With OCBC Bank fixed deposits, you can place monies in fixed deposit instruments that can yield interest as high as 2.5% per year. You may choose to invest with Singapore Dollar (SGD) or with other currencies. The 10 major foreign currencies available to open time deposits with are: US Dollar (USD), Hong Kong Dollar (HKD), Australian Dollar (AUD), Canadian Dollar (CAD), Sterling Pound (GBP), New Zealand Dollar (NZD), Euro (EUR), Chinese Yuan Offshore (CNH), Swiss Franc (CHF), and Japanese Yen (JPY).
You can place as little as S$5,000 in a fixed deposit account to benefit from attractive interest rates with OCBC. Alternatively, you can invest S$1 million and above under special schemes with the bank to maximise your returns. Under an ongoing promotion, you can earn up to 1.75% p.a. if you place a minimum of S$20,000 in a Singapore Dollar Time Deposit account and up to 2.5% p.a. if you place at least US$5,000 in a Foreign Currency Time Deposit.
Additionally, the fact that OCBC fixed deposits are backed by mobile apps and online tools mean that you can manage your fixed deposit account at the touch of a button. OCBC allows you to place your money securely, while also earning interest, for tenures of up to 48 months and at interest rates of up to 2.5% p.a.
Features and Benefits of OCBC Fixed Deposit
Ample Investment Bandwidth: Starting at just S$5,000, you can invest up to S$999,999 in fixed deposit schemes from the bank. This kind of range gives you the freedom to choose how much you would like to invest. OCBC goes an extra mile by accepting investments of more than S$1 Million at branches.
Interest Rates on par With Market Standards: By investing S$20,000 and above for a period of one year, you can be eligible for interest rate of 2.30% p.a. Also earn attractive interest for various slabs of placement period and amounts.
Vast Placement Period: You can also choose a placement period starting at one month which can stretch up to 48 months. This arrangement gives you sufficient room in choosing a placement period that suits your need.
Multi-Currency Options: OCBC also lets you to invest in foreign currencies which includes USD. With a minimum of 5,000 units in respective currency, you can invest monies up to S$999,999 equivalent. Foreign currency time deposits will fetch more interest compared to Singapore Dollar. Placement periods are available in 3 and 12 month slabs for all foreign currency investments. Interest rates are subjected to periodic revision.
Track and Manage Accounts Online: With a variety of online & mobile banking options from OCBC, track and manage your investments in a secure environment. Also, the bank has over 19 branches across the country that are open on Sundays. If your weekdays are hectic, walk into the nearest branch for account servicing.
OCBC Fixed Deposit - Eligibility
Singaporeans, Singapore PRs and Foreigners above the age of 18 are eligible to apply.
Minimum Initial Deposit: The minimum placement amount is S$5,000. For amount over S$1 million, contact the nearest branch for opening an account.
Fees & Charges: A premature withdrawal fee is applicable for early termination of the time deposit account.
OCBC Singapore Dollar Fixed Deposit Interest Rate
OCBC Fixed Deposits provide you with competitive rates of interest. If you want to invest more than S$1 million, then you can visit any OCBC branch or call them on customer care helpline to learn more about the interest rates that they offer at various tenures.
|Tenure (months)||Rates (% p.a.) S$5,000–S$20,000||Rates (% p.a.) S$20,000–S$50,000||Rates (% p.a.) S$50,000–S$99,999||Rates (% p.a.) S$100,000–S$249,999||Rates (% p.a.) S$250,000–S$499,999||Rates (% p.a.) S$500,000–S$999,999|
|1 - 2||0.05||0.05||0.05||0.05||0.05||0.05|
|3 - 5||0.1||0.1||0.1||0.1||0.1||0.1|
|7 - 8||0.15||0.15||0.15||0.15||0.15||0.15|
|9 - 11||0.2||0.2||0.2||0.2||0.2||0.2|
|12 - 14||0.25||0.25||0.25||0.25||0.25||0.25|
Note: SGD Fixed Deposit Interest Rates are as of 10 December 2018
OCBC Foreign Currency Fixed Deposit Interest Rate Singapore
|Currency||Rates (% p.a.) 1 month||Rates (% p.a.) 3 months||Rates (% p.a.) 6 months||Rates (% p.a.) 9 months||Rates (% p.a.) 12 months|
|GBP (>500,000 Units)||0.08||0.37||0.54||0.58||0.67|
|CHF (>500,000 Units)||-||-||-||-||-|
|EUR (>500,000 Units)||-||-||-||-||-|
|JPY (>80 million Units)||-||-||-||-||-|
|AUD (>500,000 Units)||1.21||1.47||1.58||1.61||1.74|
|USD (>500,000 Units)||2.02||2.24||2.3||2.35||2.43|
|NZD (>500,000 Units)||1.15||1.37||1.48||1.54||1.67|
|CAD (>500,000 Units)||0.97||1.34||1.51||1.59||1.69|
|HKD (>5 million Units)||1.35||1.27||1.36||1.46||1.57|
|CNH (>2.5 million Units)||-||0.36||0.79||0.87||0.95|
Note: Foreign Currency Fixed Deposit Interest Rates are as of 10 December 2018
OCBC Singapore Dollar Time Deposit Scheme
- You can choose a tenure of your choice – FD periods range from 1 month to 48 months.
