State Bank of India or SBI offers a Singapore Dollar Fixed Deposit account with competitive rates of interest. In addition to the interest rates, you will also enjoy other features such as demand loan facility, joint account facility, and auto-renewal of the account.
Check Out the Features of This Account
Here is a list of features and benefits that you will enjoy with SBI Singapore Dollar Term Deposit account:
- Your funds in this account will be protected as part of the Singapore Deposit Insurance Corporation up to S$50,000.
- The minimum deposit amount is S$1,000.
- Be eligible to apply for a loan by setting aside up to 90% of the funds in your term deposit as collateral.
- Encash the money in your term deposit account anytime.
- Choose from a wide option of tenures. The tenure ranges from one month to 3 years.
- If you have an existing account with the bank, you can open an account sitting at home.
- You can also open a joint fixed deposit account.
How Much You Will Earn as Interest
The interest rate offered with SBI Singapore Dollar Term Deposit is as shown in the table given below:
|Deposit Period||S$500,000 to S$1 million||S$50,000 to S$500,000||S$1,000 to S$50,000|
|Interest Rates (p.a.)|
|8 days to 1 month||Nil||Nil||Nil|
|*All rates as as on 12 October 2018.|
The interest rate on the fixed deposit for an amount of over S$1 million will be quoted on an individual basis. The rate of interest will be computed for your balance on a daily basis at the end of the day that will be applied when your deposit matures.
However, you will not be paid any interest if you withdraw money from the deposit prematurely, except if the deposit has been maintained for at least three months or as determined by the bank for different maturities. If you have decided to withdraw after the termination of the minimum interest period, you will be paid the interest only for the full quarters for which the deposit has been active.
Who Is Eligible Open This Account?
The following individuals can open the Singapore Dollar Term Deposit with SBI Singapore:
- Individuals who are at least 21 years or older.
- Children who are 12 years and above and below 21 can open the account individually if they are Singapore citizens or Permanent Residents.
- For children younger than 12 years, one of the legal guardian or a parent is permitted to open a joint account. However, only the legal guardian or parent shall be allowed to open, handle and close the account.
- Legal entities such as corporates and sole proprietorships can also open this account.
What Documents You Would Need
Here are the documents that you will have to submit together with your application form:
Permanent Residents/Singaporeans: Copy of the NRIC (NRIC must have the most recent address).
Non-Singaporeans: Copy of the passport and copy of the Dependant Pass/Work Permit/Employment Pass. Also, you will have to submit a proof of address (driving license or utility bill), if the address is not the same as in the Dependant Pass/Work Permit/Employment Pass.
How to Apply for the SBI Singapore Dollar Fixed Deposit
To apply for this account, you will have to download the online application form. You’ll have to fill it up and send it to the bank together with the necessary documents.