SBI fixed deposit schemes allow you to maximise your savings with fixed tenures that offer higher interest rates than you would earn with regular savings accounts. SBI Singapore offers 3 different time deposit accounts. They are: SGD Term Deposits/Multi Option Deposit Schemes, 50Plus Time Deposits, and Foreign Currency Term Deposits. The foreign currency term deposits are available in 3 major currencies: AUD, USD, and GBP. The SGD Term Deposit, 50Plus Time Deposit, and USD Foreign Currency Term Deposit have tenures that go up to 36 months, while the remaining deposit accounts are limited to tenures of up to 12 months. The minimum initial deposit amount required is either S$1,000 or 5,000 units of your chosen foreign currency. Secure your additional funds in time deposits with SBI Singapore and earn up to 2.75% p.a. interest on your savings.
SBI Fixed Deposit Interest Rates
SGD Term Deposit
The following table provides the interest rates offered for SGD Term Deposits of up to 36 months:
|Tenure||Deposit Amount & Rate (%p.a.)|
|$1,000.00 - $49,999.99||$50,000.00 - $499,999||$500,000.00 - $1M|
|8 to 30 Days (As above)||Nil||Nil||Nil|
Note: Rates are only indicative and are correct as of 23 January 2019.
50Plus Time Deposit
The following table provides the interest rates offered for time deposits of up to 36 months:
|Deposit Amount||Tenure||Interest rate (p.a.)|
|S$1,000 to S$49,999||1 month to 36 months||0.3% to 1.3%|
|S$50,000 to less than S$1 million||0.4% to 1.35%|
Note: Rates are only indicative and are correct as of 17 December 2018.
Foreign Currency FD Interest Rates Tables
The following table provides the interest rates offered for Foreign Currency Term Deposits of up to 36 months:
|Foreign currency||Deposit amount||Tenure||Interest rate (p.a.)|
|USD||5,000 to less than 1 million units||1 month to 36 months||1.75% to 2.75%|
|GBP||5,000 to 100,000 units||3 months to 12 months||0.2075% to 0.3%|
|Above 100,000 to 1 million units||0.4575% to 0.7%|
|AUD||Less than 100,000 to above 1 million units||3 months to 12 months||1.05% to 1.5%|
Note: Rates are only indicative and are as of 17 December 2018.
Features and Benefits of SBI FD
- Low minimum placement amount of S$1,000 or 5,000 units of the chosen currency.
- Flexible tenors ranging from 1 month to 36 months.
- Automatic renewal of SGD term deposits at maturity.
- Use your FD as collateral to apply for a secured loan of up to 90% of the deposit amount.
- FD may be liquidated into cash at any time.
- Joint account facilities available.
SBI FD Schemes
SGD Term Deposit/Multi Option Deposit Scheme
This SBI account offers up to 1.15% p.a. interest on time deposits. You can opt for tenures that range from 1 month to 36 months. A low minimum placement amount of S$1,000 is required to open this account.
50Plus Time Deposit
This account is designed for customers aged 50 years or over who are looking to take advantage of higher rates of interest of up to 1.35% p.a. on their retirement savings. Minimum and maximum deposit placement amounts apply. The minimum placement amount required is S$25,000 and the maximum placement amount allowed is S$500,000. No foreign currencies may be used to open this account. Additionally, should you need to open a joint account, the primary account holder must be aged 50 or above. Also, keep in mind that any premature withdrawals from this account will result in the additional interest of 0.2% being forfeited.
Foreign Currency Term Deposit
You may earn up to 2.75% p.a interest when you open a Foreign Currency Term Deposit with SBI in 3 major currencies: GBP, AUD, and USD. You may choose from a range of tenors from 1 month up to 36 months. This account requires an initial minimum placement amount of 5,000 units of the respective currency. You may withdraw and deposit USD using demand drafts, while the remaining foreign currencies may only be deposited or withdrawn using telegraphic transfers. Shorter tenures that are less than 1 month in length are available, however, they require minimum deposit amounts starting at USD500,000 and are usually at the bank’s discretion.
Eligibility Criteria to Open an SBI FD Account
- Minimum age: 21 for all SBI FD accounts* (for Singaporeans, PR holders, and foreigners), except 50Plus Time Deposit accounts for which the minimum age must be at least 50 years.
- Minimum tenor: Starts from 1 month.
- Maximum tenor: Up to 36 months.
- Minimum deposit amount: Starts at S$1,000 or 5,000 units of the chosen currency.
- Required documents:
- Singaporeans & PR holders: Photocopies of NRIC (both sides) and proof of address (if residential address is not the same as on NRIC)
- Foreigners: Photocopies of passport, Employment Pass/Dependant Pass/Work Permit, and address proof (driving license, utility bills, etc.)
Note: You will need to produce the originals of the submitted photocopies for face-to-face verification at the time of application.
*Minors aged 12 and above who are Singaporeans/PR holders may open and operate an SBI SGD Term Deposit account without any legal guardians’ or parental supervision.
*Children under the age of 12 who are Singaporeans/PR holders may have an SBI SGD Term Deposit joint account opened, however, the minor will not be able to open, close, or manage the account on their own.
Other Deposit Accounts Offered by the Bank
In addition to the FD accounts available, SBI offers multiple savings and chequing accounts to place your funds in.
Chequing accounts available with SBI include:
- Check Plus Account
- Foreign Currency Current Account
- Foreign Currency CheckPlus Account
Savings accounts available with SBI include:
- Basic Savings Account
- Special Savings Account
- MultiSweep Account
- Kid Savers Account
- Recurring Deposit Account