• 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 Rate 2017 (Singapore Dollar)

    SBI time deposit interest rates for Singapore Dollar accounts are given in the table below:

    Amount

    Tenure – Interest Rate (p.a.)

    8 days to less than 1 month

    1 month

    2 months

    3 months

    6 months

    9 months

    1 year

    18 months

    2 years

    3 years

    S$1,000 to less than S$50,000

    0%

    0.10%

    0.15%

    0.25%

    0.35%

    0.45%

    0.60%

    0.70%

    0.95%

    1.10%

    S$50,000 to less than S$500,000

    0%

    0.20%

    0.20%

    0.30%

    0.45%

    0.60%

    0.70%

    0.85%

    1%

    1.15%

    S$500,000 to S$1 million

    0%

    0.20%

    0.20%

    0.30%

    0.45%

    0.60%

    0.70%

    0.85%

    1%

    1.15%

    SBI Fixed Deposit Interest Rate 2017 (foreign currencies)

    SBI offers time deposits in three main foreign currencies: US Dollar (USD), Australian Dollar (AUD) and Great Britain Pound (GBP). The best fixed deposit interest rates for foreign currency fixed deposits are listed below.

    SBI Fixed Deposit Interest Rate 2017 (USD)

    Amount

    Tenure – Interest Rate (p.a.)

    1 week

    1 month

    2 months

    3 months

    6 months

    1 year

    2 years

    3 years

    USD5,000 to less than USD25,000

    0%

    1.13%

    1.1575%

    1.21%

    1.3%

    1.52%

    1.67%

    1.77%

    USD25,000 to less than USD100,000

    0%

    1.13%

    1.1575%

    1.21%

    1.3%

    1.52%

    1.67%

    1.77%

    USD100,000 to USD1 million

    0%

    1.23%

    1.2575%

    1.31%

    1.4%

    1.62%

    1.77%

    1.87%

    SBI Fixed Deposit Interest Rate 2017 (GBP)

    Amount

    Tenure – Interest Rate (p.a.)

    3 months

    6 months

    1 year

    GBP5,000 to GBP100,000

    0%

    0%

    0%

    More than GBP100,000 to GBP1 million

    0%

    0.775%

    0.28%

    SBI Fixed Deposit Interest Rate 2017 (AUD)

    Amount

    Tenure – Interest Rate (p.a.)

    3 months

    6 months

    1 year

    Up to AUD100,000

    0%

    0%

    0%

    More than AUD100,000 to AUD1 million

    0%

    0%

    0%

    More than AUD1 million

    0%

    0%

    0%

    SBI Fixed Deposit Schemes

    SBI has the following time deposits plans in its portfolio for Singaporeans:

    1. SBI Term Deposit Account: This is your normal time deposit or fixed deposit account. The minimum deposit amount is S$1,000 and you can save your money in the account for tenures ranging from 1 month to 3 years. You can also start a joint fixed deposit account with your parent, spouse, siblings or children. The money can be withdrawn before the tenure ends, and if you do not want to withdraw at the end of the tenure you can also put the account on automatic renewal. You can take a secured loan using the FD as collateral. The time deposit account is automatically protected by the Deposit Insurance Scheme of Singapore Deposit Insurance Corporation.
    2. SBI Multi Option Deposit Scheme: This time deposit account is linked to your savings or current account. The minimum amount to be placed is S$1,000 for individuals and S$5,000 for businesses. Tenures of 3 months to 1 year are available. You also get an ATM card and access to internet banking. Interest is estimated on a daily basis and applied monthly. Money can also be transferred from your savings or current account to the Multi Option Deposit Scheme. The account is insured under SDIC’s Deposit Insurance Scheme.
    3. SBI 50Plus Time Deposit: This fixed deposit account is for senior citizens above the age of 50. You are eligible to get 0.20% more interest than the normal FD interest rates. The interest earned is moved to your savings or current account every month. The minimum amount you need to put in is S$25,000 and the maximum amount is S$500,000. You can choose among tenors of 1 year to 3 years. You can also open this as a joint account, and the account can be auto-renewed. The Deposit Insurance Scheme is applicable to this FD plan.
    4. SBI Recurring Deposit Account: A recurring deposit is a fixed deposit in which you can make monthly deposits of small amounts instead of a lump sum one-time deposit. The minimum amount for one instalment is S$50. Tenures available are 6 months to 2 years. The amount can be withdrawn 30 days after the last instalment is deposited. You can take a loan against the recurring deposit balance. Even minor children can open a recurring deposit account with SBI. SDIC offers Deposit Insurance Scheme for this time deposit as well.
    5. SBI Foreign Currency Term Deposit: This is a time deposit for foreign currencies. SBI offers fixed deposit options for the following currencies – US Dollar, Australian Dollar, and Great Britain Pound. The money can be deposited for 1 to 12 months and the minimum deposit amount is 5,000 units of the given currency. You can withdraw the amount in telegraphic transfer or demand drafts as well.

    Other Products Offered By SBI Singapore

    SBI Singapore offers the following products:

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

    FAQs

    1. What is the minimum amount required to be deposited for opening an account under the MODS – Multi Option Deposit Scheme?
    2. The minimum amount required to open a fixed deposit account under this scheme from SBI is S$1,000.

    3. Does SBI offer any foreign currency deposit scheme in Singapore?
    4. No, foreign currency deposit schemes are not offered by SBI in Singapore.

    5. Is there any penalty for premature withdrawal with the SBI 50Plus Time Deposit scheme?
    6. If you withdraw the deposit amount prematurely before the tenure end of the tenure, no interest will be paid on the deposit amount.

    7. How Can I Open a SBI Fixed Deposit Account?
    8. 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.

    9. Can non-individuals in Singapore open a SBI Term Deposit Account?
    10. Yes, non-individuals like corporates and sole proprietorships in Singapore can open a term deposit account with SBI.

    11. What interest rate will I get for foreign currency fixed deposits above 5 million units?
    12. For information on interest rates of foreign currency time deposits above USD/AUD/GBP 5 million, you will have to check with the bank.

    13. What interest rates do I earn on Multi Option Deposit Scheme?
    14. The rates are similar to those of the SGD Time Deposit.

    15. What happens if I want to make deposits for smaller tenures such as 1 or 2 weeks?
    16. You can do so, but you may not be able to earn any interest. You can speak to SBI for a useful arrangement.

    17. Is the interest rate fixed or flexible?
    18. Interest rates are fixed in nature. For example, if you’ve been told that the rate is 1% p.a. at the time of depositing, it will not change even if the board rate changes to 1.1%.

    19. If I auto-renew an FD, will the principal amount include the interest rate earned during the previous tenure?
    20. Yes. For example, if you deposited S$5,000, and earned an interest of S$52 for the current tenure, then the auto-renewal amount for next time deposit tenure would be S$5,052. 

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