• DBS US Dollar Foreign Currency Fixed Deposit

    The Development Bank of Singapore (DBS) offers various financial products and services. DBS offers the foreign currency fixed deposit scheme in 9 different currencies, and United States Dollar is one of the currencies that you can choose for your foreign currency fixed deposit account.

    Features of DBS US Dollar Foreign Currency Fixed Deposit

    • DBS offers fixed deposit accounts for various foreign currencies including the USD (United States Dollar). You may choose from a range of flexible tenures as per your convenience. The tenure begins from 1 day, 1 week, 1 month, 2 months, 3 months, 6 months, and goes up to 12 months.
    • The initial placement amount for opening a fixed deposit account with DBS Bank is equivalent of S$5,000.
    • You can set maturity instructions in the following ways:
      • Renew both principal & interest amounts.  
      • Withdraw both principal & interest amounts.
      • Withdraw the interest amount and renew the principal amount.

    DBS US Dollar Foreign Currency Fixed Deposit Interest Rates

    The interest rate for USD depends  on the amount and tenure. It ranges from 1.47% p.a. for a tenure of 1 month to 2.095% p.a. for a tenure of 12 months. Since interest rates are subject to change without prior notice, it is best to check the latest rates in order to make an informed decision.

    Annual Interest Rates for USD Foreign Currency Time Deposit – DBS Bank

    Amount (USD) Less than 10,000 Less than 25,000 Less than 50,000 Less than 100,000 Less than 250,000 Less than or equivalent 500,000
    1 day 0% 0% 0% 1.26% 1.26% 1.26%
    1 week 0% 0% 0% 1.31% 1.31% 1.31%
    1 month 1.47% 1.47% 1.47% 1.53% 1.53% 1.53%
    2 months 1.61% 1.61% 1.61% 1.69% 1.69% 1.69%
    3 months 1.88% 1.88% 1.88% 1.95% 1.95% 1.95%
    6 months 1.88% 1.88% 1.88% 2.02% 2.02% 2.02%
    12 months 1.94% 1.94% 1.94% 2.095% 2.095% 2.095%

    Annual Interest Rates for USD Foreign Currency Time Deposit - POSB Bank

    Amount (USD) Less than 10,000 Less than 25,000 Less than 50,000 Less than 100,000 Less than 250,000 Less than or equivalent 500,000
    1 day 0% 0% 0% 1.26% 1.26% 1.26%
    1 week 0% 0% 0% 1.31% 1.31% 1.31%
    1 month 1.47% 1.47% 1.47% 1.53% 1.53% 1.53%
    2 months 1.61% 1.61% 1.61% 1.69% 1.69% 1.69%
    3 months 1.88% 1.88% 1.88% 1.95% 1.95% 1.95%
    6 months 1.88% 1.88% 1.88% 2.02% 2.02% 2.02%
    12 months 1.94% 1.94% 1.94% 2.095% 2.095% 2.095%

    Eligibility Criteria

    You will be eligible to open a DBS Foreign Currency Fixed Deposit account if you fulfill the following criteria :

    • You must be 18 years old.
    • If your age is below 12 years, you can open a trust minor account with a legal guardian or a parent whose age is at least 21 years.  

    How to Apply

    • If you are a Digibank user, you can log in and apply for the DBS Foreign Currency Fixed Deposit online.
    • If you are a new customer to DBS, visit the nearest branch and apply.

    Documents Required

    The mandatory documents to open this account are:

    • Singapore citizens and Permanent Residents must provide their NRIC.
    • Foreigners must submit their passport and a relevant document provided by the Immigration and Checkpoint Authority of Singapore.
    • Foreigners must also provide one of the documents mentioned below as an address proof:
      • Utility bill
      • Rental agreement
      • Credit card statement or bank reference letter
      • Telephone bill
      • Management fee bill
      • A letter from HR department from current employer
      • An In-Principle-Approval letter provided by Ministry of Manpower
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