• Pros and Cons of Foreign Currency Fixed Deposit

    Fixed deposit schemes are very popular in Singapore as they help people to save money and also enhance their financial assets by earning interest on the deposit amount. Today, most Singaporeans like investing on fixed deposit schemes as they are able to save a decent amount of money in the process and thanks to the attractive interest rates offered with such schemes they are able to get more value for their money. Most of the banks and financial institutions operating in the Lion City offer different types of fixed deposit schemes to the customers. Some of these banks even allow the customers to make deposit in multiple foreign currencies.

    Overview of Foreign Currency Fixed Deposits

    Singapore is one of the top commercial hubs in the world and many Singaporeans have their business interests in several foreign countries such as the United States, United Kingdom, Malaysia, Japan, Australia and so on and they often earn money in the local currencies of these countries. Hence, they look for deposit schemes in Singapore that can allow them to deposit money in the local currencies of these countries and so many banks and financial institutions in Singapore offer foreign currency fixed deposit schemes. These schemes not only offer the customers with higher interest rates but also help them to diversify their investment portfolio.

    Top Foreign Currency Deposits in Singapore

    Some of the top foreign currency fixed deposit schemes available in Singapore are listed below.

    1. Maybank Foreign Currency Fixed depositMaybank offers a range of fixed deposit schemes in Singapore including foreign currency deposits. The interest rates offered with these schemes are as follows:
    2. Foreign Currency Time Deposit – Tier 1
      Tenure of the Deposit
      Currency Minimum Deposit Amount 1 month 2 months 3 month 6 month
      US Dollar 10,000 units 0.15 per cent per annum 0.30 per cent per annum 0.50 per cent per annum 0.75 per cent per annum
      Sterling Pound 10,000 units 0.00 per cent per annum 0.00 per cent per annum 0.15 per cent per annum 0.35 per cent per annum
      Australian Dollar 10,000 units 1.65 per cent per annum 1.75 per cent per annum 1.95 per cent per annum 2.15 per cent per annum
      New Zealand Dollar 10,000 units 2.15 per cent per annum 2.25 per cent per annum 2.40 per cent per annum 2.60 per cent per annum
      Canadian Dollar 10,000 units 0.00 per cent per annum 0.00 per cent per annum 0.20 per cent per annum 0.40 per cent per annum
      Swiss Franc 10,000 units 0.00 per cent per annum 0.00 per cent per annum 0.00 per cent per annum 0.00 per cent per annum
      Euro 10,000 units 0.00 per cent per annum 0.00 per cent per annum 0.00 per cent per annum 0.00 per cent per annum
      Japanese Yen 2.5 million units 0.00 per cent per annum 0.00 per cent per annum 0.00 per cent per annum 0.00 per cent per annum

      Foreign Currency Time Deposit - Tier 2
      Tenure of the Deposit
      Currency Minimum Deposit Amount 1 month 2 months 3 months 6 months
      US Dollar 50,000 units 0.15 per cent per annum 0.30 per cent per annum 0.50 per cent per annum 0.75 per cent per annum
      Sterling Pound 50,000 units 0.00 per cent per annum 0.00 per cent per annum 0.25 per cent per annum 0.45 per cent per annum
      Australian Dollar 50,000 units 1.75 per cent per annum 1.85 per cent per annum 2.05 per cent per annum 2.25 per cent per annum
      New Zealand Dollar 50,000 units 2.25 per cent per annum 2.35 per cent per annum 2.50 per cent per annum 2.70 per cent per annum
      Canadian Dollar 50,000 units 0.00 per cent per annum 0.10 per cent per annum 0.30 per cent per annum 0.50 per cent per annum
      Swiss Franc 50,000 units 0.00 per cent per annum 0.00 per cent per annum 0.00 per cent per annum 0.00 per cent per annum
      Euro 50,000 units 0.00 per cent per annum 0.00 per cent per annum 0.00 per cent per annum 0.00 per cent per annum
      Japanese Yen 10 million units 0.00 per cent per annum 0.00 per cent per annum 0.00 per cent per annum 0.00 per cent per annum

