Many top banks that offer fixed deposits to Singaporeans also offer dedicated schemes for senior citizens. Top banks like UOB, for instance, offer attractive interest rates on fixed deposits to senior citizens. Take a look at some of the features and benefits associated with a few senior citizen fixed deposit schemes.
UOB Grand Senior Citizens Fixed Deposit
UOB is one of Singapore’s largest banks, offering a wide range of financial products and services. It offers a dedicated scheme for citizens aged above 55 years.
- You’ll not be charged with any kind of a fee in order to maintain your fixed deposit account.
- For select tenures (6, 9, 12, 18, 24, or 36 months), you’ll qualify for an additional interest rate of 0.125% p.a.
- You’ll be eligible for a standby line of credit of S$50,000 (at a prime rate) versus a guarantee of your first unpledged fixed deposit worth S$50,000.
- By investing in this fixed deposit, you’ll get 50% off on commission charges for demand drafts, cashier's orders, and telegraphic transfers (A minimum charge of S$5 will be applicable).
- The interest earned on your deposit amount will be transferred to your registered bank account on a monthly basis.
- You should be 55 years and above.
- Your deposit placement amount should range between S$10,000 and S$49,999 only.
Maybank Singapore Dollar Privilege Plus Time Deposit
Maybank Singapore also has a senior citizen deposit scheme similar to UOB. Take a look at what the scheme has to offer below.
- You’ll get an additional interest rate of 0.25% p.a. above the prevailing board rates offered on Maybank’s Singapore Dollar time deposit.
- Tenor options include - 6, 9, 12, 18, 24 and 36 months
- The deposit can be auto-renewed after the maturity date.
- The minimum initial deposit will be S$25,000 for a 12-month tenor and above.
- The minimum initial deposit will be S$50,000 for a 6-month tenor and above.
- You’ll have access to a wide range of banking services like online banking, mobile banking, overdraft facilities, and more.
- Minimum age requirement is 55 years.
- You need to either be a Singapore citizen, Permanent Resident, or a foreigner.
To open a Senior Citizen Deposit Account with a bank, you’ll need to submit a few documents. However, documentation might vary from bank to bank. A few of the documents required include (but not limited to):
- Front and back copy of NRIC – to validate your identity and age (In case of citizens and Permanent Residents).
- A valid employment pass, a valid work permit, passport, latest bank statements. (In case of foreigners).
How to Apply
You can apply by visiting the nearest branch of your preferred bank. The bank will ask you to fill out an application form, following which your details will be verified and your application process will be initiated.
Q. Do all banks in Singapore offer deposit schemes for senior citizens?
A. No, not all banks offer specific deposit schemes for senior citizens. Only certain banks offer the scheme.
Q. Is there a maximum age for senior citizens?
A. No maximum age as such is mentioned by the bank. The minimum age is 55 years.
Q. Is premature withdrawal applicable to a Maybank Singapore Dollar Privilege Plus Time Deposit?
A. If you opt for premature withdrawal within 3 months of placing your time deposit, you’ll not be paid any interest. If you opt for premature withdrawal after the initial 3-month period, the rate of interest will be calculated on a pro-rata basis.