign Currency FD Schemes in Singapore

    Advantages of Fixed Deposits

    • It is the safest investment to make and carries the least amount of risk when compared to other investment options.
    • It encourages and cultivates saving habits. The money in your fixed deposit account cannot be withdrawn for a particular tenure.
    • You know exactly how much return on investment you are getting as the interest rate is predetermined and fixed.
    • Interest rate may be paid monthly, annually or upon maturity, depending on the deposit tenure you have chosen.
    • You get to decide for how long you want to save your money. Fixed deposit tenures in Singapore range as low as 1 week and up to 60 months.
    • Fixed deposits are liquid assets; therefore you can prematurely withdraw your savings after a particular tenure. Depending on when you make the withdrawal, you will be entitled to an interest on a prorated basis.
    • You can hold more than 1 fixed deposit at the same time.

    Loan against Fixed Deposit

    If you are in need of funds for a small period of time, you can apply for a loan against your fixed deposit account, depending on the bank. When in need of money, people either prematurely liquidate a fixed deposit or go for personal loans. Personal loans can come with heavy interest rates and there are charges and penalty for prematurely liquidating a fixed deposit. Therefore, it is advisable to go for a loan against a fixed deposit as the rate of interest charged is lesser than the interest rate charged on personal loans.

    The amount of loan granted against a fixed deposit can be up to 90% of the total amount deposited in the FD account of the bank. However, beware that your loan term cannot exceed the tenure of the fixed deposit.

    Income Tax on Fixed Deposit

    The interest earned on your fixed deposit amount is not tax free. Just like how the tax slab for different people is different, similarly, the tax calculation on fixed deposits also varies depending upon the amount earned by the individual in that year.

    Fixed Deposit Eligibility

    • Singapore citizens, Permanent Residents and foreigners are eligible to open a fixed deposit account.
    • The minimum age to open a Singapore Dollar Fixed Deposit usually starts from 12 years onwards. However, applicants below the age of 18 must be accompanied by parents/legal guardians.
    • While some banks impose a maximum age of 55 years to open a fixed deposit account in Singapore, other banks such as Hong Leong bank offer bonus interest rates to senior citizens above the age of 55 years.

    Fixed Deposit Maturity Amount

    Upon the maturity of your fixed deposit, you will receive your principal placement amount/investment + the fixed rate of interest that was offered to you when you opened the FD account. The total of the principal placement amount together with the interest amount is called the maturity amount.

    Leading banks in Singapore are now offering Fixed Deposit Calculators so interested candidates can calculate how much interest they will earn if they open an FD account with a particular bank. Details such as FD amount and tenure must be keyed in to calculate the interest you will earn on your FD account.

    How to withdraw from your fixed deposit?

    Some banks in Singapore allow you to prematurely withdraw your fixed deposit account by charging you with a penalty for the same. This could mean lower interest or no interest on your deposit amount depending on how early you withdraw your deposit. You must contact your bank if you wish to prematurely withdraw your fixed deposit.

    Upon maturity, if you have provided a standing instruction to the bank to transfer your fixed deposit principal amount + interest into a bank account of your choice, the same will be done automatically. If you have not informed the bank regarding the transfer of your deposit, it may be automatically renewed for the same tenure or another tenure determined by the bank.

    Frequently Asked Questions on Fixed Deposit

    1. What is the minimum amount needed to open a fixed deposit in Singapore?
    2. The minimum amount to open a fixed deposit account in Singapore is S$500. This option is offered by Hong Leong.

    3. What documents should I submit when opening a fixed deposit account in Singapore?
    4. Singapore citizens and Permanent Residents must submit their NRIC. Foreigners must submit their Passport/Employment Pass/S Pass/Student Pass/Dependant's Pass. Address proof may be required.

    5. Can I open a fixed deposit account as a joint account holder?
    6. Yes. Fixed deposits can be opened solely or with a joint account holder.

    7. Can I open a fixed deposit account online?
    8. Yes. You can open a fixed deposit account online if the bank has online banking and offers this facility. For example, UOB allows for booking an online appointment for express fixed deposit account opening.

    9. Can corporates also open fixed deposit accounts?
    10. Yes. Many banks in Singapore offer Singapore Dollar Fixed Deposits and Foreign Currency Fixed Deposits to individuals and corporates alike.

    News About Fixed Deposit

    • What to Expect From the Singapore Monetary Policy October 2017

      The Monetary Authority of Singapore (MAS) released the advance growth estimates and monetary policy decision for the third quarter on October 13. In the second semi-annual meeting this year, the MAS has decided to keep the appreciation rate of the Singapore dollar nominal effective exchange rate (S$NEER) policy band unchanged at 0%.