      Foreign Currency Time Deposit - Tier 3
      Tenure of the Deposit
      Currency Minimum Deposit Amount 1 month 2 months 3 months 6 months
      US Dollar 100,000 units 0.20 per cent per annum 0.35 per cent per annum 0.55 per cent per annum 0.80 per cent per annum
      Sterling Pound 100,000 units 0.05 per cent per annum 0.10 per cent per annum 0.35 per cent per annum 0.55 per cent per annum
      Australian Dollar 100,000 units 1.85 per cent per annum 1.95 per cent per annum 2.15 per cent per annum 2.35 per cent per annum
      New Zealand Dollar 100,000 units 2.35 per cent per annum 2.45 per cent per annum 2.60 per cent per annum 2.80 per cent per annum
      Canadian Dollar 100,000 units 0.05 per cent per annum 0.20 per cent per annum 0.40 per cent per annum 0.60 per cent per annum
      Swiss Franc 100,000 units 0.00 per cent per annum 0.00 per cent per annum 0.00 per cent per annum 0.00 per cent per annum
      Euro 100K 0.00 per cent per annum 0.00 per cent per annum 0.00 per cent per annum 0.00 per cent per annum
      Japanese Yen 25M 0.00 per cent per annum 0.00 per cent per annum 0.00 per cent per annum 0.00 per cent per annum

      iSAVvy Foreign Currency Time Deposit
      Tenure of the Deposit
      Currency Minimum Deposit Amount 1 month 2 months 3 months 6 months
      Australian Dollar 10,000 units 1.85 per cent per annum 1.95 per cent per annum 2.15 per cent per annum 2.35 per cent per annum
      Euro 10,000 units 0.00 per cent per annum 0.00 per cent per annum 0.00 per cent per annum 0.00 per cent per annum
      Sterling Pound 10,000 units 0.05 per cent per annum 0.10 per cent per annum 0.35 per cent per annum 0.55 per cent per annum
      New Zealand Dollar 10,000 units 2.35 per cent per annum 2.45 per cent per annum 2.60 per cent per annum 2.80 per cent per annum
      US Dollar 10,000 units 0.20 per cent per annum 0.35 per cent per annum 0.55 per cent per annum 0.80 per cent per annum

    3. DBS Foreign Currency Fixed Deposit – The fixed deposit schemes from DBS Bank, including foreign currency fixed deposits, come with lucrative interest rates, which are given below.
    4. US Dollar Rates

      Foreign Currency Deposits
      Amount (in USD) Up to 10'000 Up to 25'000 Up to 50'000 Up to 100'000 Up to 250'000 Up to 500'000
      1 day 0.0 per cent 0.0 per cent 0.0 per cent 0.10 per cent 0.10 per cent 0.10 per cent
      1 week 0.0 per cent 0.0 per cent 0.0 per cent 0.0900 per cent 0.0900 per cent 0.0900 per cent
      1 month 0.1700 per cent 0.1700 per cent 0.1700 per cent 0.2300 per cent 0.2300 per cent 0.2600 per cent
      2 months 0.2400 per cent 0.2400 per cent 0.2400 per cent 0.3200 per cent 0.3200 per cent 0.3600 per cent
      3 months 0.3400 per cent 0.3400 per cent 0.3400 per cent 0.4100 per cent 0.4600 per cent 0.4700 per cent
      6 months 0.3700 per cent 0.3700 per cent 0.3700 per cent 0.5400 per cent 0.5700 per cent 0.5900 per cent
      12 months 0.4400 per cent 0.4400 per cent 0.4400 per cent 0.5950 per cent 0.7550 per cent 0.7800 per cent

      Great Britain Pound Rates

      Foreign Currency Deposits
      Amount (in GBP) Up to 10'000 Up to 25'000 Up to 50'000 Up to 100'000 Up to 250'000 Up to 500'000
      1 day 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent
      1 week 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent
      1 month 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent
      2 months 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent 0.0250 per cent 0.0850 per cent
      3 months 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent 0.2150 per cent 0.2650 per cent
      6 months 0.0 per cent 0.0 per cent 0.0 per cent 0.1150 per cent 0.3250 per cent 0.3550 per cent
      12 months 0.0650 per cent 0.0650 per cent 0.0650 per cent 0.1450 per cent 0.4250 per cent 0.5450 per cent

