It is good to plan and save money for healthcare expenses in the future, for your retirement years. UOB, one of the largest banks in Singapore, provides term deposits for senior citizens above 55 years of age. The bank’s Grand Senior Citizens Fixed Deposit is one of the solutions with which you can have financial stability in your old age. It is a dedicated time deposit scheme for senior citizens. Let’s understand this scheme in detail.
UOB Grand Senior Citizens Fixed Deposit Features and Benefits
The features and benefits of this scheme are:
- The bank does not charge any sort of fee from senior citizens to maintain the term deposit account.
- As a senior citizen, you can enjoy an additional interest rate of 0.125% p.a. for tenures of 6 months, 9 months, 12 months, 18 months, 24 months and 36 months.
- You can only deposit amounts of up to S$49,999. Even amounts less than S$10,000 will not be accepted.
- If you are investing S$50,000, you will be eligible for a standby credit line which is worth S$50,000 at a very affordable price. But, this is applicable only for the first unpledged time deposit of S$50,000.
- You can enjoy 50% discount on commissions on cashier’s orders, telegraphic transfers, and demand drafts if you are investing in a UOB term deposit. But, it is subject to a minimum charge of S$5.
UOB Grand Senior Citizens Fixed Deposit Interest Rates
The interest rates that you will get under this scheme are listed in the table below:
|Tenure||Interest rates (p.a.)|
The eligibility criteria to apply for this scheme are given below:
- You must be a minimum of 55 years old.
- The minimum placement amount starts from S$10,000 and it is up to a maximum of S$49,999.
Fees and Charges
There is no fee associated with this account. It is a special privilege provided for senior citizens by the bank.
Q. How do I open a UOB Grand Senior Citizens Fixed Deposit Account?
A. There are two ways to apply for this account:
- You can book an appointment (at selected branches) for express account opening. This can be done online through the bank’s official website.
- You can also visit your nearest UOB or FEB branch to open this account.
Q. What is the maximum age for getting the UOB Grand Senior Citizens Fixed Deposit Account?
A. There is no specified maximum age for this scheme, but the minimum age requirement is 55 years.
Q. What are the modes to deposit money?
A. You can deposit in cash, cheque, by telegraphic transfer or any other mode which is available with the bank.
Q. Will the interest rate for this scheme change?
A. Yes, the rate of interest might change from time to time and it is decided by the bank.
Q. How do I renew the time deposit account?
A. You must write to the bank for renewal of your term deposit account. You need to ensure that it reaches the bank at least 2 days before the existing time deposit matures.