Fixed Deposit schemes can offer you with the opportunity to save money without a lot of effort and also earn a decent amount of interest on the amount that you save. In Singapore, most of the prominent banks and financial institutions offer various recurring and fixed deposit schemes. The process of opening a fixed deposit account under these schemes is very simple and you will not have to submit a pile of documents. Apart from the residents and citizens of Singapore, foreigners working and living in the city can also open such accounts and save money with ease. When you look for a fixed deposit account in Singapore, you should look for one that offers a lot of benefits such as BNI fixed deposit account.
Overview of BNI
BNI or Bank Negara Indonesia is one of the oldest banks in Indonesia and is owned by the central government of the country. It was founded in 1946 and has played a very important part in the economic growth of the country. For a long period of time, it acted as the central bank of Indonesia and was responsible for the issuance and circulation of Indonesian currency. Over the years, the bank has expanded its commercial operations by providing services and products across various banking sectors. The bank has more than 1000 offices in Indonesia that are spread across the country.
BNI has offices in 5 foreign locations and apart from Singapore it has offices in Tokyo, Hong Kong, London and New York. In Singapore, BNI operates as a full bank under the license offered by the Monetary Authority of Singapore. The Singapore branch of the bank was established in 1955 and today it offers the following products and services:
- Remittance service
- Current account and fixed deposits
- BNI SingPlus
- Commercial/ corporate lending/ loan syndication
- Hospital Guarantee
- Trade financing
- Treasury activities
- Custodian Services
Why Choose BNI Fixed Deposit Scheme?
A fixed deposit scheme should help you to save money, provide you with high rate of interest and also give you the option of making deposits in more than one currency. BNI fixed deposit scheme will not only offer you with all of these features, but will also offer you with a range of other benefits. The process of opening a fixed deposit account is very simple as well and you will need to visit the centrally located Singapore branch of the bank to open a fixed deposit account with them. You will also benefit from the excellent quality of service offered by the bank and will not find it difficult to get answers to your queries and questions about all the banking products and services that they offer.
Features and Benefits of BNI Fixed Deposit
- Multiple currency deposits - You can make deposits in both US Dollars and Singapore Dollars.
- Flexible Tenures - You can select from a range of flexible tenures of 1 month, 3 months, 6 months, 9 months and 12 months.
- Automatic Renewal - At the end of the tenure, the fixed deposit will be automatically renewed.
- Low minimum deposit requirement - You will need to make a minimum deposit of SGD 10,000 or USD 10,000 for a minimum period of 1 month to open a fixed deposit account with BNI Singapore.
- No penalty for premature withdrawals - Even if you withdraw the deposit amount before the end of the tenure, you will not have to pay any penalty but you will not earn any interest if you do so.
- Deposit Insurance – All your deposits up to S$50,000 will be covered by deposit insurance scheme offered by the Singapore Deposit Insurance Corporation.
Frequently Asked Questions BNI Fixed Deposit
- Can you tell me more about automatic renewals of fixed deposits?
- How can I open a fixed deposit account with BNI?
- Does the Deposit Insurance Scheme cover US Dollar deposits?
- What is the minimum amount that I will need to deposit for opening an account with US Dollars?
- What are tenures offered with the fixed deposit scheme from BNI?
Your BNI fixed deposit will be renewed automatically upon maturity at the same interest rate and for the period of time (tenure) unless you provide instructions in advance about making changes to your deposit account.
To open a fixed deposit account with BNI, you will need to visit the customer service dept. of the bank situated on Robinson Road.
No, the deposit insurance scheme does not cover foreign currency deposits such as deposits made in US Dollars. It also does not cover dual – currency investments, structured deposits or various other investment products offered by banks in Singapore.
You will need to deposit a minimum amount of USD 10,000 to open a deposit account with the bank.
The fixed deposit scheme from BNI comes with tenures of 1 month, 3 months, 6 months, 9 months and 12 months.