      Australian Dollar Rates

      Amount (in AUD) Up to 25'000 Up to 50'000 Up to 100'000 Up to 250'000 Up to 500'000
      1 day 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent
      1 week 0.0 per cent 0.0 per cent 0.0 per cent 0.950 per cent 1.160 per cent
      1 month 1.2950 per cent 1.3150 per cent 1.4050 per cent 1.6750 per cent 1.7650 per cent
      2 months 1.3950 per cent 1.4150 per cent 1.5050 per cent 1.7750 per cent 1.8650 per cent
      3 months 1.4750 per cent 1.4950 per cent 1.5750 per cent 1.8550 per cent 1.9450 per cent
      6 months 1.4850 per cent 1.5050 per cent 1.5850 per cent 1.8650 per cent 1.9550 per cent
      12 months 1.5050 per cent 1.5250 per cent 1.6050 per cent 1.8850 per cent 1.9750 per cent

      Canadian Dollar Rates

      Amount (in CAD) Up to 25'000 Up to 50'000 Up to 100'000 Up to 250'000 Up to 500'000
      1 day 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent
      1 week 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent
      1 month 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent
      2 months 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent
      3 months 0.0 per cent 0.0 per cent 0.0350 per cent 0.0350 per cent 0.0350 per cent
      6 months 0.0 per cent 0.0 per cent 0.0250 per cent 0.0950 per cent 0.0950 per cent
      12 months 0.0 per cent 0.0200 per cent 0.0650 per cent 0.2000 per cent 0.3700 per cent

      New Zealand Dollar Rates

      Amount (in NZD) Up to 25'000 Up to 50'000 Up to 100'000 Up to 250'000 Up to 500'000
      1 day 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent
      1 week 0.0 per cent 0.0 per cent 0.0 per cent 1.3600 per cent 1.4700 per cent
      1 month 1.7150 per cent 1.7150 per cent 1.7750 per cent 1.9950 per cent 2.1750 per cent
      2 months 1.7850 per cent 1.7850 per cent 1.8450 per cent 2.0650 per cent 2.2450 per cent
      3 months 1.9350 per cent 1.9350 per cent 2.0550 per cent 2.2650 per cent 2.3950 per cent
      6 months 1.8950 per cent 1.8950 per cent 2.0250 per cent 2.1850 per cent 2.3250 per cent
      12 months 1.9450 per cent 2.1200 per cent 2.1500 per cent 2.2350 per cent 2.3750 per cent

      Chinese Renminbi Rates

      Amount (in CNH) Up to 25'000 Up to 50'000 Up to 100'000 Up to 250'000 Up to 500'000
      1 day 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent
      1 week 0.0 per cent 0.1150 per cent 0.1650 per cent 0.2150 per cent 0.1150 per cent
      1 month 2.9150 per cent 2.9150 per cent 2.9650 per cent 3.0650 per cent 2.9150 per cent
      2 months 2.8650 per cent 2.8650 per cent 2.9150 per cent 3.0150 per cent 2.8650 per cent
      3 months 2.7250 per cent 2.7250 per cent 2.7750 per cent 2.8750 per cent 2.7250 per cent
      6 months 2.7650 per cent 2.7650 per cent 2.8150 per cent 2.9150 per cent 2.7650 per cent
      12 months 2.8050 per cent 2.8050 per cent 2.8550 per cent 2.9200 per cent 2.8050 per cent

      Hong Kong Dollar Rates

      Amount (in HKD) Up to 25'000 Up to 50'000 Up to 100'000 Up to 250'000 Up to 500'000
      1 day 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent
      1 week 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent
      1 month 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent
      2 months 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent
      3 months 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent
      6 months 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent
      12 months 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent

      Japanese Yen Rates

      Amount (in JPY) Up to 25'000 Up to 50'000 Up to 100'000 Up to 250'000 Up to 500'000
      1 day 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent
      1 week 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent
      1 month 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent
      2 months 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent
      3 months 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent
      6 months 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent
      12 months 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent

