SBIS (State Bank of India, Singapore) offers high yielding deposit account choices to customers in some of the major currencies in the world including Sterling Pound (GBP) currency which is one of the top picks. You can choose from a the available flexible tenures of 1 month, 2 months, 3 months, 6 months and 12 months. SBIS also has one of the lowest minimum deposit amount requirements. You can open a Foreign Currency Deposit with SBIS with an initial deposit amount of GBP 5000 for a Foreign Currency Term Deposit and GBP 1000 for a Foreign Currency Current Account. Additionally, these Foreign Currency Deposits are open to Singapore Citizens (SCs), Singapore Permanent Residents (PRs) and Foreigners who are at least 21 years of age and above.
Find below the different Foreign Currency Deposit accounts offered by State Bank of India, Singapore –
- Foreign Currency Term Deposit
- Foreign Currency Current Account
Additionally, you can withdraw or deposit GBP through telephonic transfers which saves you a lot of time. Application for opening this term deposit/fixed deposit can be easily downloaded from their website. There are no charges for maintenance of the account. However, exchange rates are applicable for internet banking.
SBI Singapore Sterling Pound Foreign Currency Deposit Interest Rates:
SBI offers an interest rate of 0.15% for a period of 6 months and 0.38% for a year depending on the amount deposited. Since interest rates offered by banks are dynamic, it is important to check before taking the final call.