UOB offers fixed deposits in both Singapore dollars as well as foreign currencies. You could put your extra money away for gaining interest on it by opening a UOB time deposit account.
Features and benefits:
Here are some reasons why you should be considering UOB Corporate FDs for your business:
- UOB claims to have the lowest interest rates and the lowest amount for placement.
- SDIC insures your FD amount if you are not a UOB customer and are under the Singapore Retirement Scheme. The insurance is for an amount up to S$50,000 in aggregate for each person per scheme.
Types of UOB Corporate Fixed Deposits
UOB offers two types of term deposits to its customers and they are as follows:
1. Singapore Dollars Fixed Deposit
- You can withdraw or transfer the interest every year, if you have placed the amount for a longer tenor.
- The renewal is automatic and will be done for the same tenor that you first put it for. The interest rate will be the one that is prevailing on the date of maturity.
2. Foreign Currency Fixed Deposit
- The interest that you gain from this FD is dependent on the exchange rates.
- The interest you earn on this account will be exempt from taxation. If the exchange rate movements are in favour of your currency, then you would get better returns.
- There are multiple tenures available to keep your money safe.
- You can choose to auto-renew the account, which is both time-saving and convenient, unless you want to withdraw the amount at maturity.
How to apply
To open this FD account, you could fix an appointment with any of the UOB branches or Relationship Managers. Simply click on “Click here” on the Corporate Fixed Deposits webpage and they will contact you. Alternatively, you could visit a UOB branch nearby.