• Indian Bank Fixed Deposit Singapore

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    Indian Bank offers a clutch of banking and financial services in Singapore, with fixed deposits being a prominent investment-cum-savings option offered by the bank. The bank offers an interest on deposits in Singaporean Dollars as well as a range of other popular foreign currencies. Let’s take a look at some prominent aspects of the fixed deposit offered by the bank.

    Saving money is very important in life as it can help you to deal with financial emergencies. Besides, when you save money you can build your financial assets and make sure that you have enough money to lead a comfortable life when you retire. There can be numerous ways to save money but perhaps the most convenient way is to deposit money into a bank account for a certain period of time. A fixed deposit or a term deposit account can help you to save money and earn interest on the amount that you deposit. You can opt for Indian Bank Singapore Fixed Deposit for saving money.

    Features of the Indian Bank Fixed Deposit

    • The bank offers interest rates for deposits in Singaporean Dollars, as well as 4 other foreign currencies.
    • The tenure options are fixed. 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 other foreign currencies.
    • The foreign currencies offered by the bank include USD, EUR, AUD, GBP, CHF, and JYP.

    Indian Bank Fixed Deposit Rate 2018

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

    Currency 1 month 3 months 6 months 9 months 12 months 24 months 36 months
    SGD 0.2% 0.35% 0.45% 0.55% 0.65% 0.65% 0.65%
    USD 1.85% 2.00% 2.20% 2.35% 2.50% 2.65% 2.65%
    GBP 0.20% 0.25% 0.40% 0.45% 0.50% N.A. N.A.
    AUD 1.60% 1.80% 2.00% 2.05% 2.10% N.A. N.A.
    CHF - - - - - N.A. N.A.
    JPY - - - - - N.A. N.A.
    EUR 0.05% 0.05% 0.05% 0.10% 0.10% N.A. N.A.

    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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