• POSB Bank Fixed Deposit

    Fixed deposits have been one of the most trusted investment options for decades. Simple and hassle-free, they are one of the safest investment to let your money grow over a period of time. Upon maturity of the deposited amount, you may either withdraw it or re-invest the amount for another fixed term.

    Posb Fixed Deposit Rates

    POSB Bank currently offers two options in fixed deposits. The first is Fixed Deposit – Singapore Dollar where you can invest a fixed amount in Singapore Dollars which will gather interest at fixed rate over a period of time. The other fixed deposit is the Fixed Deposit – Foreign Currency which allows customers to earn not only interest but also foreign exchange benefits on their fixed deposits.

    About POSB Bank Singapore

    Founded in the year 1877, the Post Office Savings Bank, also known as POSB Bank or POSB, was originally one of the major public banks in Singapore which primarily offered low-cost banking services. Acquired by DBS Bank in the year 1998, POSB Bank currently operates as a consumer banking services arm of DBS Bank, Singapore. With a focus on providing quality banking services and reaching out to the maximum number of people, POSB currently boasts of the highest number of branches in suburban neighbourhoods and ATM outlets located throughout Singapore. Their range of products and services include deposit accounts, loans, mortgages and cards.

    Why Choose POSB Fixed Deposit?

    POSB Bank gives you multiple reasons to invest in its fixed deposit schemes. Given below are a few of them.

    • Choose from two unique fixed deposit schemes – Singapore Dollar and Foreign currency.
    • With the Fixed deposit – Singapore Dollar, you may choose from a wide range of currencies which you can invest in and enjoy higher returns.
    • Interest rates provided by both these fixed deposit schemes are some of the
    • Both these fixed deposit schemes provide you with the perfect opportunity to maximize your savings.

    Features & Benefits of POSB Fixed Deposit

    Fixed Deposit – Singapore Dollar

    • Keep your funds secure and multiply your savings with attractive interest rates.
    • This fixed deposit can also be put as a collateral for obtaining credit facilities (subject to the terms and conditions of credit approval).
    • You may open a Singapore Dollar Fixed Deposit account with an amount as low as S$1,000.
    • Interest rates for this fixed deposit vary based on the investment period and the amount invested.

    Fixed Deposit – Foreign Currency

    • The Foreign Currency Fixed Deposit offers a list of foreign currencies which you can invest in.
    • Earn higher interest and returns on your Foreign Currency Fixed Deposit as compared to investing in Singapore Dollars.
    • Depending on the currency type and principal amount, you can choose from a tenor starting from 1 week up to 1 year.
    • Interest rates on this fixed deposit too depend on the currency type, amount invested and tenor of the fixed deposit.
    • At the time of placement, you can choose from a list of options about what you would like to do with the invested amount once the tenure is over.

    POSB Fixed Deposit – Eligibility

    Fixed Deposit – Singapore Dollar

    • Applicants as young as 12 years old can open a Singapore Dollar Fixed Deposit account.
    • Applicants who are below 12 years of age may open a trust minor account with a parent or legal guardian who must be at least 21 years of age.

    Fixed Deposit – Foreign Currency

    • Applicants must be at least 18 years of age at the time of opening this account.
    • Applicants who are below 12 years of age and wish to open a Foreign Currency Fixed Deposit account may open a trust minor account with a parent or legal guardian who is at least 21 years of age.

    Minimum Initial Deposit

    The minimum initial deposit required under the Fixed Deposit – Foreign Currency varies from currency to currency. The variation in this amount is dependent on the tenure of the deposit.

    POSB Fixed Deposit Interest Rate 2017 (Singapore Dollar)

    POSB time deposit interest rates for Singapore Dollar accounts are given in the table below:

    Tenure

    S$1,000 to S$9,999

    $10,000-

    $19,999

    $20,000-

    $49,999

    S$50,000-

    $99,999

    $100,000-

    $249,999

    $250,000-

    $499,999

    $500,000-

    $999,999

    Interest rate p.a.

