It is always a good idea to save money for the future. It will help you not to spend it impulsively and will earn you some money as interest in the long run. Most banks in Singapore provide fixed deposits, also known as time deposits or term deposits, to their customers. This facility is called so because customers keep the money with the bank for a fixed period and earn a fixed rate of interest.
Maybank offers its customers the facility called the Maybank Singapore Dollar Time Deposit. Let us look at this scheme in detail.
Features and Benefits
- You will earn higher interest rate than a regular or even a special savings account.
- You can choose flexible tenures ranging from 3 months to 3 years.
- You could use your time deposit account for overdraft facilities in case of urgent financial requirement.
- It provides 24/7 service to its customers through mobile and Maybank online banking.
Maybank SGD Time Deposit Interest Rate
Here are the interest rates on this term deposit for various amounts and tenors:
|1 month (% p.a.)||2 months (% p.a.)||3 months (% p.a.)||6 months (% p.a.)||9 months (% p.a.)||1 year (% p.a.)||18 months (% p.a.)||2 years (% p.a.)||3 years (% p.a.)|
|S$1,000 – S$50,000||0.2||0.3||0.35||0.4||0.55||0.7||0.9||1||1.4|
|S$50,001 – S$99,999||0.2||0.3||0.35||0.4||0.55||0.7||0.9||1||1.4|
|S$100,000 – S$249,999||0.2||0.3||0.35||0.45||0.6||0.7||0.9||1||1.4|
|S$250,000 – S$999,999||0.2||0.3||0.35||0.5||0.6||0.75||0.95||1.1||1.4|
For premature withdrawals before 3 months of the tenure is over, no interest will be paid. If you withdraw after 3 months, the interest is calculated on a pro-rata basis for the number of days the amount was held in the bank. There may or may not be an early withdrawal charge.
- You should be at least 16 years to be eligible to apply for this Time Deposit.
- To begin a time deposit account, you need to put in at least S$1,000 for a tenor beginning from 2 months going up to 3 years.
- Alternatively, you need S$10,000 to be locked in for a minimum of 1 month.
- If you intend to start a time deposit with a corporate account, the minimum amount acceptable is S$1 million locked in for at least 1 week.
Q. Can I add more money to the term deposit account?
A. Yes, you can add money to the term deposit account, but only on the day it is set to mature. It will, however, not affect the other terms of the account.
Q. Can I present a cheque in somebody else's name for depositing in the term deposit account?
A. Maybank will not accept cheques or drafts in another person's name.
Q. Can I withdraw some amount from the term deposit before maturity?
A. Yes, you can withdraw partially and in case there is a change in the tier of the interest rate, it will provide a fresh contracted rate of interest.
Q. Can I open a fixed deposit even if I am not a Maybank customer?
A. If you are not a Maybank customer, you still can open a fixed deposit account. This account will be insured by the Singapore Deposit Insurance Corporation up to an amount of S$50,000 per depositor.