• Fixed Deposits in 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. You can use your fixed deposit as collateral to apply for other lines of credit such as loans and credit cards. 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.

    Fixed deposits are 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, and bonds.

    Best Singapore Dollar Fixed Deposit Rates 2018 (SGD)

    SGD Fixed deposit rate for 2018 are updated here taking a minimum tenure of 12 months.

    Bank Name Regular Interest Rate (% p.a.) Minimum Deposit
    HSBC 0.25% - 0.28% SGD 5,000
    Maybank 0.70% – 0.75% SGD 1,000
    OCBC 0.25% S$5,000
    DBS 0.60% S$1,000
    UOB 0.40% S$5,000
    CIMB 0.70% - 0.75% S$1,000
    Standard Chartered 0.35% S$5,000
    POSB 0.60% S$1,000
    RHB 0.45% - 0.60% S$1,000
    Bank of China 0.60% - 0.6875% S$5,000
    Citibank 0.10% S$10,000
    Hong Leong Finance 0.45% - 1.05% S$500

    Foreign currency Fixed deposit Rates August 2018

    HSBC

    Currency type Interest rate (p.a.) Minimum deposit range Tenure
    USD 0.44% to 2.28% 25,000 2 weeks to 12 months
    GBP Up to 0.44% 25,000
    CHF NA 25,000
    JPY NA 10 million
    AUD Up to 1.37% 25,000
    HKD Up to 1.69% 100,000
    CAD Up to 1.79% 25,000
    NZD Up to 1.36% 25,000
    EUR NA 25,000
    CNY Up to 0.91% 25,000

    Maybank

    Currency type Interest rate (p.a.) Minimum deposit range Tenure
    USD 1.80% to 2.30% 10,000 12 months (AUD, GBP, NZD, and USD) 1 month to 6 months (for all other currencies)
    GBP 0.05% to 0.50% 10,000
    AUD 1.35% to 1.90% 10,000
    NZD 1.55% to 2% 10,000
    CAD 0.85% to 1.50% 10,000
    CHF NA 10,000
    EUR NA 10,000
    JPY NA 2.5 million

    OCBC

    Currency type Interest rate (p.a.) Minimum deposit range Tenure
    USD 1.26% to 2.09% 5,000 1 month to 12 months
    AUD 0.11% to 1.40% 5,000
    CAD 0.72% to 1.43% 5,000
    CNH 0.46% to 0.82% 250,000
    EUR NA 5,000
    HKD 0.46% to 1.27% 50,000
    JPY NA 500,000
    NZD 0.57% to 1.57% 5,000
    GBP Up to 0.23% 5,000
    CHF NA 5,000

    DBS

    Currency type Interest rate (p.a.) Minimum deposit range Tenure
    USD 1.48% to 2.215% S$5,000 1 month to 12 months
    GBP 0.075% to 0.885% S$5,000
    AUD 0.18% to 1.575% S$5,000
    CAD 0.28% to 1.88% S$5,000
    NZD 0.77% to 1.815% S$5,000
    CHF NA S$5,000
    JPY NA S$5,000
    CNH 0.115% to 1.42% S$5,000
    HKD 0.385% to 1.43% S$5,000
    EUR NA S$5,000

    UOB

    Currency type Interest rate (p.a.) Minimum deposit range Tenure
    USD 0.35% to 2.2% 5,000 1 week to 12 months
    AUD 0.12% to 1.66% 5,000
    GBP 0.05% to 0.24% 5,000
    CAD 0.81% to 1.38% 5,000
    EUR NA 5,000
    NZD 0.26% to 1.61% 5,000
    CHF NA 5,000
    JPY NA 500,000
    HKD 0.13% to 1.68% 200,000
    CNH 0.9% to 1.45% 250,000

    CIMB

    Currency type Interest rate (p.a.) Minimum deposit range Tenure
    USD 1.6175% to 2.825% 10,000 1 month to 12 months
    AUD 1.4175% to 2.485% 10,000
    GBP 0.1675% to 1.055% 10,000
    CAD 1.145% to 2.12% 10,000
    EUR NA 10,000
    NZD 1.6375% to 2.515% 10,000
    CNY 1.2875% to 3.145% 10,000

    Standard Chartered

    Currency type Interest rate (p.a.) Minimum deposit range Tenure
    USD 0.904% to 2.328% 5,000 1 week to 12 months
    AUD 0.207% to 1.997% 5,000
    GBP 0.05% to 0.659% 5,000
    CAD 0.787% to 1.779% 25,000
    EUR NA 5,000
    NZD 0.45% to 2.03% 5,000
    CHF NA 25,000
    HKD 0.63% to 1.725% 25,000
    CNH 0.05% to 2.75% 25,000