      Swiss Franc Rates

      Amount (in CHF) Up to 25'000 Up to 50'000 Up to 100'000 Up to 250'000 Up to 500'000
      1 day 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent
      1 week 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent
      1 month 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent
      2 months 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent
      3 months 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent
      6 months 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent
      12 months 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent

      Euro Rates

      Amount (in EUR) Up to 25'000 Up to 50'000 Up to 100'000 Up to 250'000 Up to 500'000
      1 day 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent
      1 week 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent
      1 month 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent
      2 months 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent
      3 months 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent
      6 months 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent
      12 months 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent 0.0 per cent

    5. OCBC Foreign Currency Fixed Deposit – OCBC offers you with the choice of multiple currencies with its foreign currency fixed deposit schemes. The interest rates offered are given below.
    6. US Dollar Rates

      Amount of Deposit (in USD) 1 month 2 months 3 months 5 months 6 months 7 months 8 months 9 months 12 months
      Initial 49,999 0.03 per cent 0.10 per cent 0.14 per cent 0.21 per cent 0.27 per cent 0.27 per cent 0.25 per cent 0.25 per cent 0.35 per cent
      50,000 to 99,999 0.05 per cent 0.13 per cent 0.18 per cent 0.25 per cent 0.37 per cent 0.37 per cent 0.35 per cent 0.35 per cent 0.55 per cent
      100,000 to 249,999 0.05 per cent 0.13 per cent 0.18 per cent 0.25 per cent 0.37 per cent 0.37 per cent 0.35 per cent 0.35 per cent 0.64 per cent
      250,000 to 499,999 0.06 per cent 0.14 per cent 0.20 per cent 0.27 per cent 0.42 per cent 0.42 per cent 0.40 per cent 0.40 per cent 0.68 per cent
      Above 500,000 0.07 per cent 0.15 per cent 0.2050 per cent 0.2750 per cent 0.43 per cent 0.43 per cent 0.41 per cent 0.41 per cent 0.73 per cent

      Australian Dollar (AUD) Rates

      Amount of Deposit (in AUD) 1 month 2 months 3 months 5 months 6 months 7 months 8 months 9 months 12 months
      Initial 49,999 0.34 per cent 0.35 per cent 0.44 per cent 0.47 per cent 0.60 per cent 0.58 per cent 0.57 per cent 0.55 per cent 0.65 per cent
      50,000 to 99,999 0.74 per cent 0.75 per cent 0.84 per cent 0.87 per cent 1.00 per cent 0.98 per cent 0.97 per cent 0.95 per cent 1.05 per cent
      100,000 to 249,999 0.94 per cent 0.95 per cent 1.04 per cent 1.07 per cent 1.20 per cent 1.18 per cent 1.17 per cent 1.15 per cent 1.25 per cent
      250,000 to 499,999 1.34 per cent 1.35 per cent 1.44 per cent 1.47 per cent 1.60 per cent 1.58 per cent 1.57 per cent 1.55 per cent 1.65 per cent
      Above 500,000 1.38 per cent 1.39 per cent 1.48 per cent 1.51 per cent 1.64 per cent 1.62 per cent 1.61 per cent 1.59 per cent 1.68 per cent

      Canadian Dollars (CAD) Rates

      Amount of Deposit (in CAD) 1 month 2 months 3 months 5 months 6 months 7 months 8 months 9 months 12 months
      Initial 49,999 Not Available Not Available Not Available Not Available Not Available Not Available Not Available Not Available Not Available
      50,000 to 99,999 Not Available Not Available Not Available Not Available Not Available Not Available Not Available Not Available Not Available
      100,000 to 249,999 Not Available Not Available Not Available Not Available Not Available Not Available Not Available Not Available 0.05 per cent
      250,000 to 499,999 Not Available Not Available Not Available Not Available 0.03 per cent Not Available Not Available 0.08 per cent 0.30 per cent
      Above 500,000 Not Available Not Available Not Available Not Available 0.05 per cent Not Available Not Available 0.10 per cent 0.32 per cent

