With the DBS Singapore Dollar (S$) Fixed Deposit scheme is a time deposit account that allows you to keep away a certain amount for a specific period and earn an interest on DBS FD. This account keeps your money safe, and you can expect significant returns on your deposit. Besides being secure, the S$ fixed deposit from DBS Bank doesn’t require you to invest any big amount to start with.
This account allows you to choose from several deposit tenure options. To apply for it, you can sign up through DBS iBanking, contact your Wealth Manager, or visit any of DBS’ branches.
Features and Benefits
There are several benefits of the S$ Time Deposit account from DBS, listed as below:
- It is quite affordable to open a DBS account for S$ Time Deposit, as the minimum deposit amount starts from as low as S$1,000.
- You have the option of choosing your deposit tenor from a period of 1 month to 5 years.
- This time deposit account combines the convenience of several deposit methods. You can make a new placement either through iBanking or by visiting any of DBS’ branches.
- You can also choose to close the account or withdraw the money before the tenure ends. There is no penalty on such withdrawals. However, the risk is that you will not get the interest promised – it will either be nil or lower.
- This account also comes with value added services. The S$ Fixed Deposit can be used as collateral for getting access to credit facilities. Besides, there’s an option to make placement utilising cash or Supplementary Retirement Scheme (SRS).
- The Singapore Deposit Insurance Corporation insures fixed deposits (including SRS deposits) in Singapore dollar up to a total of S$50,000 per person. Deposits in Singapore dollars, which are part of the CPF Retirement Sum Scheme and CPF Investment Scheme are combined together and insured separately for the same amount for each depositor.
DBS SGD Fixed Deposit Interest Rate
The following table illustrates the interest rates for different tenors, ranging from 1 month to 60 months, and for different range of fixed deposit amounts.
|Tenure||S$1,000 to S$9,999||S$10,000 to S$19,999||S$20,000 to S$49,999||S$50,000 to S$99,999||S$100,000 to S$249,999||S$250,000 to S$499,999||S$500,000 to S$999,999|
|1 and 2 months||0.05%||0.05%||0.05%||0.05%||0.05%||0.05%||0.05%|
|3, 4 and 5 months||0.15%||0.15%||0.15%||0.15%||0.15%||0.15%||0.15%|
|6, 7 and 8 months||0.2%||0.2%||0.2%||0.2%||0.2%||0.2%||0.2%|
|9,10 and 11 months||0.25%||0.25%||0.25%||0.25%||0.25%||0.25%||0.25%|
The following eligibility criteria hold valid for this time deposit account:
- Singaporeans, permanent residents, as well as foreigners can apply for the fixed deposit account.
- You must be minimum 12 years old to open this account. If you are younger than that, you can open a trust minor account in collaboration with a parent or legal guardian, who is 21 years or older.
- Documents required:
- Singaporeans and PRs must provide a copy of the NRIC.
- Foreigners must submit a copy of Passport, a valid employment pass, and as address proof, a copy of the telephone bill OR utility bill OR bank reference letter OR letter from HR department of current employer OR management fee bill OR rental agreement.
DBS Singapore Dollar Fixed Deposit FAQs
Q. Can I deposit an amount lower than S$1,000?
A. No. You need to put in at least S$1,000 for time deposits with DBS. If your amount is lower, consider putting it in a high-interest savings account such as the DBS Multiplier.
Q. Will I get full interest if I withdraw the amount before maturity?
A. Interest is usually paid based on each completed quarter of the calendar year. So if the period of deposit is lower than 3 months, you won’t earn any interest. In such a case, the full principal amount would be returned to you without any additional earnings.
Q. Can I keep an FD account with zero balance?
A. No. The bank will close the fixed deposit account if there is no money in it for 1 year.
Q. In case I die, what will happen to the money in my FD?
A. The administrator of your estate can file for a claim on your account, if it’s a personal account. The maturity instructions given by you will no longer hold valid after your death. The amount will be automatically renewed for the same period and the ongoing rate of interest upon maturity. In case of a joint account, the surviving account holder can withdraw the money.
Q. Can my Singapore dollar FD be converted into a joint account?
A. Yes, you can convert your personal time deposit account into a joint account without having to pay any fee.