    1 month

    0.05%

    0.05%

    0.05%

    0.05%

    0.05%

    0.05%

    0.05%

    2 months

    0.05%

    0.05%

    0.05%

    0.05%

    0.05%

    0.05%

    0.05%

    3 months

    0.15%

    0.15%

    0.15%

    0.15%

    0.15%

    0.15%

    0.15%

    4 months

    0.15%

    0.15%

    0.15%

    0.15%

    0.15%

    0.15%

    0.15%

    5 months

    0.15%

    0.15%

    0.15%

    0.15%

    0.15%

    0.15%

    0.15%

    6 months

    0.20%

    0.20%

    0.20%

    0.20%

    0.20%

    0.20%

    0.20%

    7 months

    0.20%

    0.20%

    0.20%

    0.20%

    0.20%

    0.20%

    0.20%

    8 months

    0.20%

    0.20%

    0.20%

    0.20%

    0.20%

    0.20%

    0.20%

    9 months

    0.25%

    0.25%

    0.25%

    0.25%

    0.25%

    0.25%

    0.25%

    10 months

    0.25%

    0.25%

    0.25%

    0.25%

    0.25%

    0.25%

    0.25%

    11 months

    0.25%

    0.25%

    0.25%

    0.25%

    0.25%

    0.25%

    0.25%

    12 months

    0.35%

    0.35%

    0.35%

    0.35%

    0.35%

    0.35%

    0.35%

    18 months

    0.6%

    0.6%

    0.6%

    0.6%

    0.6%

    0.6%

    0.6%

    24 months

    1%

    1%

    1%

    1%

    1%

    1%

    1%

    36 months

    1.1%

    1.1%

    1.1%

    1.1%

    1.1%

    1.1%

    1.1%

    48 months

    1.15%

    1.15%

    1.15%

    1.15%

    1.15%

    1.15%

    1.15%

    60 months

    1.2%

    1.2%

    1.2%

    1.2%

    1.2%

    1.2%

    1.2%

    POSB Fixed Deposit Interest Rate 2017 (foreign currencies)

    POSB offers time deposits in a range of foreign currencies. The best fixed deposit interest rates for foreign currency fixed deposits are listed below.

    POSB Fixed Deposit Interest Rate 2017 (USD)

    Tenure

    USD10,000

    USD25,000

    USD50,000

    USD100,000

    USD250,000

    USD500,000 or more

    Interest rate p.a.

    1 day

    0.00%

    0.00%

    0.00%

    1.04%

    1.04%

    1.04%

    1 week

    0.00%

    0.00%

    0.00%

    1.06%

    1.06%

    1.06%

    1 month

    1.05%

    1.05%

    1.05%

    1.11%

    1.11%

    1.14%

    2 months

    1.07%

    1.07%

    1.07%

    1.15%

    1.15%

    1.19%

    3 months

    1.13%

    1.13%

    1.13%

    1.20%

    1.25%

    1.26%

    6 months

    1.13%

    1.13%

    1.13%

    1.25%

    1.28%

    1.30%

    12 months

    1.02%

    1.02%

    1.02%

    1.175%

    1.335%

    1.36%

    POSB Fixed Deposit Interest Rate 2017 (GBP)

    Tenure

    GBP25,000

    GBP50,000

    GBP100,000

    GBP250,000

    GBP500,000

    Interest rate p.a.

    1 day

    0.00%

    0.00%

    0.00%

    0.00%

    0.00%

    1 week

    0.00%

    0.00%

    0.00%

    0.00%

    0.00%

    1 month

    0.00%

    0.00%

    0.00%

    0.00%

    0.00%

    2 months

    0.00%

    0.00%

    0.00%

    0.00%

    0.00%

    3 months

    0.00%

    0.00%

    0.00%

    0.00%

    0.00%

    6 months

    0.00%

    0.00%

    0.00%

    0.00%

    0.00%

    12 months

    0.00%

    0.00%

    0.00%

    0.00%

    0.055%

    POSB Fixed Deposit Interest Rate 2017 (AUD)

    Tenure

    AUD25,000

    AUD50,000

    AUD100,000

    AUD250,000

    AUD500,000

    Interest rate p.a.

