If you have extra cash in your savings account and are looking for a low-risk investment option that provides you with guaranteed returns, then investing in Singapore Dollar (SGD) fixed deposits are a good idea. Investing in CIMB Fixed Deposit will help diversify your investment portfolio by providing you with an investment opportunity that offers higher rates of interest than a regular savings account. Time deposits like the one offered by CIMB allow you the convenience of a low minimum investment as well as the choice of tenure.
Features and Benefits
- CIMB SGD Fixed Deposit Account offers attractive fixed rates of interest that allows you to invest your money for a fixed period of time and enjoy your earnings.
- A wide choice of tenures for your investment is a benefit that this time deposit provides. You can choose from available tenures of 1, 2, 3, 6, 9, 12, and 24 months.
- The minimum initial deposit amount is affordable. You can start growing your money with as little as S$1,000.
- Unless instructed otherwise, your term deposit will be automatically renewed on maturity for the same tenure at the prevailing rate of interest.
- As per prevailing laws, this account is insured by the Singapore Deposit Insurance Corporation for up to S$50,000 per depositor as per the Deposit Insurance Scheme.
One of the biggest attractions of a fixed deposit account is the interest rates offered for various tenures. If you want to invest in this deposit for 1 month or 2-month tenures, then a minimum investment of S$5,000 is required. All of the interest rates are subject to changes without any prior notice. The interest rates for the various tenures are:
|Tenure (Months)||Board Rates (% p. a.) S$1,000 – S$99,999||Board Rates (% p.a.) S$100,000 and Above|
- The minimum age to open this account is 18 years.
- Applicants below 18 years of age can open this account with a parent or a legal guardian who is at least 18 years old at the time of application.
- The minimum initial deposit amount is S$5,000 for 1 or 2-month tenures and S$1,000 for all other tenures.
- Singaporeans, Permanent Residents, and Malaysians need to provide their National Registration Identity Card (NRIC) while applying for this account.
- Foreigners need to provide their passport as well as residential address proof. The bank can also ask for other documents if needed, such as an Employment Pass, a Work Permit, a Student Pass or a Dependent's Pass.
Fees and Charges
Remittances – Outward
|MEPS (MAS Electronic Payment System)||Payable to Own Name||Payable to Third Party|
|Withdrawal from SGD Fixed Deposit||Free for first payment only|
Remittances - Inward
|Telegraphic transfer||In SGD||In FCY|
|Credit to a Fixed Deposit||Waived|
|MEPS (MAS Electronic Payment System)||Waived|
Withdrawal of SGD Fixed Deposit by any outward remittance means such as Banker’s Cheque or Demand Draft is subject to fees as prescribed by the bank.
Q. How do I apply for a CIMB SGD Fixed Deposit Account?
A. You can apply in one of two ways – by filling out an application online or by providing your phone number so that the bank can call you at your convenience.
Q. What is TRB?
A. Your Total Relationship Balance or TRB is a mix of any individual deposit and/or investment product. Qualification criteria to be a Preferred customer and more details about TRB can be found on the bank’s website.
Q. Can I use my CIMB SGD Fixed Deposit Account as collateral?
A. Yes, your term deposit account can be used as collateral if you wish to take a secured personal loan. The bank, however, can refuse to accept the deposit as collateral at their discretion.
Q. Is the interest that I earn on my fixed deposit taxable?
A. Interest that is earned through fixed deposits from banks that are approved by the Monetary Authority of Singapore (MAS) is not subject to tax.
Q. Can I withdraw the money from my deposit account before it reaches its maturity date?
A. Yes, you can withdraw the money from your CIMB SGD Fixed Deposit Account before it completes maturity. This may be subject to charges levied by the bank as well as complete or partial interest being paid as per the discretion of the bank.