      Chinese Yuan Offshore (CNH) Rates

      Time Deposit Amount 1 month 2 months 3 months 5 months 6 months 7 months 8 months 9 months 12 months
      First 249,999 1.25 per cent Not Available 1.20 per cent Not Available 0.90 per cent Not Available Not Available 0.65 per cent 0.65 per cent
      250,000 up to 499,999 2.55 per cent Not Available 2.80 per cent Not Available 2.60 per cent Not Available Not Available 2.35 per cent 2.20 per cent
      500,000 up to 999,999 2.55 per cent Not Available 2.80 per cent Not Available 2.60 per cent Not Available Not Available 2.35 per cent 2.20 per cent
      1,000,000 up to 2,499,999 2.60000 Not Available 2.85 per cent Not Available 2.65 per cent Not Available Not Available 2.40 per cent 2.25 per cent
      Above 2,500,000 2.80 per cent Not Available 3.05 per cent Not Available 2.85 per cent Not Available Not Available 2.60 per cent 2.45 per cent

      Hong Kong Dollar (HKD) Rates

      Time Deposit Amount 1 month 2 months 3 months 5 months 6 months 7 months 8 months 9 months 12 months
      First 500,000 Not Available Not Available Not Available Not Available Not Available Not Available Not Available Not Available Not Available
      500,000 up to 999,999 Not Available Not Available Not Available Not Available Not Available Not Available Not Available Not Available Not Available
      1,000,000 up to 1,999,999 Not Available Not Available Not Available Not Available Not Available Not Available Not Available Not Available Not Available
      2,000,000 up to 4,999,999 Not Available Not Available Not Available Not Available Not Available Not Available Not Available Not Available Not Available
      Above 5,000,000 Not Available Not Available Not Available Not Available 0.115 per cent Not Available Not Available Not Available Not Available

      New Zealand Dollar (NZD) Rates

      Time Deposit Amount 1 month 2 months 3 months 5 months 6 months 7 months 8 months 9 months 12 months
      First $49,999 0.80 per cent 0.85 per cent 0.85 per cent 0.95 per cent 1.00 per cent 1.02 per cent 1.03 per cent 1.05 per cent 1.10 per cent
      $50,000 up to $99,999 1.20 per cent 1.25 per cent 1.25 per cent 1.35 per cent 1.40 per cent 1.42 per cent 1.43 per cent 1.45 per cent 1.50 per cent
      $100,000 up to $249,999 1.40 per cent 1.45 per cent 1.45 per cent 1.55 per cent 1.60 per cent 1.62 per cent 1.63 per cent 1.65 per cent 1.70 per cent
      $250,000 up to $499,999 1.75 per cent 1.80 per cent 1.80 per cent 1.90 per cent 1.95 per cent 1.97 per cent 1.98 per cent 2.00 per cent 2.05 per cent
      Above $500,000 1.80 per cent 1.85 per cent 1.85 per cent 1.95 per cent 2.00 per cent 2.02 per cent 2.03 per cent 2.05 per cent 2.10 per cent

      Sterling Pound (GBP) Rates

      Time Deposit Amount 1 month 2 months 3 months 5 months 6 months 7 months 8 months 9 months 12 months
      First $49,999 Not Available Not Available Not Available Not Available Not Available Not Available Not Available Not Available Not Available
      $50,000 up to $99,999 Not Available Not Available Not Available Not Available 0.01 per cent Not Available Not Available Not Available 0.03 per cent
      $100,000 up to $249,999 Not Available 0.01 per cent 0.03 per cent 0.03 per cent 0.03 per cent 0.01 per cent 0.01 per cent Not Available 0.05 per cent
      $250,000 up to $499,999 Not Available 0.065 per cent 0.09 per cent 0.09 per cent 0.01 per cent 0.08 per cent 0.08 per cent 0.06 per cent 0.12 per cent
      Above $500,000 Not Available 0.07 per cent 0.01 per cent 0.01 per cent 0.12 per cent 0.01 per cent 0.01 per cent 0.08 per cent 0.13 per cent