    POSB

    Currency type Interest rate (p.a.) Minimum deposit range Tenure
    USD 1.48% to 2.215% S$5,000 1 month to 12 months
    GBP 0.075% to 0.885% S$5,000
    AUD 0.18% to 1.575% S$5,000
    CAD 0.28% to 1.88% S$5,000
    NZD 0.77% to 1.815% S$5,000
    CHF NA S$5,000
    JPY NA S$5,000
    CNH 0.115% to 1.42% S$5,000
    HKD 0.385% to 1.43% S$5,000
    EUR NA S$5,000

    RHB

    Currency type Interest rate (p.a.) Minimum deposit range Tenure
    USD 0.34% to 1.09% S$5,000 1 week to 24 months
    GBP 0.05% to 0.38% S$5,000
    AUD 0.95% to 1.80% S$5,000
    CAD 0.19% to 0.75% S$5,000
    NZD 1.24% to 1.90% S$5,000
    CHF 0.01% to 0.02% S$5,000
    JPY NA S$5,000
    CNY 1.15% to 2.50% S$5,000
    HKD 0.01% to 0.28% S$5,000
    EUR NA S$5,000

    BOC

    Currency type Interest rate (p.a.) Minimum deposit range Tenure
    USD 1.8125% to 2.5% 2,000 1 week to 36 months
    AUD 0.9375% to 1.625% 5,000
    CAD 0.9375% to 1.5% 5,000
    RMB 1.85% to 2.3% 3,000
    EUR 0.0001% 5,000
    HKD 0.4375% to 0.875% 50,000
    JPY 0.0001% 500,000
    NZD 1.4375% to 1.875% 5,000
    GBP 0.125% to 0.50% 2,000

    Citibank

    You can choose from 11 foreign currencies with a minimum deposit of S$10,000 each for up to 12 months. Please contact the bank for the interest rates.

    Features and Benefits of Fixed Deposits

    Features

    • 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).
    • Open more than one fixed deposit account simultaneously.

    Benefits

    • 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

    List of Time Deposit Schemes Offered by Banks in Singapore

    Citi Time Deposits

    Fixed deposits or time deposits are called so because you lock in a certain amount with a financial institution for a predetermined tenor. It is considered the safest way of stowing away money for a long time. Citi Singapore, offers to keep both Singapore dollars as well as foreign currency deposits for a fixed tenor.

    Singapore Dollar Time Deposit

    Requirements
    • You must open a Citi checking or savings account.
    Minimum Deposit
    • You must deposit a minimum of S$10,000 to start earning interest rates.
    Tenure
    • You can choose from 1 week to 48 months.
    How to apply
    • Visit any of the closest branches.
    • Call the 24-hour hotline.
    Pick this if you want
    • To invest for a shorter period.
    • To place your deposit via CitiPhone Banking and Automated Voice Response or Online Banking.

    Foreign Currency Time Deposit

    Requirements
    • You must deposit in any of the 11 currencies supported by the bank.
    • You cannot keep Japanese Yen for more than 1 month and 1 week for Swiss Franc and Euro.
    Minimum Deposit
    • You must deposit a minimum of S$10,000 to start earning interest rates.
    Tenure
    • You can choose from 1 week to 12 months.
    How to apply
    • Visit any of the closest branches.
    • Call the 24-hour CitiPhone Hotline.
    Pick this if you want
    • To invest for a shorter period.
    • To place your deposit via CitiPhone Banking and Automated Voice Response or Online Banking.

    Find More About Latest Citibank Fixed Deposit PromotionsDeposit at least S$50,000 in your SGD Time Deposit account for 6 months and enjoy an interest rate of 1.50% p.a., valid till 31 October 2018. Read More Here

    Maybank Time Deposit

    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 3 months and up to 36 months. The minimum deposit to open a Maybank fixed deposit starts at S$1,000.

    Singapore Dollar Time Deposit

    Requirements
    • You must submit relevant documents like NRIC, passport, employment pass, and proof of residential address.
    Minimum Deposit
    • You must deposit a minimum of S$1,000 for a 2 to 36 month-tenure.
    • You should place at least S$10,000 for a 1-month tenure and Choice Date with flexible term.
    • Corporate account holders must deposit S$1 million for a 1-week tenure.
    Tenure
    • You can choose from 3 months to 36 months or opt for Choice Date with flexible tenures from 30 to 999 days.
    How to apply
    • Visit any of the closest branches.
    Pick this if you want
    • To access your deposits via online and mobile banking.
    • To use the overdraft facilities against your deposit.

