Indian Bank Fixed Deposit Singapore

Indian Bank offers a host of banking and financial services in Singapore, with fixed deposits being a prominent investment/savings option offered by the bank. Some prominent features of the fixed deposits offered by the bank include attractive interest rates on both Singapore dollar fixed deposits and foreign currency fixed deposits, which are available in 6 major foreign currencies. With Indian Bank, you can earn up to 2.95% interest per year for deposits of up to 3 years.

Additionally, you can choose between a variety of fixed tenures. The minimum tenure offered by the bank is 1 month, while the maximum tenure is 36 months. Tenure options hold good for both Singaporean dollars as well as foreign currencies. The foreign currencies available to open fixed deposits with include: American Dollar (USD), Euro (EUR), Australian Dollar (AUD), Sterling Pound (GBP), Chinese Yuan Offshore (CHF), and Japanese Yen (JYP).

Indian Bank Fixed Deposit Rate 2019

The annual interest rates offered for Singapore Dollar fixed deposits and foreign currency fixed deposits by Indian Bank are:

Currency Rates (% p.a.) 1 month Rates (% p.a.) 3 months Rates (% p.a.) 6 months Rates (% p.a.) 9 months Rates (% p.a.) 12 months Rates (% p.a.) 24 months Rates (% p.a.) 36 months
SGD 0.1 0.25 0.35 0.5 0.65 0.75 0.9
USD 2 2.4 2.6 2.7 2.8 2.95 2.95
GBP 0.15 0.3 0.4 0.55 0.6 N/A N/A
CHF - - - - - N/A N/A
EUR 0.05 0.05 0.05 0.1 0.1 N/A N/A
JPY - - - - - N/A N/A
AUD 1.6 1.7 1.75 1.8 1.85 N/A N/A

Note: Indian Bank Time Deposit Interest Rates are as of 3 December, 2018.

FAQs

  1. Q. Can I close my fixed deposit account before the tenure matures? Will an additional charge be levied?
  2. A. Yes, you can withdraw the amount in your fixed deposit account before the maturity of the tenure. Additional charges for premature withdrawals will accordingly hold applicable in this case.

  3. Q. What is the limit of the Deposit Insurance Scheme?
  4. A. Your SGD fixed deposits are covered by the Deposit Insurance Scheme for a value of S$50,000.

  5. Q. Is the Deposit Insurance Scheme applicable to foreign currency deposits as well?
  6. A. No. The Deposit Insurance Scheme is only applicable to SGD time deposits and not to foreign currency deposits.

  7. Q. How often do banks change their FD rates?
  8. A. This depends from bank to bank and rates can be changed at the sole discretion of the bank. Usually, banks prefer changing their rates once in two months.

  9. Q. Can I open a fixed deposit account for a tenure of less than 1 month?
  10. A. While a minimum of one month is the norm adopted by most banks in Singapore, you can contact Indian Bank in case you want to open an FD account for less than a month.

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