    7. UOB Foreign Currency Fixed Deposit – The United Overseas Bank offers numerous benefits with its fixed deposit schemes along with lucrative interest rates. The interest rates offered with foreign currency deposits are as follows:
    8. Currency Deposit Range 1 Week 2 Weeks 1 Months 2 Months 3 Months 6 Months 12 Months
      US Dollar
      Below 50,000 Not Available Not Available 0.05 per cent 0.1325 per cent 0.2225 per cent 0.3150 per cent 0.4450 per cent
      50,000 to 99,999 Not Available Not Available 0.1150 per cent 0.1950 per cent 0.2850 per cent 0.4650 per cent 0.6700 per cent
      100,000 to 249,999 Not Available Not Available 0.1150 per cent 0.1950 per cent 0.2850 per cent 0.4650 per cent 0.6950 per cent
      250,000 to 499,999 Not Available Not Available 0.1500 per cent 0.2100 per cent 0.3100 per cent 0.5000 per cent 0.7450 per cent
      Australian Dollar
      Below 50,000 Not Available Not Available 0.3000 per cent 0.4600 per cent 0.5800 per cent 0.7000 per cent 0.5200 per cent
      50,000 to 99,999 Not Available Not Available 0.7000 per cent 0.8600 per cent 0.9800 per cent 1.1000 per cent 0.9200 per cent
      100,000 to 249,999 Not Available Not Available 0.9000 per cent 1.0600 per cent 1.1800 per cent 1.3000 per cent 1.1200 per cent
      250,000 to 499,999 0.3500 per cent 0.3700 per cent 1.3000 per cent 1.4600 per cent 1.5800 per cent 1.7000 per cent 1.5200 per cent
      British Pound
      Below 50,000 Not Available Not Available 0.05 per cent 0.05 per cent 0.05 per cent 0.05 per cent Not Available
      50,000 to 99,999 Not Available Not Available 0.0500 per cent 0.0500 per cent 0.0500 per cent 0.0500 per cent Not Available
      100,000 to 249,999 Not Available Not Available 0.0500 per cent 0.0500 per cent 0.0500 per cent 0.0500 per cent Not Available
      250,000 to 499,999 Not Available Not Available 0.0500 per cent 0.0500 per cent 0.0500 per cent 0.0800 per cent Not Available
      Canadian Dollar
      Below 50,000 Not Available Not Available Not Available Not Available Not Available 0.0400 Not Available
      50,000 to 99,999 Not Available Not Available 0.0300 per cent 0.0300 per cent 0.0300 per cent 0.1100 per cent Not Available
      100,000 to 249,999 Not Available Not Available 0.1400 per cent 0.1400 per cent 0.1400 per cent 0.2200 per cent Not Available
      250,000 to 499,999 Not Available Not Available 0.2800 per cent 0.2800 per cent 0.2800 per cent 0.3600 per cent Not Available
      Euro
      Below 50,000 Not Available Not Available Not Available Not Available Not Available Not Available Not Available
      50,000 to 99,999 Not Available Not Available Not Available Not Available Not Available Not Available Not Available
      100,000 to 249,999 Not Available Not Available Not Available Not Available Not Available Not Available Not Available
      250,000 to 499,999 Not Available Not Available Not Available Not Available Not Available Not Available Not Available
      Hong Kong Dollar
      Below 500,000 Not Available Not Available Not Available Not Available Not Available Not Available Not Available
      500,000 to 999,999 Not Available Not Available Not Available Not Available Not Available Not Available Not Available
      1,000,000 to 1,999,999 Not Available Not Available Not Available Not Available Not Available Not Available Not Available
      2,000,000 to 4,999,999 Not Available Not Available Not Available Not Available Not Available 0.0900 per cent Not Available
      Japanese Yen
      Below 10,000,000 Not Available Not Available Not Available Not Available Not Available Not Available Not Available
      10,000,000 to 19,999,999 Not Available Not Available Not Available Not Available Not Available Not Available Not Available
      20,000,000 to 29,999,999 Not Available Not Available Not Available Not Available Not Available Not Available Not Available
      30,000,000 to 39,999,999 Not Available Not Available Not Available Not Available Not Available Not Available Not Available
      40,000,000 to 49,999,999 Not Available Not Available Not Available Not Available Not Available 0.005 per cent Not Available
      New Zealand Dollar
      Below 50,000 Not Available Not Available 0.8600 per cent 0.9100 per cent 0.9700 per cent 1.0000 per cent 0.9600 per cent
      50,000 to 99,999 Not Available Not Available 1.2600 per cent 1.3100 per cent 1.3700 per cent 1.4000 per cent 1.3600 per cent
      100,000 to 249,999 0.3600 per cent 0.3800 per cent 1.4600 per cent 1.5100 per cent 1.5700 per cent 1.6000 per cent 1.5600 per cent
      250,000 to 499,999 0.8600 per cent 0.8800 per cent 1.8600 per cent 1.9100 per cent 1.9700 per cent 2.0000 per cent 1.9600 per cent
      Swiss Franc
      Below 50,000 Not Available Not Available Not Available Not Available Not Available Not Available Not Available
      50,000 to 99,999 Not Available Not Available Not Available Not Available Not Available Not Available Not Available
      100,000 to 249,999 Not Available Not Available Not Available Not Available Not Available Not Available Not Available
      250,000 to 499,999 Not Available Not Available Not Available Not Available Not Available Not Available Not Available
      Chinese Renminbi
      Below 50,000 Not Available Not Available Not Available Not Available Not Available Not Available Not Available
      50,000 to 249,999 Not Available Not Available Not Available Not Available Not Available Not Available Not Available
      250,000 to 499,999 Not Available Not Available 0.9000 per cent Not Available 1.0000 per cent 1.1000 per cent 1.2000 per cent
      500,000 to 999,999 Not Available Not Available 0.9000 per cent Not Available 1.0000 per cent 1.1000 per cent 1.2000 per cent
      1,000,000 to 2,499,999 Not Available Not Available 0.9500 per cent Not Available 1.0500 per cent 1.1500 per cent 1.2500 per cent
      2,500,000 to 4,999,999 Not Available Not Available 1.3500 per cent 1.3500 per cent 1.3500 per cent 1.3500 per cent 1.3500 per cent
      5,000,000 to 9,999,999,999 Not Available Not Available 1.1500 per cent Not Available 1.2500 per cent 1.3500 per cent 1.4500 per cent