    Singapore Dollar Privilege Plus Time Deposit

    Requirements
    • You must be a minimum of 55 years old.
    • You must submit relevant documents like NRIC, passport, employment pass, and proof of residential address.
    Minimum Deposit
    • You must deposit a minimum of S$25,000 for a tenure starting from 12 months and above.
    • You should place at least S$50,000 for a term from 6 months and above.
    Tenure
    • You can invest for 12 months if you deposit in AUD, GBP, NZD, or USD.
    • You can choose from 1 month to 6 months for all other supported currencies.
    How to apply
    • Visit any of the closest branches.
    Pick this if you want
    • Additional 0.25% p.a. on top of the current interest rates.
    • To receive monthly interests when you deposit at a branch.

    Foreign Currency Time Deposit

    Requirements
    • You must submit relevant documents like NRIC, passport, employment pass, and proof of residential address.
    Minimum Deposit
    • You should place at least 2.5 million units for JPY and 10,000 units for all other supported currencies.
    Tenure
    • You can invest for 12 months if you deposit in AUD, GBP, NZD, or USD.
    • You can choose from 1 month to 6 months for all other supported  currencies.
    How to apply
    • Visit any of the closest branches.
    Pick this if you want
    • Competitive exchange rates.
    • To use the overdraft facilities against your deposit.

    Find More About Latest Maybank Fixed Deposit PromotionsMaybank iSaVvy Time Deposit Promotion:Deposit an amount online between S$50,001 and S$1 million for 12 months and get an interest of 1.60% p.a. You must have a Maybank Savings or a Current Account and access to online banking.Read More Here

    OCBC Time Deposit

    OCBC Time Deposit (Fixed Deposit) offers its customers the choice of 11 different currencies. Starting from a minimum placement amount of 5,000 units earn promotional/board interest rates on your deposits.

    Singapore Dollar Time Deposit

    Requirements
    • You must be a Singaporean, PR or a foreigner to apply.
    • You must be 18 years old and above.
    Minimum Deposit
    • You should place at least S$5,000 in SGD.
    Tenure
    • You can choose from flexible tenures, starting from 1 month to 36 months.
    How to apply
    • Visit any of the closest branches.
    • Log in to your online banking account.
    Pick this if you want
    • Additional interest rates of 1.40% p.a.
    • To use the online banking facilities against your deposit.

    Foreign Currency Time Deposit

    Requirements
    • You must be a Singaporean, PR or a foreigner to apply.
    • You must be 18 years old and above.
    Minimum Deposit
    • You should place at least 5,000 units for AUD, CAD, CHF, EUR, GBP, NZD, and USD.
    • You must deposit a minimum of 50,000 units for HKD.
    • You must credit at least 250,000 units for CNH and 500,000 units for JPY.
    Tenure
    • You can choose from flexible tenures, starting from 1 month to 12 months.
    How to apply
    • Visit any of the closest branches.
    • Log in to your online banking account.
    Pick this if you want
    • Additional interest rates of up to 2.50% p.a. when you place 5,000 units in AUD, NZD, or USD for either 3 months or 12 months.
    • To use the online banking facilities against your deposit.

    Find More About Latest OCBC Fixed Deposit PromotionsPlace at least S$20,000 in your SGD Time Deposit account and earn an interest of 1.40% p.a. or 1.60% p.a. for 12 or 24 months, respectively.Read More Here

    UOB Fixed Deposits

    Singapore Dollar Fixed Deposit

    Requirements
    • You must be 15 years old and above.
    Minimum Deposit
    • You should place at least S$5,000 for a 1-month tenor and above.
    • You must deposit a minimum of S$250,000 for tenures of 7 days and 14 days.
    • You must credit at least S$1 million for tenures of less than 7 days.
    Tenure
    • You can choose from flexible tenures, starting from 1 month to 36 months.
    How to apply
    • Visit any of the closest branches.
    • Book an appointment at selected branches.
    Pick this if you want
    • Automatic renewal of your time deposit.
    • To get the UOB credit card privileges when you pledge your FD.

    Foreign Currency Fixed Deposit

    Requirements
    • You must be 15 years old and above.
    • An introducer is required for a foreigner.
    Minimum Deposit
    • You should place at least S$5,000 or equivalent in USD, AUD, GBP, CAD, EUR, NZD, and CHF.
    • You must deposit a minimum of 500,000 units in JPY.
    • You must credit at least 200,000 units in HKD.
    Tenure
    • You can choose from flexible tenures, starting from 1 week to 12 months.
    How to apply
    • Visit any of the closest branches.
    • Book an appointment at selected branches.
    Pick this if you want
    • Automatic renewal of your time deposit.
    • The convenience of making and withdrawing FD amount by cheques, cash, or telegraphic transfer.

