State Bank of India (SBI), Singapore offers its customers a choice 3 accounts for the Foreign Currency Deposits with attractive features and benefits. They each provide a choice of major global currencies of which the United States Dollar (USD) is one. The minimum deposit amount for these fixed deposits are one of the lowest compared to other leading banks and financial institutions in Singapore. Fixed Deposits denominated in the United States Dollar (USD) yields better advantages and returns with additional features, benefits and promotions including one of the lowest minimum initial deposit requirements, flexible tenures of 1 month, 3 months, 6 months and 12 months. Additionally, USD currency foreign deposits also provide deposits and withdrawals in demand drafts, low monthly balance required to be maintained the account and provisions of cheque books. The Foreign Currency Deposits are applicable to Singapore Citizens (SCs), Singapore Permanent Residents (PRs) and Foreigners.
The tenure of the deposit can be 1 week, 1 month, 2 months, 3 months, 6 months, 12 months going up to 3 years. This term deposit/fixed deposit account can be opened by Singaporeans, Permanent Residents of Singapore as well as foreign nationals above the age of 21.
Additionally, you can withdraw or deposit USD 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.
Find below the different Foreign Currency Deposits offered by State Bank of India (SBI), Singapore –
- Foreign Currency Term Deposit
- Foreign Currency Current Account
- Foreign Currency CheckPlus Account
SBI Singapore USD Foreign Currency Deposit Interest Rates:
SBI offers an interest rate of 1.13% for a period of 1 month and up to 1.95% for 3 years depending on the amount deposited.
Since interest rates offered by banks are dynamic, it is important to check before taking the final call.
Interest Rate Structure for State Bank of India (SBI), Singapore, Foreign Currency Deposit –
Promotional Interest Rate Structure –
Find the interest rates offered for United States Dollar (USD) currency under the Foreign Currency Term Deposit by SBI Singapore for a minimum deposit amount of USD 10, 000 for a tenure of 12 months –
Foreign Currency Deposit
Find below the interest rates offered for United States Dollar (USD) currency under the Foreign Currency Deposit by SBI Singapore for a minimum deposit amount of USD 5000 for various applicable tenures –
Note – The aforementioned interest rates in the table have been updated as of February 26, 2016.