      Since April 2016, MAS has not considered changing its policy stance. In the last meeting held in April, the central bank conveyed that the neutral stance is applicable for a longer period of time. Even with the subdued inflationary pressure, the MAS pursues at keeping the stance unchanged. After the April 2017 policy review, the Singapore economy has performed a little better versus the expectation, along with keeping the inflation well within the expectations.

      The decision taken by the MAS was hugely impacted by Singapore’s economy as well as weak price pressures. The width and level at which the policy band will be centered remain unchanged. In 2018, it is likely that the Singapore economy will expand at a slightly slower pace in comparison to 2017.

      The next meeting is to be held in the month of April 2018.

      31st October 2017

    • Here’s what your financial planning should look like when you’re 40!

      The fact that you’ve reached your 40s with a decent level of financial stability means that you’ve managed to get over the tumultuous financial times in your 20s, and maybe some distress in your 30s. Here are some financial planning tips for you to note when you’ve finally hit 40, for life once you turn takes a starkly different turn.

      1. Having a good bank balance

      One of the most important financial tips for people in their 30s is saving money. Having a good chunk of balance in your bank becomes necessary for you to take care of your daily expenses, which would have tripled since the time you were 20. Well, of course! You have your family to take care of now, don’t you? So bank balance, well, that’s the key.

      2. A loan wouldn’t hurt

      As long as you have a steady income, a loan wouldn’t really hurt. This is more to do with not disturbing your savings. Taking a loan to purchase a house or a car is an ideal financial tip at 40. Taking a personal loan, however, might not be the best option.

      3. Clearing off a major chunk of your debt by the time you reach 40

      Well, another tip worth noting is that you must make every effort to clear off a major portion of your debt by the time you are 40. This is because your day-to-day expenses would have tripled since the time you hit 30, and you might want to take a loan for your new home. When we refer to clearing off debt, we’re mostly referring to clearing off a personal loan or a credit card, or both.

      4. Subscribe to a retirement plan

      Last but not the least, make sure you’re investing in a good retirement plan. The importance of this tip cannot, at any point in time, be underestimated, for not doing so when the time is right (at 40) might well turn out to be distressful in the years to come.

      06th October 2017

       
    • How to recognise a true “risk free” investment

      While we all save and invest money in order to make it grow, there are certain things that is hindering that growth. Our tendency to invest in supposedly ‘risk free’ programmes like FD or CPF guarantees that we’ll never lose the principal invested money, but it is not so simple.

      Due to inflation, the purchasing power of your money goes down. So if during a period of 5% inflation you have kept your money in a CPF giving you 2.5% interest, are you growing your money or merely minimising your loss? If you keep majority of your money in an FD or a CPF for long term, you’ll lose money instead of growing it.

      We recommend investing in the stock market, even if you do it passively. It has been proven that even if you do it passively, your investments would grow faster than the inflation.

      22nd September 2017

    • How will higher interest rates announced by the Federal Reserve affect Singaporeans?

      The Federal Reserve recently announced its decision to increase interest rates for the very first time this year, with its impact certain to affect the financial scenario of several countries across the globe.

      While it definitely evinces signs of an American economy making a steady recovery, its effect on Asian economies are going to be somewhat mixed. Earlier last year, the American Federal Reserve increased its benchmark federal fund rates. The federal fund rate is the rate at which commercial banks lend to each other on an overnight basis.

      These rates are certain to affect the way credit products in the form of loans and credit cards function in the US. With higher interest rates, the first since the 2008 crisis, will send ripples across the Singapore economy as well.

      Higher interest rates will indirectly affect investments in Singapore. The Singapore Interbank Offered Rate is highly influenced with interest rates in the US. So, typically, higher interest rates will affect the SIBOR, making mortgage loans and big loans more expensive to Singaporeans in the near-run.

      Companies and corporates will be affected as they will have to spend more to post better growth figures in order to pay for increased cost of borrowings owing to an increase in rates. On the bright side, borrowing can increase in the near-run to fund ambitious growth opportunities, benefiting the economy in the long run.

      18th August 2017

       
    • Is it possible to claim deposits with no paper records?

      What will happen if my bank’s IT system fails and I do not have have hard copies of my account balance? How do I claim the money? Every Singaporean would’ve wondered about this. Banks in Singapore are expected to have procedures to recover data in case the data is lost during some IT infrastructure failure.

      If the bank does not have backup of the data and is administered by SDIC (Singapore Deposit Insurance Corporation), the customer does not have to file a claim with SDIC as the bank would’ve provided all the details required to process compensation. The customer can look for announcements on media regarding the compensation.

