Overview of Euro Fixed Deposit Schemes
Numerous banks across the island offer attractive and competitive rates for their foreign currency fixed deposits today. Having realized the present world conditions of currency crossovers, global trotters who travel the world not only for pleasure or vacations, but for work and settling down, foreign currency deposits are becoming an increasingly popular choice of banking products in the present day context. Additionally, Euro as a currency is one of the most stable currencies and its value has constantly remained on the higher side due to which, Euro Currency Fixed Deposits are slowly being offered by banks in Singapore. Even among customers, many today are opting for this product due to the various advantages this currency has to offer and many prefer to maintain their fixed deposits by retaining it in the Euro currency itself.
If you are someone who deals in Euro, you would be glad to know there are many options for opening a fixed deposit in Singapore. This would allow you to earn interest without having to shell out for foreign exchange. You can keep away a lump sum in various banks in Singapore. We bring before you several options.
Currently, there is only one bank that offers a rate of interest on the fixed deposit account for Euro. Bank of East Asia in Singapore provides an interest of 0.0010% for an amount of USD20,000 for 1 week to 6 months. The minimum amount may change depending on the tier.
Here is a table with the details of the account by various other banks:
|RHB||1 week to 24 months||Up to EUR99,999 to 1 million & above|
|OCBC||1 month to 12 months||Equivalent to first S$49,999 to above S$500,000|
|HSBC||2 weeks to 12 months||EUR25,000|
|DBS||1 day to 12 months||EUR50,000 to EUR5 million|
|Maybank||1 month to 6 month||EUR10,000 to EUR1 million|
|Standard Chartered||1 week to 12 months||EUR5,000 to EUR500,000 & above|
Though you gain no interest on the amount, you can still consider these banks to keep your money safe for a period of time.
Best Euro Fixed Deposit Schemes offered by leading banks in Singapore
RHB Bank Euro Fixed Deposit Rates of Interest
Find below the rates and tenures for the Foreign Currency Fixed Deposit offered by RHB Bank, Euro Currency, updated as of February 22, 2016 -
|Currency / Tenure||1 – Week||1 – Month||2 – Months||3 – Months||6 – Months||9 – Months||12 – Months||24 – Months|
|Up to 99, 999||0.01 percent per annum||0.02 percent per annum||0.05 percent per annum||0.10 percent per annum||0.15 percent per annum||0.25 percent per annum||0.35 percent per annum||Not Applicable|
|100, 000 up to 499, 999||0.01 percent per annum||0.02 percent per annum||0.07 percent per annum||0.12 percent per annum||0.17 percent per annum||0.27 percent per annum||0.37 percent per annum||Not Applicable|
|500, 000 up to 999, 999||0.01 percent per annum||0.03 percent per annum||0.08 percent per annum||0.13 percent per annum||0.18 percent per annum||0.28 percent per annum||0.38 percent per annum||Not Applicable|
|100, 000 and ABOVE||0.03 percent per annum||0.05 percent per annum||0.10 percent per annum||0.15 percent per annum||0.20 percent per annum||0.30 percent per annum||0.40 percent per annum||Not Applicable|
SBI Bank Euro Fixed Deposit Rates of Interest
Find below the interest rate structure for the EURO Currency offered by SBI Foreign Currency Term Deposit –
|Tenure||5, 000 up to 100, 000||100, 001 up to 1, 000, 000|
|3 month||Not Applicable||Not Applicable|
|6 months||Not Applicable||Not Applicable|
|1 year||Not Applicable||0.0400 percent per annum|
Bank of East Asia Euro Fixed Deposit Rates of Interest
Find below the Board Rates for Foreign Currency Fixed Deposit, Euro Currency updated as of February 22, 2016 -
|Currency / Tenure||Minimum Equivalent Amount / Personal Corporate||1 – Week||1 – Month||2 – Months||3 – Months||6 - Months|
|Euro||USD20, 000 / 50, 000||0.0010 percent per annum||0.0010 percent per annum||0.0010 percent per annum||0.0010 percent per annum||0.0010 percent per annum|
Find below the Tier Rates for Foreign Currency Fixed Deposit, Euro Currency updated as of February 22, 2016 –
|Currency / Tenure||Minimum Amount||1 – Week||1 – Month||2 – Months||3 – Months||6 – Months|
|Euro||100, 000||0.0010 percent per annum||0.0010 percent per annum||0.0010 percent per annum||0.0010 percent per annum||0.0010 percent per annum|