• SBI Fixed Deposit Singapore

    Fixed deposit schemes are very popular with people around the globe as they can help people to save money effortlessly. Such schemes allow people to transfer a certain amount of money every month to their fixed deposit account for a fixed duration. People who opt for fixed deposit schemes also earn interest on the deposit amount. If you would like to save money and enhance your financial assets, you should opt for a fixed deposit scheme, such as SBI Fixed Deposit Scheme, which can offer you with attractive interest rates and other beneficial features. You will also get the flexibility of choosing the scheme that suits your needs the most, from a range of fixed deposit schemes offered by SBI.

    Overview of the State Bank of India

    The State Bank of India (SBI) is the largest bank in India and one of the largest banks in the continent. The bank has a history of more than 200 years and has established itself as one of the most preferred banks in India. SBI has overseas offices in more than 36 countries and has branches in cities such as London, Moscow, Tokyo, New York, Frankfurt etc. The offshore banking units of the State Bank of India are located in Bahrain, Bahamas and Singapore. Through its offshore banking unit in Singapore, SBI offers a range of banking services to Singaporeans including term deposit/ fixed deposit schemes.

    Why Choose SBI Fixed Deposit Schemes?

    A fixed deposit scheme from SBI will provide you with flexible tenures, attractive interest rates, and multiple time deposit schemes that has been designed in such a manner that they can cater to your specific needs. The bank also offers excellent customer service and offers you with the convenience of opening a fixed deposit account online. You can deposit money in Singapore Dollars and earn a decent amount of interest on the deposit amount. You will not need to deposit a huge amount of money for opening a SBI Time Deposit account. In fact, you can open an account with an amount as low as S$1,000.

    SBI Fixed Deposit Singapore

    The State Bank of India offers 3 different types of fixed deposit schemes in Singapore which are listed below.

    1. Term Deposit Account –

    SBI Term Deposit Account is meant for those who want to maximize their savings and build their financial assets with the minimum investment possible. It comes with flexible tenures, and a variety of features that make it very popular with the customers. This fixed deposit scheme from SBI Singapore is available for individuals as well as legal business entities such as Corporates and Sole Proprietorships. Even minors aged 12 and above are also eligible to open a Term Deposit Account with SBI Singapore.

    Features and Benefits of SBI Term Deposit Account

    • If you are an existing account holder, you can open a term deposit account with SBI Singapore online without having to visit the branch.
    • You will be offered with an attractive interest rate for the amount that you deposit and the interest rate with depend on factors such as the tenure chosen, the amount deposited and so on.
    • You can open a Term Deposit Account with a minimum initial deposit of S$1,000.
    • You can choose from flexible tenures of 1/ 2/ 3/ 6/ 9/ 12/ 18/ 24/ 36 months and you even opt for a tenure between 8 days to 1 month if you deposit a minimum amount of S$500,000.
    • You can either open the account individually or jointly with a family member.
    • The deposit amount can be encashed or withdrawn anytime you want, but you will not be paid any interest if the amount is withdrawn within 3 months of its tenure.
    • You will be offered with other facilities such as Auto renewal, Demand Loan etc.
    • You might be eligible for a loan against the deposit and the loan amount can be as high as 90 percent of the deposit amount.
    • The deposit amount will be covered by SDIC up to the eligible limit.

    Minimum Initial Deposit

    • You can open a new term deposit account with SBI Singapore with a minimum deposit as low as S$1,000.

    Eligibility

    • You should be aged 21 and above to open a SBI Term Deposit Account.
    • Minors aged 12 and above are also eligible if they are Permanent Residents or Citizens of Singapore.
    • Minors under the age of 12 can open an account jointly with their parents or legal guardians. However, only the parents or legal guardians will be able to open, close or operate the account.
    • Legal business entities such as Corporates and Sole Proprietorships are also eligible to open a term deposit account with SBI Singapore.

    Documents Required

    For Citizens and Permanent Residents of Singapore:

    • A copy of NRIC (both sides); the NRIC should have your latest address

    For Non-Singaporeans:

    • A copy of Passport OR Work Permit/ Employment Pass
    • Address proof in the form of utility bills, driving license if the address is not the same as the one mentioned in Dependant Pass/ Work Permit/ Employment Pass

    2. MODS – Multi Option Deposit Scheme –

    If you want full liquidity, flexible tenures and high interest rate this is the fixed deposit scheme you should opt for. This deposit scheme from SBI Singapore is available to individuals as well as business entities. You can convert your normal current or savings account to a deposit account under the Multi Option Deposit Scheme and vice versa.

    Features and Benefits of SBI Multi Option Deposit Scheme

    • You will be offered competitive and attractive interest rates.
    • You can opt for personalized cheque books.
    • You will be eligible for an ATM cum Debit Card from SBI.
    • You can modify the instructions regarding the amount to be deposited and the tenure of the deposit.
    • You can open a deposit account under MODS with a minimum initial deposit of S$1,000.
    • You can choose from flexible tenures of 3/ 6/ 12/ 24 months.
    • You will be eligible for internet banking facility from SBI.
    • Your deposit amount will be covered by SDIC up to the eligible limit, if you are an individual customer.

    Minimum Deposit, Thresholds and Balances

    • For individuals, the minimum initial deposit amount is S$1,000.
    • For non-individuals like Sole Proprietorships and Corporates, the minimum initial deposit amount is S$5,000.
    • You can fix the threshold limit for sweep from their current or savings account.
    • You will need to maintain a minimum balance of S$3,000 in your savings account OR S$5,000 in your current account.
    • Non-individual business entities need to maintain a minimum balance of S$20,000.

