POSB fixed deposit accounts offer account holders an opportunity to park their extra earnings and maximise their savings through attractive interest rates of up to 2.45% p.a. Fixed Deposits have been one of the most trusted investment options for decades. Simple and hassle-free, they are one of the safest investments to make in order to grow your money without needing to manage it extensively.
You have a choice of opening fixed deposit accounts in 11 major currencies. These are easily accessible, given the schemes require a minimum initial deposit amount as low as S$1,000. You can choose tenures that range from 1 day to 5 years.
POSB currently offers two types of term deposits. The first is the Fixed Deposit - Singapore Dollar where you can invest a set amount in SGD that will accumulate interest over time. The other type of fixed deposit available is the Fixed Deposit-Foreign Currency which allows you to not only earn interest at competitive rates, but also provides you with preferential foreign exchange rates.
The foreign currency time deposits are offered in 10 major currencies: US Dollar (USD), Australian Dollar (AUD), Hong Kong Dollar (HKD), New Zealand Dollar (NZD), Canadian Dollar (CAD), Chinese Yuan Offshore (CNH), Sterling Pound (GBP), Euro (EUR), Swiss Franc (CHF), and Japanese Yen (JPY).
Features & Benefits of POSB Fixed Deposit
Singapore Dollar Fixed Deposit
- 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.
Foreign Currency Fixed Deposit
- 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 Singapore Dollar Fixed Deposit Interest Rate 2019
Longer the tenure, higher the rate of interest. The shortest tenure allowed for Singapore dollar fixed deposit scheme is one month and the interest rate is fixed at 0.05% p.a. irrespective of the initial amount. The interest rate goes up to 0.35% p.a. for a period of one year and 1.2% p.a. for five years.
POSB time deposit interest rates for Singapore Dollar accounts are given in the table below:
|Tenure (months)||Rates (p.a.) S$1,000 - S$9,999||Rates (p.a.) S$10,000 - S$19,999||Rates (p.a.) S$20,000 - S$49,999||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|
Note: SGD Term Deposit Interest Rates are as of 4 December 2018.
POSB Foreign Currencies Fixed Deposit Interest Rates 2019
POSB offers time deposits in a range of foreign currencies. The best fixed deposit interest rates for foreign currency fixed deposits are listed below.
|Currency||Rates (% p.a.) 1 month||Rates (% p.a.) 2 months||Rates (% p.a.) 3 months||Rates (% p.a.) 6 months||Rates (% p.a.) 12 months|
|USD (?500,000 Units)||1.97||2.13||2.34||2.52||2.455|
|GBP (?500,000 Units)||-||0.255||0.665||0.705||0.645|
|AUD (?500,000 Units)||0.415||0.565||0.755||1.105||1.485|
|NZD (?500,000 Units)||0.715||0.945||1.165||1.255||1.285|
|CAD (?500,000 Units)||1.215||1.235||1.505||1.755||2.09|
|HKD (?5 million Units)||0.555||0.815||1.075||1.415||1.52|
|CNH (<5 million Units)||1.065||1.015||1.225||1.415||1.42|
|EUR (?500,000 Units)||-||-||-||-||-|
|JPY (?100 Million Units)||-||-||-||-||-|
|CHF (?750,000 Units)||-||-||-||-||-|
Note: Foreign Currency Fixed Deposit Interest Rates are as of 4 December 2018.
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$5,000.
Other Products Offered by POSB Singapore
POSB Bank offers a complete suite of financial and banking services which include –
Deposit accounts - savings, current and fixed deposits
POSB POSB Credit Cards and Debit Cards.
POSB Fixed Deposit FAQs
- Can a customer close their Singapore Dollar Fixed Deposit or withdraw the amount before its maturity date?
- Can a customer convert their Singapore Dollar Fixed Deposit account into a joint account? If, yes, are there any charges for that?
- What happens if a customer has zero balance in their Singapore Dollar Fixed Deposit account?
- What are the different tenures available under the Fixed Deposit – Foreign Currency?
- Under the Fixed Deposit – Foreign Currency scheme, is there an option to pre-set the maturity instruction at the time of making the placement?
Yes. Customers can withdraw or close or withdraw the amount in their Singapore Dollar Fixed Deposit account before it reaches maturity. However, in this case, they will receive no or lesser interest on their amount than what was originally decided upon.
Yes, you can convert your S$ Fixed Deposit account to a joint account. Here will be n charges for the conversion.
If a customer has zero balance in their Singapore Dollar Fixed Deposit account for 12 months, the account will automatically be closed.
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.
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.
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.
Yes. Depositors will be told the current interest rates for the specific deposit amount and tenures chosen at the time of placing the deposit.