      Advantages of Foreign Currency Fixed Deposits

      There are numerous advantages of investing in a foreign currency fixed deposit scheme and these benefits are listed below:

      • You will get a chance to earn higher amounts of interest with the amount that you deposit.
      • You will enjoy the flexibility of depositing money in multiple foreign currencies apart from Singapore Dollars.
      • You will be offered with flexible tenures and can deposit a certain amount of money for a fixed amount of time.
      • You can open a deposit account with an initial investment as low as 5,000 in the currency of deposit.
      • The interest yield will depend on the currency of deposit and if the conversion rate of the currency to Singapore Dollar increases with time, the value of the deposit amount will also increase.
      • As the funds will be accessible in foreign currency such as USD, AUD etc. you can use the funds for the purpose of investments in foreign countries such as the United States or Australia.
      • Some banks will even offer you with the flexibility of making deposits in Singapore Dollars, even though the account will be operated in a foreign currency of your choice.

      As you can see from the above, there are numerous advantages of opting for foreign currency deposits and so they are offered by most of the tops banks in Singapore.

      Disadvantages of Foreign Currency Fixed Deposits

      Despite the fact that foreign currency fixed deposit schemes offer a wide range of advantages, they also come with their fair share of disadvantages. The biggest disadvantage for the customers is that, the foreign currency fixed deposits are not covered by the Deposit Insurance offered by the Singapore Deposit Insurance Corporation. The Singapore Deposit Insurance Corporation offers insurance cover to individuals and other non-bank depositors when the deposit amount is placed with a deposit scheme member. However, this insurance cover is not available for deposits made in any currency other than Singapore Dollars.

      Another disadvantage of foreign currency fixed deposit schemes is that they bring with them a lot of volatility for the customers. Currencies are very volatile in nature and so their exchange rates change on a very frequent basis. Hence, the customers may lose a lot of money if the value of the currency in which they have made the deposit decreases over a period of time and so they may not be able to reap the benefits offered with a deposit scheme and might even lose money in the process.

      Foreign currency fixed deposits come with both advantages and disadvantages but it is a fact that the advantages outweigh the disadvantages and so many people in Singapore are more than willing to invest on such schemes.

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    Foreign Currency Fixed Deposits from Top Banks
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