A fixed or time deposit is one of the most popular financial products offered by most banks as it not only keeps your hard-earned money safe, but also helps you earn some extra income through attractive interest rates. As there are many Australians living in Singapore, banks have started offering foreign currency fixed deposit accounts that include Australian Dollar or AUD with exciting interest rates. OCBC Bank is one among them.
Some of the features of OCBC AUD fixed deposit include a minimum initial amount of AUD5,000, a convenient way to track your spending through OCBC Money Insights, full refund claim for any monetary loss through online banking fraud and more. A Singapore citizen has to be 18 years or older to be eligible for AUD time deposit account with OCBC and he/she has to furnish NRIC when applying for the fixed deposit account. For foreign nationals, a passport and work permit or student pass is needed when applying. You can either apply online, or go to the nearest branch of OCBC with all the necessary documents.
OCBC Foreign Currency Time Deposit
OCBC bank is offering one of the highest returns on your Foreign Currency Time Deposit accounts. Although this deposit is available in 9 major currencies, AUD is one of the most popular choice of foreign currencies. Not only are the rates for this deposit highly competitive for the Australian Dollar, additionally, the bank is also offering promotional interest rate structures for this currency for various placement amounts and tenures. The initial deposit amount required to open a Foreign Currency Time Deposit account is 5000 units in the Australian Dollar (AUD) currency. This Time Deposit is applicable to Singapore Citizens, Singapore Permanent Residents and foreigners who are at least 18 years of age.
OCBC Australian Dollar fixed deposit interest rates
OCBC Bank offers AUD fixed deposit at a rate of 0.34% p.a. for a tenure of one month to 0.44% p.a. for twelve months with an amount of up to AUD49,999.