Time deposits are called so because banks hold a certain amount from the customers for a predetermined period. This amount earns an interest on a per year basis. This is one way of saving money for the future, albeit the most conservative one. However, due to the complete safety associated with it, many people opt for this facility. Since there is no loss of the principal amount, no worries about safe-keeping the cash, and the interest gained, it seems to be a win-win situation.
Most banks in Singapore offer time deposits/fixed deposits to their customers in various currencies. Maybank is one of the banks that offers term deposit accounts in Singapore dollars. The fixed deposit facility called Singapore Dollar Privilege Plus Time Deposit is especially for senior citizens, and it demonstrates that it is never too late to start saving. Have a look at the details of the facility offered by Maybank.
Features and Benefits
- This FD is tailor-made for persons above the age of 55.
- The renewal after the tenor is automatic.
- You can keep a tab on the deposit through Phone Banking (Dial-Link) and by logging on to the Maybank ibanking site.
- Maybank allows you to use your time deposit for overdraft facilities as well.
- If you lock-in the amount for a minimum of 1 year, you have three choices regarding interest rates, out of which you have to choose one. The choices are:
- Crediting your monthly interest automatically to your Maybank savings account or current account (valid only for branch placement)
- Payment of your interest at maturity of the deposit.
- Payment of principal and interest rolled over at the maturity of the deposit.
Maybank Singapore Dollar Privilege Plus Time Deposit Interest Rate
The interest rates offered by Maybank for time deposits are 0.25% more than the highest board rates. Board rates are usually in the range of 0.2% p.a. to 1.25% p.a. But these rates are subject to change and hence there could be a change in the interest rates from time to time.
The interest you will get on this account is listed in the table below:
|1 month (p.a.)||2 months (p.a.)||3 months (p.a.)||6 months (p.a.)||9 months (p.a.)||1 year (p.a.)||18 months (p.a.)||2 years (p.a.)||3 years (p.a.)|
|S$1,000 – S$999,999||0.45%||0.55%||0.6%||0.65%||0.8%||0.95%||1.15%||1.25%||1.45%|
- If you are at least 55 years old and are a Singaporean, PR or even a foreigner, you are eligible to apply.
- You need to deposit at least S$50,000 for a minimum of 6 months or S$25,000 for a minimum of 1 year.
Fees and Charges
The early withdrawal fee in case of premature withdrawal will be determined by the bank.
Q. Can I withdraw half of the amount before maturity?
A. You may withdraw half of the amount before maturity only if you are have not opted for the monthly interest payment scheme.
Q. Can I give prior instructions about maturity?
A. Yes, you can provide your instructions when you place a new deposit and it will be carried out at maturity.
Q. Are my deposits insured?
A. Yes, your deposits are insured by the Singapore Deposit Insurance Corporation up to an amount of S$50,000 per depositor.