OCBC Singapore Dollar Time Deposit account is a great way to minimise your portfolio risk while maximising the returns. You can place as much amount as you want for a predetermined period to earn a fixed interest. You can choose your deposit tenure from one month to 48 months, which gives you enough flexibility to plan your finances. Choosing a tenure that matches your financial objectives will also help you avoid the situation of a premature withdrawal that often involves penalty charges.
You can make a deposit without even stepping out of your home if you are an existing OCBC savings/chequing account holder with access to internet banking.
Features and Benefits
- The account requires a minimum deposit of S$5,000 and allows maximum deposit of S$999,999. Within this range, you can invest any amount that suits your requirements. If you wish to invest more than S$1 million, you can reach out to the bank through their Customer Service Contact or you can visit any nearest branch.
- Depending on your financial objectives and plans, you can choose your deposit tenure from one month to 4 years.
- This account is protected by the Deposit Insurance Scheme by SDIC. In effect from 2011, the scheme offers protection to individual and company depositors against the risk of a bank going bankrupt. This scheme provides insurance for up to S$50,000 for your Singapore dollar deposits.
OCBC SGD Time Deposit Interest Rate
Longer the tenure you choose, the more you will earn as interest on your deposit. Check out OCBC fixed deposit rates in the tables below:
|Deposit tenure||S$5,000 – S$20,000||More than S$20,000 and up to S$50,000|
|Deposit tenure||More than S$50,000 and up to S$99,000||S$100,000 - S$249,999||S$250,000 - S$499,999||S$500,000 - S$999,999|
OCBC SGD Time Deposit Promotions
Earn an interest of up to 1.18% p.a. on depositing S$20,000 or more for 12 months. This promotional offer applies only to the fixed deposit placements made at an OCBC branch. Also, to be eligible for this promotion, make sure that the amount you are placing are in fresh funds only. This means that you can’t place a deposit by transferring or withdrawing funds from your existing OCBC account. This is not valid on SRS fixed deposit schemes.
- You should be a Singaporean, Singaporean permanent resident, or foreigner.
- You should be at least 18 years old.
Fees and Charges
You may have to pay a fee to the bank if you withdraw your fixed deposit before maturity.
Q. What options do I have to make placement of a new SGD time deposit?
A. There are different ways in which you can make a new placement. If you don’t have any existing savings account or chequing account with OCBC, you can visit any nearest OCBC branch and get your placement processed immediately. If you have an existing savings/chequing account, you can place your fixed deposit online from Monday through Saturday between 10:00 a.m. and 9:30 p.m. This will require you to choose the currency, term, and amount of the deposit. Alternatively, you can also send a secure email when you access your online banking account.
Q. How do I withdraw my OCBC SGD time deposit?
A. If you don’t have any savings/chequing account at OCBC, you can withdraw your deposit by simply visiting any nearest branch of the bank. If you have an existing savings/chequing account at OCBC, you can just call the bank’s customer service centre and your withdrawal will be processed in one working day. Alternatively, you can also login to your online banking account and send a secured email to the bank to request the withdrawal.
Q. Can I withdraw my time deposit before it matures?
A. Yes, you can withdraw your fixed deposit before its maturity date. However, you may have to pay a fee to the bank for early withdrawal or you may also have to forego the interest accrued on your account.
Q. What happens to my SGD time deposit account when I die?
A. If your beneficiaries are adults, the bank may choose to close your account and give the money to your beneficiaries equally or it may open new accounts for your beneficiaries and transfer the money to those accounts. In case your beneficiaries are not adults, the bank will close your account and open new accounts for your beneficiaries’ personal representatives in trust and release the funds to those accounts.
Q. What happens if there is no balance in my account?
A. If there is zero balance or negative balance in your SGD fixed deposit account, the bank has the right to close your account without any prior notice.