    1 day

    0.00%

    0.00%

    0.00%

    0.00%

    0.00%

    1 week

    0.00%

    0.00%

    0.00%

    0.46%

    0.67%

    1 month

    0.855%

    0.875%

    0.965%

    1.235%

    1.325%

    2 months

    0.925%

    0.945%

    1.035%

    1.305%

    1.395%

    3 months

    0.975%

    0.995%

    1.075%

    1.355%

    1.445%

    6 months

    0.975%

    0.995%

    1.075%

    1.355%

    1.445%

    12 months

    1.025%

    1.045%

    1.125%

    1.405%

    1.495%

    POSB Fixed Deposit Interest Rate 2017 (HKD)

    Tenure

    < HKD500,000

    <= HKD2.5 million

    <= HKD5 million

    Interest rate p.a.

    1 day

    0%

    0%

    0%

    1 week

    0%

    0%

    0%

    1 month

    0%

    0%

    0%

    2 months

    0%

    0%

    0%

    3 months

    0%

    0%

    0%

    6 months

    0%

    0%

    0%

    12 months

    0.02%

    0.02%

    0.02%

    POSB Fixed Deposit Interest Rate 2017 (EUR)

    Euro deposits don’t earn any interest rate currently.

    POSB Fixed Deposit Interest Rate 2017 (CNH)

    Tenure

    < CNH250,000

    < CNH1 million

    < CNH2.5 million

    < CNH5 million

    Interest rate p.a.

    1 day

    0%

    0%

    0%

    0%

    1 week

    0%

    0.815%

    0.865%

    0.915%

    1 month

    0.915%

    0.915%

    0.965%

    1.065%

    2 months

    1.015%

    1.015%

    1.065%

    1.165%

    3 months

    1.225%

    1.225%

    1.275%

    1.375%

    6 months

    1.265%

    1.265%

    1.315%

    1.415%

    12 months

    1.305%

    1.305%

    1.355%

    1.42%

    POSB Fixed Deposit Schemes

    POSB has the following time deposits plans in its portfolio for Singaporeans:

    • Fixed Deposit Singapore Dollar: The POSB Singapore Dollar Fixed Deposit offer depositors convenience and affordability. The fixed deposits can be opened for a minimum amount of S$1,000 and offers a range of tenures starting from one month going all the way up to 5 years. The fixed deposits opened can be used as collateral to secure loan amounts from POSB as well. The availability of the credit facilities is also subject to the credit rating of the borrower. The minimum age to open a fixed deposit is 12 years. Depositors below this age must have their accounts opened alongside a guardian or parent whose should be at least 21 years old.
    • Fixed Deposit Foreign Currency: The Foreign Currency Fixed Deposit allows depositors to choose from over 9 different foreign currencies and stand a chance to earn higher rates of interest. The different currencies available under this deposit account are USD, GBP, AUD, CAD, NZD, CHF, CNY, JPY, EUR, and HKD. Tenures are flexible and range from one month to a year and the minimum deposit amount is the equivalent of S$5,000. RMB deposits need an equivalent of S$50,000. Once the amount has been converted, depositors can make the placement into one tenure or make multiple deposits with different tenures. The minimum deposit amount, however, stays the same at S$5,000.

     

    Other Products Offered by POSB Singapore

    POSB Bank offers a complete suite of financial and banking services which include –

    Deposit accounts - savings, current and fixed deposits

    Loans & Mortgages - POSB Home Loans & POSB Personals Loans

    POSB POSB Credit Cards and Debit Cards.

    POSB Fixed Deposit FAQs

    1. Can a customer close their Singapore Dollar Fixed Deposit or withdraw the amount before its maturity date?
    2. Yes. Customers can withdraw or close or withdraw the amount in their Singapore Dollar Fixed Deposit account before it reaches maturity. However, in this case, they will receive no or lesser interest on their amount than what was originally decided upon.

