The Foreign currency fixed deposit scheme offered by the United Overseas bank provides a good earning potential with great returns. You may choose from a wide range of currencies when you intend to open a foreign currency fixed deposit account with United Overseas Bank (UOB). Canadian Dollar or CAD is one currency that you may choose for your foreign currency fixed deposit scheme. You can choose a tenure of your choice which may start from 1 week and can continue as long as 12 months. The deposit amount that it required to open this account with United Overseas bank is also very low. The account gets automatically renewed on maturity. There are more benefits that are associated with this fixed deposit. You may use the fixed deposit as a collateral for the loans.
You must understand that saving money for the future is of great importance. It is a good thing that you earn well now. If you do not save substantially, you will not be able to tackle situation in the long run. Financial crisis can enter your life anytime. So, the ideal thing to do is save for such situations. Once the financial aspect of a problem is taken care of, the rest of it automatically becomes easy for you to tackle. Fixed Deposits are a good option when you wish to save money and earn from it at the same time. Saving enough for the future will give the peace of mind that you deserve.
You could open a fixed deposit account in the UOB with as low as CAD5,000 and for a tenor as low as one week. You can stow away your money for as long as two weeks, but without gaining interest. However, your fixed deposit account will earn interest only if the tenor is more than one month.
The highest amount you can deposit goes up to CAD499,9999 and the highest tenor is 12 months. But, after six months, your fixed deposit will not earn any interest rate.
Additionally, you do not have to pay fees to maintain the account. Non-resident individuals will be exempt from paying tax on the interest earned. You can also get a credit card against the FD.
UOB Canadian Dollar Foreign Currency Fixed Deposit Interest Rates:
The interest rate ranges from 0.31 to 0.95% p.a. Since interest rates offered by banks keep changing, it would be necessary to check it from the bank’s website. To read more about the interest rates and tenors.