- You can make premature withdrawals from your FD account. However, you will earn no interest in some cases and lesser interest in all other cases.
- The minimum amount that needs to be deposited is S$5,000.
- You need to be at least 18 years of age to open an FD account with OCBC.
Foreign Currency Fixed Deposit Scheme
- You can choose from several currencies offered by OCBC.
- The rates are subject to change at the discretion of the bank.
- All Singaporean citizens, Permanent Residents and Foreigners can invest in the Foreign Currency Deposit Account. The minimum age to qualify is 18 years.
OCBC 360 Deposit Account
OCBC provides the option of investing in its 360 Deposit Account, where you can earn bonus interest in multiple ways. The base interest rate offered on this account is 0.05% p.a. Additional 1% p.a. Interest on your initial S$70,000 if your account balance is at least S$200,000. You will also earn interest in these ways:
- You can credit salary of at least S$2,000 via GIRO to earn 1.2% interest p.a.
- When you make payments of at least three bills online or using GIRO, you can earn interest of 0.3% p.a. The total amount must at least stand at S$150.
- Spending a minimum of S$500 with OCBC credit cards qualifies you for another 0.3% p.a.
- You can invest or insure with OCBC, and this will earn you up to 1.2% p.a., depending on the amount.
You can apply online for the OCBC 360 Deposit Account, or you can use the Online Banking feature. You could also visit a branch and apply for it.
OCBC Frank Deposit Account
Wouldn’t you want your savings to work as hard as you did? OCBC’s got the solution to this in the form of the FRANK Deposit account. This is a savings account that offers high rates of interest. Besides, if you’re below the age of 26, you need not worry about placing any minimum deposit, maintaining a minimum balance, or paying monthly fees. The OCBC FRANK Deposit account is a good option for you if you’re still a student, without any income of your own.
Let’s glance through some of the key features of the FRANK Deposit account:
- You need to be at least 16 years of age to apply.
- You can earn an interest of up to 0.4% p.a.
- The account comes with the FRANK Debit Card and you can choose from 120 card designs for your card.
- You can access your account anytime and anywhere.
You can apply for the FRANK Deposit Account by mail or by visiting your nearest FRANK Store.
OCBC Deposit Insurance Scheme
Singapore Deposit Insurance Corporation insures Singapore Dollar (SGD) deposits of non-bank depositors and SRS (Supplementary Retirement Scheme) deposits in SGD. The sum insured under this scheme is for a maximum amount of S$50,000 per depositor and scheme member according to the law. The Corporation does not insure deposits in foreign currencies, structured deposits, dual currency investments and other investment products.
Other Products offered by OCBC Singapore
- Accounts: Deposit accounts, Children's account and foreign currency accounts.
- Retail Loans: OCBC Personal Loan, OCBC Home Loan , OCBC Car Loan , Study loan , Renovation loan , overseas property and Construction loan.
- OCBC Credit Cards and Debit Cards
- Retirement Planning
- Insurance & Investment products
OCBC Fixed Deposit FAQs
- I would like to open a Time Deposit account to mobilise savings. What are my options to open an account since I am busy on weekdays and would not be able to visit a branch?
- Which tenure option provides me the best interest rate for a Fixed Deposit?
- Is there is a way I can track and manage my FD with OCBC?
- Can I take a loan on the amount in my Foreign Currency Fixed Deposit Account?
- Will I have to pay tax on interest earned in my Foreign Currency FD Account?
- Is the Deposit Insurance Scheme applicable to Foreign Currency FD accounts?
- Does the bank offer the Deposit Insurance Scheme?
- Can I make deposits of shorter durations than 1 month?
19 full services OCBC branches are open on all Sundays between 11:00 a.m. to 7:00 p.m. You can visit the nearest branch to open a Time Deposit account. Besides, existing FD customers can also open and service their accounts online.
The 12 month tenor option fetches the highest interest charges at 2.30% p.a.
You can manage your account by means of Online Banking and also by downloading the banking app available for Android and iOS based smartphone devices.
You can take a loan against the amount in your FD account, if you you are residing in Singapore. You will need to contact the bank for the same.
Yes, you will have to pay withholding tax or income tax if you are a non-Singaporean. This is also true for interest earned on all Foreign Currency FD accounts.
No, the scheme isn’t applicable to Foreign Currency FD accounts. It is only applicable to SGD FD accounts up to S$50,000.
No, it is offered by the Singapore Deposit Insurance Corporation, and is regulated by the central bank Monetary Authority of Singapore (MAS).
You’ll have to contact the bank for shorter tenures of term deposits.