Many top Singaporean banks that offer fixed deposits to Singaporean citizens also offer dedicated schemes for senior citizens. Large banks like UOB, for instance, offer attractive interest rates on fixed deposits to senior citizens. Let’s take a look at some features and benefits associated with the senior citizen fixed deposit scheme. We delve into other details like the eligibility criteria, how to apply for a deposit scheme, etc.
UOB Senior Citizens Fixed Deposit Scheme
UOB is one of Singapore’s largest banks, offering a range of financial products and services. It offers a dedicated scheme for citizens aged above 55 years. Here are some salient features of the UOB Grand Senior Citizens Fixed Deposit Scheme:
Features of the UOB Grand Senior Citizens Deposit Scheme
- UOB does not charge a fee to maintain the fixed deposit account.
- Senior citizens can enjoy an additional interest rate of 0.125% p.a. for select tenures. Tenures that attract additional interest rates include 6 months, 9 months, 12 months, 18 months, 24 months and 26 months.
- Senior citizens investing an amount of S$50,000 will receive a standby line of credit worth S$50,000 at a highly affordable rate. This is applicable for the first unpledged deposit worth a minimum of S$50,000.
- Senior citizens investing in the UOB fixed deposit scheme will also receive 50% off on commissions on demand drafts, cashier orders and telegraphic transfers.
- Applying for the fixed deposit account is easy and simple. Interest earned on the deposit amount will be transferred to the registered bank account on a monthly basis.
Eligibility criteria for the UOB Grand Senior Citizens Deposit Scheme
- The applicant has to be a minimum of 55 years of age.
- The minimum deposit amount of S$10,000 has to be maintained. The maximum amount is S$50,000.
Maybank Senior Citizen Fixed Deposit Scheme
Maybank Singapore also has a senior citizen deposit scheme similar to UOB. Called Privilege Plus, the deposit scheme is meant for senior citizens of Singapore and comes with a range of exciting benefits. Let’s take a look at what the scheme has to offer:
Features of the Maybank Privilege Plus
- Maybank offers an interest rate of 0.25% p.a. more than the rates offered on its Singapore Dollar Time Deposits for ordinary citizens.
- The minimum deposit to qualify for the Maybank Senior Citizen Privilege Plus Singapore Dollar Time Deposit Scheme is S$50,000 and the minimum tenure is 6 months. If not for a 6-month period, the applicant has to at least deposit S$25,000 for a 12-month period.
- The applicant will have access to various types of banking services against their deposit including overdraft facilities.
- The deposit can be auto-renewed after it attains maturity. Premature withdrawal is also possible. If withdrawal takes place less than 3 months into opening the account, no interest will be paid. For premature withdrawals post the 3-month period, interest will hold applicant, but a much reduced interest will be earned depending on the number of months that have passed since opening the deposit account.
Eligibility Criteria for Maybank Senior Citizen Singapore Dollar Time Deposit
- The applicant has to be at least 55 years of age.
- The minimum deposit is S$50,000 for a 6-month period and S$25,000 for a 12-month period.
- The deposit scheme is available to Singaporean citizens, Permanent Residents and Foreigners.
Documents to be submitted
To open a Senior Citizen Deposit Account with a bank that offers the particular scheme, the following documents need to be submitted:
- Front and back copy of NRIC – to determine identity and age (in case of citizens and Permanent Residents).
- In case of foreigners – a valid employment pass, a valid work permit, Passport, latest bank statements.
Minimum Deposit for a Senior Citizen Deposit Scheme
The following is a table indicating the minimum amount needed to start a senior citizen deposit scheme:
|Bank||Minimum Tenure||Minimum Deposit Amount||Maximum Deposit Amount|
|Maybank||6 months||S$50,000 (for 6-months) S$25,000 (for 12-months)||NA|
How to apply for a senior citizen deposit scheme?
You can do so by visiting the nearest branch of your bank. The bank will ask you to fill out your application form, following which your details will be verified and your application process will be initiated.
FAQs on Senior Citizen Deposit Schemes
Q. Do all banks in Singapore offer deposit schemes for senior citizens?
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?
No maximum age as such is mentioned by the bank. The minimum age is 55 years.
Q. Are rates subject to change?
Yes, very much. Banks change their deposit interest rates for different tenures on a periodic basis.
Q. What are some benefits that can be received along with opening a senior citizen deposit scheme?
Some benefits include access to a Personal Line of Credit, overdraft facilities, loans against the deposit, etc.