Citi time deposits are available in Singapore dollars and 11 other major currencies, ranging from Euro to South African Rand. These fixed deposits (FD) offer higher rates of interest than traditional savings accounts. A minimum of S$10,000 is required to open an account and tenures vary from 1 week to 48 months.
What Are the Features and Benefits Associated with Citi Fixed Deposit Accounts?
The main features and benefits include:
- Higher interest rates: These rates depend on the type of currency your account is in. You may earn up to 0.1% p.a. on SGD term deposits.
- A broad variety of tenors: Those available for the SGD term deposit range between 1 week and 48 months, while those for foreign currency deposits range anywhere between 1 week and 12 months.
- Initial deposit: A minimum initial deposit of S$10,000 is required.
S$ Time Deposit
This account enables you to deposit funds in Singapore dollars and earn generous interest on the amount deposited. You should also know that the Singapore Dollar Fixed Deposit account is covered under the Deposit Insurance Scheme provided by SDIC.
You may view and operate your fixed deposit account using online banking. CitiPhone Banking and Automated Voice Response are always available for additional queries and assistance.
S$ Time Deposit Interest Rates
You can determine which tenor and deposit amount suit your savings goals from the table below:
|Term (Tenor) of Fixed Deposit||Amount in Deposit (S$)||Interest Rate Earned|
|1 week||10,000 - 3 million||0.05%|
|2 weeks||10,000 - 3 million||0.05%|
|1 month||10,000 - 3 million||0.05%|
|3 months||10,000 - 3 million||0.08%|
|6 months||10,000 - 3 million||0.1%|
|12 months||10,000 - 3 million||0.1%|
|24 months||10,000 - 3 million||0.1%|
|36 months||10,000 - 3 million||0.1.%|
Requirements to Open a SGD Time Deposit
- You may have to open a savings or checking account alongside the time deposit.
- A minimum deposit of S$10,000 is required to open an account.
Singapore Dollar (SGD) 3-month Time Deposit Investment Bundle Promotion
If you make investments in Bonds, Unit Trusts or Structured Notes, you stand to earn more on your SGD Time Deposit. The Citi Time Deposit Investment Bundle allows you to earn an interest rate of 2.50% on a 3-month p.a. deposit.
The following terms and conditions may apply:
- The purchase of this investment bundle must be made within the Promotion Period, i.e. by 31 October 2018.
- Only New Funds may be placed within the Time Deposit - which will be valued once you reach the Investment settlement date.
- Any unit trust, structured note, or bond distributed by Citi with a net sales charge of a minimum of 1% is referred to as an “Investment” in this context.
- Any Investment that is in the form of a foreign currency will be converted to SGD using a rate specified by Citi to determine the amount under Maximum Time Deposit Placement for this promotion to apply.
- For early termination of the Time Deposit, a penalty charge will be applied. This will be deducted from the amount withdrawn, which may result in you not earning any interest for the term.
- Investment products like structured deposits, dual currency investments, and foreign currency deposits are not insured by the SDIC. This means that if your bank defaults, your investment may not be returned to you.
The following table illustrates the calculation for the maximum deposit amount further:
|Offer Name||Promotional Rate (% p.a.)||Tenor||Min. Deposit Amount (S$)||Maximum Deposit Amount (S$)|
|SGD 3-month Time Deposit Investment Bundle||2.50||3 months||50,000||
5 million or 2 times the Deposit Amount (DA), whichever is lower.
DA = 50,000
2 x DA =100,000
Max. DA = 5 million
The lower of the two = 100,000
The above table is only for illustrative purposes. Actual amounts may vary. Contact the bank for actual figures that apply to you.
Deposit Insurance Scheme
Any SGD fixed/time deposit account is protected by insurance from the Singapore Deposit Insurance Corporation for an amount of up to S$50,000 for each depositor for every scheme. Regardless of whether your bank defaults or not, your principal will be returned to you.
How Can You Apply for the SGD Time Deposit Account?
Visit one of your nearest Citi branches or call their 24-Hour CitiPhone Hotline for more details.
Foreign Currency Time Deposit
This account offers tenors ranging from 1 week to 12 months. You may use online banking to view and operate your foreign currency fixed deposit account. For additional assistance, CitiPhone Banking and Automated Voice Response are also available.
This account allows you to deposit funds and earn interest on 11 different currencies that include:
- Sterling Pound (GBP)
- Australian Dollar (AUD)
- South African Rand (ZAR)
- Euro (EUR)
- New Zealand Dollar (NZD)
- Offshore Renminbi (CNH)
- Japanese Yen (JPY)
- Swiss Franc (CHF)
- Hong Kong Dollar (HKD
- US dollar (USD)
- Canadian Dollar (CAD)
What You Need to Know
- Foreign currency deposits are not insured by SDIC.
- Time Deposits available in Japanese Yen have tenors of 1 month and below.
- Tenors available for Time Deposits in Swiss Franc and Euro are 1 week and below.
- If you terminate your Foreign Currency Time Deposit ahead of the maturity date, it will result in penalty charges - which will be deducted from the withdrawn amount.
- You may receive a lower principal amount in the currency of deposit, and further, may not earn any, or limited, interest.
- For Offshore Renminbi and South African Rand, pre-termination will not be allowed.
- When it comes to foreign currency investments, when you change the foreign currency in the account back into your home currency, you may or may not receive net gains.
How to Apply for a Foreign Currency Time Deposit Account
Please visit your nearest Citi branch to open an account, or call their 24-Hour CitiPhone Hotline for more information.
Frequently Asked Questions
- Will my foreign currency deposits be insured by SDIC?
- How do I find out the board rate for Singapore dollar time deposits?
- What is the minimum deposit amount for foreign currency time deposits?
- Can I convert my FD Account (personal) to a joint account?
- Will the interest earned on my FD account attract tax?
- Is tax applicable on the interest earned on Foreign Currency Time Deposit account?
No. Only Singapore deposits of up to S$50,000 are insured by the Singapore Deposit Insurance Corporation.
The board rate for Citi S$ time deposit scheme depends on the tenure and the deposit amount. Use the calculator on Citi’s website to find out the prevailing board rate for a particular duration and amount of your deposit.
The minimum deposit should amount to S$10,000 in the currency that you are making the deposit.
Yes. Contact the bank to learn more.
If you are a non-Singaporean, you will have to pay tax – withholding tax or income tax – on the interest earned in your FD account.
If you are a non-resident of Singapore or foreigner, then you do not have to pay income tax or withholding tax in Singapore on the interest earned on your Foreign Currency Time Deposit.