    Eligibility

    • You should be aged 21 and above to open a time deposit account under this scheme.
    • Non-individuals such as corporate, proprietary firms, clubs, partnerships, associations, trusts etc. are also eligible.

    Documents Required

    For Citizens and Permanent Residents of Singapore:

    • A copy of NRIC (both sides); the NRIC should have your latest address

    For Non-Singaporeans:

    • A copy of Passport OR Work Permit/ Employment Pass
    • Address proof in the form of utility bills, driving license if the address is not the same as the one mentioned in Dependant Pass/ Work Permit/ Employment Pass

    3. 50Plus Time Deposit –

    This fixed deposit scheme from SBI Singapore has been designed to help people aged 50 and above to earn more interest, save money and secure their future with a smart investment plan. It will help you to make sure that your heard earned money grows at a decent pace so that you can enjoy financial independence and peace of mind.

    Features and Benefits of SBI 50Plus Time Deposit

    • You will enjoy an additional interest rate of 0.20 percent p.a. above the current board rate.
    • The interest earned will be credited to your savings or current account with SBI on a monthly basis.
    • You can choose from flexible tenures of 12, 18, 24 or 36 months.
    • You will be offered with the flexibility of opening an account jointly with a family member.
    • You can deposit a maximum amount of S$500,000.

    Minimum Initial Deposit

    • You can open a new SBI 50Plus Time Deposit with a minimum deposit of S$25,000.

    Eligibility

    • You should be aged 50 and above to open a SBI 50Plus Time Deposit.
    • For joint accounts, the primary account holder has to be aged 50 and above.

    Documents Required

    For Citizens and Permanent Residents of Singapore:

    • A copy of NRIC (both sides); the NRIC should have your latest address

    For Non-Singaporeans:

    • Address proof in the form of utility bills, driving license if the address is not the same as the one mentioned in Dependant Pass/ Work Permit/ Employment Pass
    • A copy of Passport OR Work Permit/ Employment Pass

     

    SBI Fixed Deposit Interest Rates

    The different term deposit schemes from SBI in Singapore come with a high interest rate and so you will be able to easily multiply your savings with these schemes. The interest rate offered depends on the following factors:

    • Currency of deposit
    • The amount deposited
    • Tenure of the deposit

    The tables below will provide you with information about the prevailing interest rates offered with term deposit schemes of SBI in the Lion City.

    SGD Time Deposit
    Tenure of the Deposit /Amount of Deposit SGD 1000 to SGD 49,999 SGD 50,000 to less than 0.5 mio SGD 0.5 mio- to less than SGD 1 mio
    SGD Deposits Interest Rate Interest Rate Interest Rate
    8 days to less than 1 month Not Applicable Not Applicable Not Applicable
    1 month 0.10 per cent per annum 0.20 per cent per annum 0.20 per cent per annum
    2 months 0.15 per cent per annum 0.20 per cent per annum 0.20 per cent per annum
    3 months 0.25 per cent per annum 0.30 per cent per annum 0.30 per cent per annum
    6 months 0.35 per cent per annum 0.45 per cent per annum 0.45 per cent per annum
    9 months 0.45 per cent per annum 0.60 per cent per annum 0.60 per cent per annum
    12 months 0.60 per cent per annum 0.70 per cent per annum 0.70 per cent per annum
    18 months 0.70 per cent per annum 0.85 per cent per annum 0.85 per cent per annum
    24 months 0.95 per cent per annum 1.00 per cent per annum 1.00 per cent per annum
    36 months 1.10 per cent per annum 1.15 per cent per annum 1.15 per cent per annum

    The rates are only indicative

    SBI Foreign Currency Fixed Deposit

    The State Bank of India also offers foreign currency time deposit schemes in Singapore through which the customers can earn more value for their money by making deposits in foreign currencies that are highly in demand. SBI offers very attractive rates and a range of other beneficial features with these schemes.

    Click here to know about SBI Foreign Currency Fixed Deposit Interest Rates.

    50Plus Time Deposit

    With this fixed deposit scheme from State Bank of India Singapore, the interest rate offered on the deposit amount will be 0.20 percent per annum higher than the existing Board Rate.

    Other Products Offered By SBI Singapore

    SBI Singapore offers the following products:

    • Deposits
    • Insurance
    • Loans
    • Investment
    • Trade Finance
    • Remittances
    • Facilitation Services
    • Escrow Services

    SBI Fixed Deposit FAQs

      1. What is the minimum amount required to be deposited for opening an account under the MODS – Multi Option Deposit Scheme?

    The minimum amount required to open a fixed deposit account under this scheme from SBI is S$1,000.

      1. Does SBI offer any foreign currency deposit scheme in Singapore?

    No, foreign currency deposit schemes are not offered by SBI in Singapore.

      1. Is there any penalty for premature withdrawal with the SBI 50Plus Time Deposit scheme?

    If you withdraw the deposit amount prematurely before the tenure end of the tenure, no interest will be paid on the deposit amount.

      1. How Can I Open a SBI Fixed Deposit Account?

    You can open a SBI Fixed Deposit Account online on SBI Singapore’s website. You will need to submit a duly filled account opening form, which can be downloaded from the website.

      1. Can non-individuals in Singapore open a SBI Term Deposit Account?

    Yes, non-individuals like corporates and sole proprietorships in Singapore can open a term deposit account with SBI.

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