      11th April 2017

    • Private banks digging into the Asian business potential

      With banks such as ABN Amro, ANZ and Barclays leaving Singapore for expansion of business in their home turfs, local companies are gaining traction. Private banks such as DBS Bank and Bank of Singapore (OCBC) are taking over the wealth and investment businesses from the exiting companies and making the most of the opportunities offered by Singapore in particular and Asia in general.

      DBS has so far acquired ANZ’s wealth and retail division in Asia, the assets of Bowa Bank in Taiwan, the retail and commercial banking section of Royal Bank of Scotland in China; and Asian private banking business of Societe Generale.

      DBS and Bank of Singapore chiefs are positive that the current slowdown in financial markets will wear down and the businesses in Asia will bear fruits in the long term. The banks are looking to create a sustainable wealth management business and adapt the products and services to suit the requirements of Asian customers.

      04th January 2017

    • Singaporean investors in India will now have to pay capital gains tax

      Singapore and India have decided to amend their tax treaty, making Indian investing less lucrative for Singaporean investors. The move follows India’s amendment of income and capital gains tax treaties with Mauritius and Cyprus.

      Investments from Singapore will, from April 2017, be subject to capital gains tax as per the Indian tax regime. For the first 2 years – that is, from April 2017 to March 2019 – the capital gains tax would be 50% of the regular Indian rate. After that, the rates would be regularised as per prevailing rates.

      The move follows the Narendra Modi government’s focus on reducing black money and corruption. Foreign Direct Investment (FDI) inflow from Singapore to India was at US$50.6 billion between April 2000 and Sept 2016. This was more than 16% of the total capital inflow to India.

      04th January 2017

    • Singapore and the United Kingdom Sign Agreement for Sharing Account Information

      The Inland Revenue Authority of Singapore (IRAS) and Her Majesty’s Revenue and Customs (HMRC) have entered into a deal to exchange financial information automatically as per Common Reporting Standard (CRS) regulations.

      The CRS is a universally accepted standard associated with the method of exchanging financial information automatically.

      Singapore and the United Kingdom will start AEOI by September 2018. According to the agreement, IRAS will automatically trade financial data of accounts in Singapore retained by the United Kingdom tax residents with the HMRC. On the other hand, the HMRC will automatically exchange financial information of accounts in the United Kingdom belonging to Singapore tax residents with IRAS.

      08th November 2016

       
    • MAS Proposal to Reduce Restrictions in Investments

      Insurance companies across the island will be imposed with lesser restrictions when investing in equities and bonds as MAS (Monetary Authority of Singapore) is proposing new rules. For the past 4 years, the draft risk-based capital framework has been in the pipeline with an aim to improve the risk cover and assess capital adequacy more efficiently compared to the framework of 2005.

      The biggest advantage for insurers looking to make investments will be the broadening of eligibility criteria in the case of matching adjustment. This relaxation in the eligibility criteria will certainly help insurers in the management of their asset liability. This relaxation will also allow bonds in US Dollar to match liabilities in Singapore Dollar. However, this will only be applicable in case of an eligible currency swap and using callable bonds and cash flows only prior to the first call. Since majority of liabilities in the country are denominated in Singapore Dollar and US Dollar, MAS only addressed these two currencies.

      26th July 2016

    • Singapore will be gaining from RMB rise

      The development strategy by the Government of China is a unique framework. It is called One Belt, One Road and focusses on the cooperation and connectivity between China and other countries of Eurasia. There are two components of this particular plan. They are 21st Century Maritime Silk Road and Silk Road Economic Belt. This strategy (One Belt, One Road) will be helpful for connecting the growing economic potential of both European countries and East Asian countries. For the strategy to be executed, several measures have been undertaken by the Government of China. These measures include setting up different financial institutions for support like Silk Road Fund, AIIB (Asia Infrastructure Investment Bank) and New Development Bank.

      The infrastructural projects will be facilitated by these institutions in all the developing countries. Singapore’s geographical position has made it the first offshore RMB unit outside Greater China. The island is an extremely important focus point in 21st Century Maritime Silk Road.

      18th July 2016

    Fixed Deposits from Top Banks
    Foreign Currency Fixed Deposits from Top Banks
    Currency Specific Fixed Deposit
    US Dollar Foreign Currency Fixed Deposit by Bank
    Australian Dollar Foreign Currency Fixed Deposit by Bank
    GBP Foreign Currency Fixed Deposit by Bank
    NZD Foreign Currency Fixed Deposit by Bank
    Euro Foreign Currency Fixed Deposit by Bank
    Canadian Dollar Foreign Currency Fixed Deposit by Bank
    Fixed Deposit Promotion by Banks
  • reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.