People always advise you to save money for rainy days and be prepared for uncertain events in life. However, saving money is certainly not an easy task and often you might end up spending all the money that you earn without even realizing it. The solution is to look for effective ways through which you can save money and also improve your overall financial condition at the same time. You can take advantage of the fixed deposit schemes offered by reputed banks such as the Indian Overseas Bank so that you can not only save money but will also be able to earn interest on the deposit amount at an attractive rate.
Overview of Indian Overseas Bank
Based in Chennai, India, Indian Overseas Bank is one of the major public sector banks in India. The bank has more than 3700 branches in the country and has a wide network of over 3300 ATMs spread across the cities and towns in India. The bank started its operations in 1937 and was able to establish its overseas presence in the same year itself by establishing a branch in Yangon (formerly known as Rangoon). Over the years, Indian Overseas Bank expanded its operations to many countries across Asia. In 2000, the bank opened itself to private investors through an IPO and became a bank that is owned both by the public and private sectors.
The bank became the first bank from India to start banking operations in the island nation of Singapore and has been operational in the country since 1941. The Singapore branch of the bank is situated in the heart of the Lion City and is easily accessible to the customers. Indian Overseas Bank offers a range of products to customers in Singapore and these products also include fixed deposit schemes.
Why choose Indian Overseas Bank Fixed Deposit?
When you opt for Indian Overseas Bank Fixed Deposit scheme, you can be assured that you will earn a decent amount of interest on the deposit amount. You will also benefit from the various features offered by the bank with its fixed deposit products. Besides, you can choose from flexible terms and save as much money as you wish. The minimum initial deposit amount is very low as well.
Features and Benefits of Indian Overseas Bank Fixed Deposit
- You will need to deposit a low amount to open a fixed deposit account - You can open a fixed deposit account with an initial deposit as low as S$10,000.
- You can deposit in multiple currencies – Apart from Singapore Dollars, you can also deposit in other currencies and you will need to deposit a minimum amount of 10,000 in the currency that you choose.
- You can open an account jointly or individually – You can either open an account on your own or you can open it jointly with any of your immediate family member.
- Even societies and corporates can open an account – Apart from individuals, even societies and corporates can also open fixed deposit accounts with Indian Overseas Bank in Singapore.
- You will enjoy flexible terms – You can place the deposit amount for term of your choice and you will need to find out about the available terms when you place the deposit amount.
IOB Fixed Deposit Rate 2018
The per annum interest rates for Singapore Dollar fixed deposits and foreign currency fixed deposits offered by Indian Overseas Bank (IOB) in Singapore are:
|Tenure||GBP20,000 and Below||AUD35,000 and Below||USD20,000 and Below||SGD50,000 and Below|
Indian Overseas Bank Fixed Deposit Fees and Charges
- A penalty of 1 percent is levied on the deposit amount if the account is closed before the expiration of the term.
- For deposits made in US Dollars, a foreign exchange fee of 1 percent is applied on the deposit amount.
Note - In case of joint accounts, both the account holders will need to provide instructions for closing the account.
Indian Overseas Bank Fixed Deposit - Documents Required
The following documents are required to open a Fixed Deposit account with Indian Overseas Bank Singapore.
- Proof of identity – passport, employment pass, identity card etc.
- Proof of current address – mobile bill, telephone bill, bank account statements, registered agreement of lease etc.
The bank might also ask for other additional documents when you apply for opening a fixed deposit account. The approval of the application is at the sole discretion of Indian Overseas Bank.
Indian Overseas Bank FD - Frequently Asked Questions
- How much money will I need to deposit to open a fixed deposit account with Indian Overseas Bank?
- What are terms available with Indian Overseas Bank FD account?
- Are the fixed deposit amounts covered by any insurance scheme?
- How does the bank send notifications to the customers about their fixed deposit accounts?
- Can corporations open an Indian Overseas Bank fixed deposit account?
You will need to deposit an amount of minimum 10,000 (in the currency of deposit) to open a fixed deposit account with the bank.
The following terms are available with fixed deposit accounts offered by the bank:
1 month, 3 months, 6 months, 9 months and 12 months.
All deposits made in Singapore Dollars (up to SGD 50,000) are covered by Deposit Insurance offered by the Singapore Deposit Insurance Corporation.
The bank sends all notifications by post and the latest address provided by the customers is considered as the actual address for all communications. In case you change your address, you should notify the bank and get your address updated as soon as possible.
Yes, corporations in Singapore can also open an Indian Overseas Bank fixed deposit account. For opening corporate accounts, the formalities have to be completed as per the guidelines offered for the opening of current accounts offered by the bank.