• 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 Bank Fixed Deposit Interest Rates

    The rate of interest for Fixed Deposit – Singapore Dollar and Foreign currency varies depending on the following factors:

    1. Tenure of the deposit
    2. Amount of Deposit
    3. Currency of Deposit (Only for Fixed Deposit – Foreign Currency)

    Rate of Interest

    The interest rates given below are effective from 25th February, 2017.

    Singapore Dollar Fixed Deposit Rate of Interest
    Time Period SGD 1,000- SGD 9,999 SGD 10,000- SGD 19,999 SGD 20,000- SGD 49,999 SGD 50,000- SGD 99,999 SGD 100,000- SGD 249,999 SGD 250,000- SGD 499,999 SGD 500,000- SGD 999,999
    One month 0.05 percent per annum 0.05 percent per annum 0.05 percent per annum 0.05 percent per annum 0.05 percent per annum 0.05 percent per annum 0.05 percent per annum
    Two months 0.05 percent per annum 0.05 percent per annum 0.05 percent per annum 0.05 percent per annum 0.05 percent per annum 0.05 percent per annum 0.05 percent per annum
    Three months 0.1500 percent per annum 0.1500 percent per annum 0.1500 percent per annum 0.1500 percent per annum 0.1500 percent per annum 0.1500 percent per annum 0.1500 percent per annum
    Four months 0.1500 percent per annum 0.1500 percent per annum 0.1500 percent per annum 0.1500 percent per annum 0.1500 percent per annum 0.1500 percent per annum 0.1500 percent per annum
    Five months 0.1500 percent per annum 0.1500 percent per annum 0.1500 percent per annum 0.1500 percent per annum 0.1500 percent per annum 0.1500 percent per annum 0.1500 percent per annum
    Six months 0.2000 percent per annum 0.2000 percent per annum 0.2000 percent per annum 0.2000 percent per annum 0.2000 percent per annum 0.2000 percent per annum 0.2000 percent per annum
    Seven months 0.2000 percent per annum 0.2000 percent per annum 0.2000 percent per annum 0.2000 percent per annum 0.2000 percent per annum 0.2000 percent per annum 0.2000 percent per annum
    Eight months 0.2000 percent per annum 0.2000 percent per annum 0.2000 percent per annum 0.2000 percent per annum 0.2000 percent per annum 0.2000 percent per annum 0.2000 percent per annum
    Nine months 0.2500 percent per annum 0.2500 percent per annum 0.2500 percent per annum 0.2500 percent per annum 0.2500 percent per annum 0.2500 percent per annum 0.2500 percent per annum
    Ten months 0.2500 percent per annum 0.2500 percent per annum 0.2500 percent per annum 0.2500 percent per annum 0.2500 percent per annum 0.2500 percent per annum 0.2500 percent per annum
    Eleven months 0.2500 percent per annum 0.2500 percent per annum 0.2500 percent per annum 0.2500 percent per annum 0.2500 percent per annum 0.2500 percent per annum 0.2500 percent per annum
    Twelve months 0.3500 percent per annum 0.3500 percent per annum 0.3500 percent per annum 0.3500 percent per annum 0.3500 percent per annum 0.3500 percent per annum 0.3500 percent per annum
    Eighteen months 0.6000 percent per annum 0.6000 percent per annum 0.6000 percent per annum 0.6000 percent per annum 0.6000 percent per annum 0.6000 percent per annum 0.6000 percent per annum
    Twenty- Four months 1.0000 percent per annum 1.0000 percent per annum 1.0000 percent per annum 1.0000 percent per annum 1.0000 percent per annum 1.0000 percent per annum 1.0000 percent per annum
    Thirty- Six months 1.1000 percent per annum 1.1000 percent per annum 1.1000 percent per annum 1.1000 percent per annum 1.1000 percent per annum 1.1000 percent per annum 1.1000 percent per annum
    Fourty- Eight months 1.1500 percent per annum 1.1500 percent per annum 1.1500 percent per annum 1.1500 percent per annum 1.1500 percent per annum 1.1500 percent per annum 1.1500 percent per annum
    Sixty months 1.2000 percent per annum 1.2000 percent per annum 1.2000 percent per annum 1.2000 percent per annum 1.2000 percent per annum 1.2000 percent per annum 1.2000 percent per annum

    Foreign Currency Fixed Deposit Rate of Interest

    POSB Bank not only offers its customers with the opportunity to make deposits in Singapore Dollars but also allows them to make deposits in foreign currencies. When you opt for POSB time deposit, you can choose from multiple currencies which include USD, GBP, CAD, NZD and so on. Regardless of the currency that you opt for, you will enjoy high interest rates and will be able to get maximum value for your money.

    Click here to read about POSB Foreign Currency Fixed Deposit Interest Rates.

     

    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.

    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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