    CIMB Fixed Deposit

    Singapore Dollar Fixed Deposit

    Requirements
    • You must be 18 years old and above.
    • Individuals below the age of 18 can open an account with a legal guardian/parent who is 18 years old and above.
    • All Singaporeans, PRs, Malaysians, and foreigners can apply.
    Minimum Deposit
    • You should place at least S$1,000 or S$5,000 for a 1 or 2-month tenure.
    Tenure
    • You can choose from flexible tenures, starting from 1 month to 24 months.
    How to apply
    • Existing customers can apply via CIMB Clicks internet banking.
    • New customers can apply by filling up an online form.
    Pick this if you want
    • Automatic renewal of your time deposit.
    • To enjoy a low minimum deposit of S$1,000.

    Foreign Currency Fixed Deposit

    Requirements
    • You must be 18 years old and above.
    • Individuals below the age of 18 can open an account with a legal guardian/parent who is 18 years old and above.
    • All Singaporeans, PRs, Malaysians, and foreigners can apply.
    Minimum Deposit
    • You should place at least 10,000 units.
    Tenure
    • You can choose from flexible tenures, starting from 1 month to 12 months.
    How to apply
    • Visit any of the closest branches.
    • Mail the application form.
    Pick this if you want
    • Automatic renewal of your time deposit.
    • To enjoy minimum deposits as low as S$10,000.

    Find More About Latest CIMB Fixed Deposit PromotionsEnjoy an interest rate of 1.84% p.a. for a 12-month tenor when you place a minimum of S$10,000 in fresh funds in your SGD Fixed Deposit account, valid till 31 October 2018. Read More Here

    Standard Chartered Time Deposit

    Singapore Dollar Time Deposit

    Requirements
    • You must be 18 years old and above.
    • All Singaporeans, PRs, and foreigners can apply.
    • You must have a current, cheque, or savings account.
    Minimum Deposit
    • You should place at least S$5,000.
    Tenure
    • You can choose from flexible tenures, starting from 1 month to 60 months.
    How to apply
    • Leave your contact details and the bank will get in touch with you.
    Pick this if you want
    • Automatic renewal of your time deposit.
    • To consolidate all your accounts into one statement.

    Foreign Currency Time Deposit

    Requirements
    • You must be 18 years old and above.
    • All Singaporeans, PRs, and foreigners can apply.
    • You must have a current, cheque, or savings account.
    Minimum Deposit
    • You should place at least 5,000 units in USD, GBP, AUD, EUR, and NZD.
    • You should credit a minimum of 25,000 units in CAD, HKD, CHF, and CNH.
    Tenure
    • You can choose from flexible tenures, starting from 1 week to 12 months.
    How to apply
    • Leave your contact details and the bank will get in touch with you.
    Pick this if you want
    • Automatic renewal of your time deposit.
    • To consolidate all your accounts into one statement.

    Bank of China Fixed Deposits

    Singapore Dollar Time Deposit

    Requirements
    • You must be 15 years old and above.
    • All Singaporeans, PRs, and foreigners can apply.
    Minimum Deposit
    • You should place at least S$5,000.
    Tenure
    • You can choose from flexible tenures, starting from 1 month to 36 months.
    How to apply
    • Visit any of the nearest branches.

    Foreign Currency Time Deposit

    Requirements
    • You must be 15 years old and above.
    • All Singaporeans, PRs, and foreigners can apply.
    Minimum Deposit
    • You must place at least 5,000 units in EUR, NZD, AUD, 3,000 units in RMB and CAD, 2,000 units in USD and GBP.
    • You should credit a minimum of 50,000 units in HKD.
    • You must deposit a minimum of 500,000 units in JPY.
    Tenure
    • You can choose from flexible tenures, starting from 1 month to 36 months.
    How to apply
    • Visit any of the nearest branches.

    DBS/POSB Fixed Deposits

    Singapore Dollar Fixed Deposit

    Requirements
    • You must be 12 years old and above.
    • Individuals below the age of 12 can open an account with a legal guardian/parent who is 21 years old and above.
    • All Singaporeans, PRs, and foreigners can apply.
    Minimum Deposit
    • You should place at least S$1,000.
    Tenure
    • You can choose from flexible tenures, starting from 1 month to 60 months.
    How to apply
    • Visit any of the nearest branches.
    • Apply through digibank.
    Pick this account if you want
    • To access credit facilities by pledging your FD.
    • To make a deposit using SRS or cash.