    3. Can a customer convert their Singapore Dollar Fixed Deposit account into a joint account? If, yes, are there any charges for that?
    4. Yes, you can convert your S$ Fixed Deposit account to a joint account. Here will be n charges for the conversion.

    5. What happens if a customer has zero balance in their Singapore Dollar Fixed Deposit account?
    6. If a customer has zero balance in their Singapore Dollar Fixed Deposit account for 12 months, the account will automatically be closed.

    7. What are the different tenures available under the Fixed Deposit – Foreign Currency?
    8. The tenure under the Fixed Deposit – Foreign currency depends on factors like the currency type and the principal amount of investment. Deposit period could be 1 day, 1 week, 1 month,2 months, 3 months, 6 months or 12 months.

    9. Under the Fixed Deposit – Foreign Currency scheme, is there an option to pre-set the maturity instruction at the time of making the placement?
    10. Yes, customers do have the option to pre-select their maturity instruction at the time of making the placement. The may choose from the following 3 options:

      • You may renew the principal and the amount of interest upon maturity; OR
      • You may completely withdraw the principal and amount of interest; OR
      • You may renew the principal amount but withdraw the amount of interest your investment has earned.
    11. Does the depositor have an option to set maturity instructions when placing the deposit?
    12. Yes. The depositor can set instructions for maturity. These instructions can be renewing the principal and interest amount, renewing only the principal amount while withdrawing the interest amount, or withdraw both, principal and interest.

    13. Will the exchange rates be mentioned at the time of placing the deposit?
    14. Yes. Depositors will be told the current interest rates for the specific deposit amount and tenures chosen at the time of placing the deposit.

    News About POSB Bank Fixed Deposit

    • POSB Launches a New Savings Programme for NSFs

      On June 20, POSB launched a Savings Programme for full-time NSFs (National Servicemen) to help them develop a saving habit. The programme called as the ‘Save-As-You-Serve Programme’ has been developed in partnership with SAFRA and TeamNS. By launching this programme, POSB has become the first bank on the island to specifically offer NSmen and NSFs a rewards programme.

      This programme will offer 2% interest rate p.a. on monthly contribution towards this savings account for the complete duration of National Service period (full-time) for up to 24 months. Presently, regular savings accounts only yield an interest of 0.05%.

      Between S$50 and S$3,000 will be deducted from a separate DBS or POSB account where national service allowance will be credited. The programme was launched by the President of Home TeamNS and Senior Minister of State, Desmond Lee.

      20th June 2016

    • Great News for applicants of Singapore Savings Bonds

      The Monetary Authority of Singapore (MAS) has recently announced that the applicants of the Singapore Savings Bond (SSB), who are taking the same for a period of ten years will earn an average interest of 2.63% per year. The average annual return will vary for people who redeem their SSBs before 10 years. Their average rate will range from 0.96% at the end of first year to 2.53% at the end of the ninth year. People who will take the bonds for a period of five years will get an average of 2.01% p.a.

      Applications for the bonds will be open till 25 September, 2015 and the results will be announced by the MAS on 28th September. The first SSBs will be issued on the 1st of October, 2015 and MAS has said that SSBs worth S$1.2 billion will be issued in October. Every month a new savings bond will be issued and this will continue for the next five years.

      To apply for the bonds, a person needs to have a CDP (Central Depository Securities) account with an active Direct Crediting Service. People can apply through the ATMs (Automated Teller Machines) of OCBC, DBS, POSB or UOB and the customers of DBS and POSB will be able to apply for the bonds online.

      The application for SSB has to be in multiples of S$500. It is the minimum amount of investment required to apply per issue and the maximum amount is S$50,000. An individual can hold SSBs worth S$100,000 in total.

      According to Aw Choon Hui, Deputy CEO of GYC Financial Advisory, every person in Singapore should apply for SSBs. He advises people to buy these SSBs when there is an increase in its interest rate and to buy it in parts.

      01st September 2015

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