Have some cash in hand, but not too sure of where to invest it? Are you a first-time investor or someone who is just looking to get their finances in order? Well, investing in a term deposit is not only a low-risk investment, but it also ensures that you receive stable rates of interest. It grows your money so that on maturity, you are guaranteed the invested amount along with interest. If you compare a fixed deposit to a savings account, the rate of interest you receive is higher, which makes it an attractive investment option. Banks in Singapore offer two types of fixed deposits – Foreign Currency Fixed Deposit and Singapore Dollar Fixed Deposit.
A popular time deposit scheme is the RHB Singapore Dollar Fixed Deposit. This scheme provides attractive rates of interest which helps maximise your savings.
RHB Singapore Dollar Fixed Deposit Features and Benefits
- Interest rates offered are up to 2 times higher in comparison to savings accounts.
- The deposit tenure ranges from 3 months to 36 months, offering flexibility in choice.
- Deposits are auto-renewed upon maturity without any hassles.
- An account can be opened with a low amount of S$1,000 for a minimum period of 3 months.
- 24/7 access to the RHB Now Internet Banking service to help you place your fixed deposit amounts. Access to this service is available to those who already have savings/current accounts with RHB.
- Overdraft facilities are offered to customers at interest rates which are affordable.
- All non-bank depositors of Singapore Dollar deposits are insured by the Singapore Deposits Corporation for an amount up to S$50,000, per deposit, per scheme member.
RHB Singapore Dollar Fixed Deposit Interest Rate
RHB offers competitive interest rates on their Singapore Dollar Fixed Deposit scheme. The amount of interest you earn on your fixed deposit depends on the amount you decide to invest and the time period of your investment. It is important to note that interest rates on Singapore Dollar Fixed Deposits can be changed by the bank without prior notice. RHB Singapore Dollar Fixed Deposit Rates for 1-month and 2-month tenures are applicable only for Commercial and Corporate customers.
Singapore Dollar Fixed Deposit Rates (% p.a.):
|Deposit Amount||1 month||2 months||3 months||6 months||9 months||12 months||18 months||24 months||36 months|
|Up to S$49,999||0.20%||0.30%||0.3125%||0.375%||0.40%||0.45%||0.75%||0.85%||1.00%|
|S$50,000 to S$99,999||0.20%||0.30%||0.35%||0.40%||0.45%||0.50%||0.75%||0.85%||1.00%|
|S$100,000 to S$249,999||0.20%||0.30%||0.35%||0.40%||0.45%||0.50%||0.75%||0.85%||1.00%|
|S$250,000 to S$499,999||0.20%||0.30%||0.35%||0.40%||0.45%||0.50%||0.75%||0.85%||1.00%|
|S$500,000 to S$999,999||0.20%||0.30%||0.35%||0.43%||0.50%||0.60%||0.78%||0.85%||1.00%|
|S$1 million and above||0.20%||0.30%||0.35%||0.43%||0.50%||0.60%||0.78%||0.85%||1.00%|
To be eligible for RHB Singapore Dollar Fixed Deposit, you must be at least 15 years old at the time of application.
If you are a Singaporean citizen or a Permanent Resident (PR), then you need to present the following document:
- Original National Registration Identity Card (NRIC) or Passport to be verified by the branch.
Foreign nationals require the following documents:
- Work permit or Employment Pass
- Passport or IC
- Proof of your residential address such as the latest original copy of your bank statement, telecommunication or utility bill with your address.
- Other documents that the Bank may request at its discretion.
RHB Singapore Dollar Fixed Deposit FAQs
Q. Can I close my fixed deposit account before completion of the maturity period?
A. Yes, you can withdraw the amount in your fixed deposit account and close the account before the maturity date. However, you may not receive the interest or may receive it on a prorated basis. This depends on the bank’s terms and conditions as well as the gap between the date of withdrawal and the maturity date of your deposit.
Q. Can my fixed deposit account be used as collateral or security for other credit facilities?
A. Yes, your fixed deposit account can be used as collateral for other credit facilities. If your fixed deposit meets the minimum amount required for collateral by your bank or financial institution, then you can use it as security for secured loans or other credit facilities.
Q. I have a Singapore Dollar Fixed Deposit account and a Foreign Currency Fixed Deposit account. Are both insured by the Deposit Insurance Scheme?
A. According to the Monetary Authority of Singapore (MAS), only Singapore Dollar Fixed Deposit schemes are secured under the Deposit Insurance Scheme.
Q. Is the interest that I earn on my Singapore Dollar Fixed Deposit taxable?
A. As per the Inland Revenue Authority of Singapore (IRAS), income from interest on fixed deposits is not taxable if it is received from an approved bank or a finance company that is licensed.
Q. What is the difference between a Singapore Dollar Fixed Deposit account and a Singapore Savings Bond?
A. Like Singapore Dollar Fixed Deposits, Singapore Savings Bonds give you another way to invest. The tenure for most fixed deposit accounts is around 3 years. However, a savings bond allows you to invest your money for up to 10 years. Another difference is that RBH Singapore Dollar Fixed Deposit requires a minimum investment of S$1,000 while Singapore Savings Bonds require a minimum investment of S$500 per bond.