• Indian Bank Fixed Deposit Singapore

    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 instrument offered by the bank. We also take a look at the interest rate and try and answer some pertinent questions on the bank’s fixed deposit product.

    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 and stop working. There can be numerous ways to save money but perhaps the most convenient way to save money 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 as you will be able to earn interest at a higher rate.

    Overview of Indian Bank

    Indian Bank is one of the premier banks that is owned by the Government of India. Apart from its widespread presence in India, the bank also has overseas branches in Jaffna, Colombo and Singapore. Overall, Indian Bank has a presence in around 70 countries with the help of its overseas correspondents that total to around 240. The bank was integral to the Swadeshi movement in India and founded on August 15, 1907. The bank has ATMs and branches in many towns and villages in India. Over the years, Indian Bank has won many prestigious awards in the field of banking and finance.

    The bank has been operational in Singapore since 1941 and now it offers world class services to people living in the Lion City. With a fixed deposit account from Indian Bank, you will enjoy a range of flexible features and will also benefit from the attractive interest rates and flexible tenures, along with other advantageous features.

    Why Choose Indian Bank Fixed Deposit?

    By opting for Indian Bank Fixed Deposit, you can be assured that you will benefit from transparent rules and regulations and will not have any difficulty when you decide to withdraw the money that you have deposited. You will also benefit from the excellent quality of customer service offered by the bank and will not have any difficulty in getting answers to your queries and questions.

    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 and GBP.
    • The rates offered by the bank can be altered at any time. The discretion to alter offered interest rates lies solely with the bank.
    • You can select a tenure of your choice depending on the tenure options available, regardless of the quantum of amount you want to invest.

    Indian Bank Fixed Deposit Interest Rates

    Currency Offered 1 month 3 months 6 months 9 months 12 months 24 months 36 months
    SGD 0.20% 0.35% 0.45% 0.55% 0.65% 0.65% 0.65%
    AUD 1.55% 1.65% 1.75% 1.80% 1.80% - -
    EUR 0.05% 0.05% 0.05% 0.10% 0.10% - -
    GBP 0.20% 0.20% 0.30% 0.30% 0.45% - -
    USD 1.30% 1.40% 1.55% 1.70% 1.85% 2.10% 2.10%

    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 every 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. This is definitely a possibility.

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