    Foreign Currency Fixed Deposit

    Requirements
    • You must be 18 years old and above.
    • Individuals below the age of 12 can open an account with a legal guardian/parent who is 21 years old and above.
    • All Singaporeans, PRs, and foreigners can apply.
    Minimum Deposit
    • You must place at least 50,000 units in RMB.
    • You should credit a minimum of 5,000 units in all other supported currencies.
    Tenure
    • You can choose from flexible tenures, starting from 1 month to 12 months.
    How to apply
    • Visit any of the nearest branches.
    • Apply through digibank.

    Hong Leong Fixed Deposit

    Singapore Dollar Fixed Deposits

    Requirements
    • You must be 15 years old and above.
    • Senior citizens must be 55 years old and above.
    • All Singaporeans, PRs, and foreigners can apply.
    Minimum Deposit
    • You should place at least S$500 for 3 to 36 months.
    • You must place at least S$10,000 for 1 to 2 months.
    • You should deposit a minimum of S$100,000 for 1 week.
    Tenure
    • You can choose from flexible tenures, starting from 1 week to 36 months.
    How to apply
    • Visit any of the nearest branches.
    • Call the hotline number.
    • Leave your details and request a callback.
    Pick this account if you want
    • Additional 0.125% p.a. for a 12-month tenor if you are a senior citizen.
    • Lowest initial deposit.

    Find More About Latest HL Finance Fixed Deposit PromotionsEarn up to 2.88% p.a. on your foreign currency fixed deposit if you place at least 50,000 units for 12 months, valid till 31 December 2018. Read More Here

    HSBC Time Deposit

    Singapore Dollar Fixed Deposits

    Minimum Deposit
    • You should place at least S$5,000.
    Tenure
    • You can choose from flexible tenures, starting from 1 month to 24 months.
    How to apply
    • Visit any of the nearest branches.
    • Call the hotline number.
    • Book an appointment.
    Pick this account if you want
    • Automatic renewal.
    • Earn higher interest than a savings account.

    Foreign Currency Fixed Deposit

    Minimum Deposit
    • You should place at least 10 million units in JPY, 100,000 in HKD, and 250,000 units in CNY.
    • You must deposit a minimum of 25000 units in all other supportive currencies.
    Tenure
    • You can choose from flexible tenures, starting from 2 weeks to 12 months.
    How to apply
    • Visit any of the nearest branches.
    • Call the bank.
    • Book an appointment.
    Pick this account if you want
    • Place deposit by using cash, demand drafts, cheques, and telegraphic transfers.
    • Earn higher interest than a savings account.

    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.
    • 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.

    Premature Withdrawal Charges

    Ideally, you should not withdraw your time or fixed deposits before they mature. But in certain circumstances like medical emergencies, you may be forced to do so. If you decide to do this, the bank may take steps to limit the interests payable to you depending on how soon you are pulling out the amount, besides imposing some penalties.

    For instance, with banks like Maybank, no interest will be paid if the money is withdrawn within three months of making the deposit. Post three months, interests may be provided on the number of days you have deposited the money, calculated with the lowest level of existing savings account rates. Others like DBS may pay you interest on quarters completed in a calendar year.

    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.

    11. Do I have to pay tax for the interest that I gain from the fixed deposit account?

      A. If you have created a fixed deposit account with a licensed financial institution or an approved bank, you do not have to pay tax.

    12. Are fixed deposits better than Singapore Savings Bonds (SSB)?

      A. Singapore Savings Bonds (SSB) also provide you a higher interest rate when you lock in the amount for a longer tenor, say 10 years. However, fixed deposits offer a choice of tenors and various interest rates. With regard to SSBs, the interest rates only increase with time.

    13. Are Shariah-compliant fixed deposits available in Singapore?

      A. Yes, CIMB and Maybank offer Shariah-compliant Islamic fixed deposits in Singapore.

    14. Can I withdraw just the interest amount from my FD account?

      A. This depends on the kind of term deposit you hold, and the bank. Certain specific FD accounts offered by banks in Singapore allow you to withdraw just the interest accumulated over the deposit period.

    15. What is the Deposit Insurance Scheme?

      A. Your deposit amount with recognised banks is more or less secured. By law, the Singapore Deposit Insurance Corporation (SDIC) insures the amount up to S$50,000 per depositor per scheme. This means that your deposits up to this amount will be returned to you even if the bank closes down or any financial problem occurs to it. This insurance is available on the total deposits you have with a particular participating bank, excluding the CPF deposit schemes, which are separately insured for up to S$50,000.

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