When it comes to choosing a good financial product, you can always rely on DBS Bank. It is one of the leading banks in the world which offers great financial services to all its customers. DBS Bank was established in Singapore in the year 1968 so that the financing activities can be taken over from the Economic Development Board. The products and designed to meet the changing needs and requirements of the customers. Currently, the Development Bank of Singapore Limited has more than a hundred branches all across Singapore. The bank also has a strong foothold in different financial sectors that include markets and treasury, consumer banking, securities brokerage, asset management, debt fund raising and equity, etc. As far as the total assets are concerned, the Development Bank of Singapore is the largest of them all in South East Asia.
The people of Singapore know that fact that their hard earned money should be safe. That is why they are always looking for options of investing their money to something that would yield them high returns. Fixed Deposits inculcates the idea of saving in an individual. The fixed deposit offered by DBS Bank offers a lot a flexibility to the consumer. With a myriad of perks and benefits to offer, the fixed deposit or time deposit scheme offered by The Development Bank oF Singapore proves to be extremely lucrative and beneficial. The rates of interest provided with this scheme is also attractive.
Why choose DBS Bank Foreign Currency Fixed Deposit
Being one of the top banks across the globe, The Development Bank of Singapore Limited never fails to offer a product or a service that would not benefit its customers. With a great deal of innovation and customisation, the products always stand out and meet individual demands. The fixed deposit or time deposit offered by this bank allows a customer to earn the rates that are much higher than the SGD deposits. Choosing this product will not ensure that you make the most of your investment, but also, will provide you with the peace that you deserve.
Features and Benefits of DBS bank Foreign Currency Fixed Deposits
There are several features and benefits that the DBS Time Deposit offers which can prove to be extremely beneficial for the customers of the bank. These features and benefits are listed below.
- You can choose from a wide range of currencies and rates of interest.
- Avail a fixed deposit tenor that is convenient for you.
- The minimum deposit amount to initiate a fixed deposit account with The Development Bank of Singapore Limited is as low as SGD 5000.
- In case of RMB, the minimum amount that must be deposited to start a fixed deposit account.
Foreign Currency Deposit Rates offered by DBS Bank
US Dollar Rates
|Foreign Currency Deposits|
|Amt(USD)||Rates in Percentage||Upto 10'000||Upto 25'000||Upto 50'000||Upto100'000||Upto250'000||Upto 250'000|
Great Britain Pound Rates
|Foreign Currency Deposits|
|Amount (in GBP)||Rates in Percentage||Up to 25'000||Up to 50'000||Up to 100'000||Up to 250'000||Up to 500'000|
Australian Dollar Rates
|Amount (in AUD)||Rates in Percentage||Up to 25'000||Up to 50'000||Up to 100'000||Up to 250'000||Up to 500'000|
Canadian Dollar Rates
|Amount (in CAD)||Rates in Percentage||Up to 25'000||Up to 50'000||Up to 100'000||Up to 250'000||Up to 500'000|
New Zealand Dollar Rates
|Amount (in NZD)||Rates in Percentage||Up to 25'000||Up to 50'000||Up to 100'000||Up to 250'000||Up to 500'000|
Chinese Renminbi Rates
|Amount (in CNH)||Rates in Percentage||Up to 250'000||Up to 1000'000||Up to 2500'000||Up to 5000'000|
Hong Kong Dollar Rates
|Amount (in HKD)||Rates in Percentage||Up to 500'000||Up to 2500'000||Up to 5000'000|
Japanese Yen Rates
|Amount (in JPY)||Rates in Percentage||Up to 10'MIL||Up to 25'MIL||Up to 50'MIL||Up to 100'MIL|
Swiss Franc Rates
|Amount (in CHF)||Rates in Percentage||Up to 100'000||Up to 150'000||Up to 300'000||Up to 500'000||Up to 750'000|
|Amount (in EUR)||Rates in Percentage||Up to 50'000||Up to 75'000||Up to 150'000||Up to 250'000||Up to 500'000|
Eligibility to Apply for DBS Foreign Currency Fixed Deposit
An individual who is above the age of 18 years can apply for a fixed deposit scheme with DBS Bank. Individuals who are below the age of twelve years can also open time deposit accounts with this bank as lo9ng as they have a legal guardian or a parent accompanying them. Their account will be treated as a minor account by The Development Bank of Singapore.
- The permanent residents of Singapore and the citizens of Singapore must furnish the photocopy of NRIC
- For all the foreigners, valid passport, telephone bills, rental agreement, utility bills, letter from the HR department of the current employer, management fee bill, etc. are required during the documentation process
Frequently Asked Questions
- What are the different tenors that I may choose for my DBS Foreign Currency Time Deposit?
- Is it possible that I set instructions for maturity at the time of placement of the amount?
For your DBS Foreign Currency Deposit, you may choose from a wide range of tenors. These periods include one day, one week, one month, two months, three months, six months and twelve months.
Yes. It is very much possible that you select one of the following instructions for maturity.
- Withdrawal of the principal amount along with the accumulated interest amount
- Renewal of the principal amount and the interest amount
- Renewal of the principal amount but withdrawal of the interest amount that has accumulated
Yes. You will definitely be informed about the prevalent rates of interest offered by the Foreign Currency Fixed Deposit when you want to make the transaction.
If you are a Singaporean citizen or a permanent resident, that you will have to furnish the photocopy of NRIC. If you are a foreigner who wants to apply for FDFC then you must provide valid passport along with utility bills, telephone bills, rental agreement, letter from your current employer stating your employment status, management fee bill, bank statements, etc.
Yes. Individuals below the age of twelve can have minor accounts with The Development of Singapore Limited bank. However, they must be accompanied by a legal guardian or parent who should be at least 21 years old.