There are many banks in Singapore that offer a fixed deposit account to its customers. Fixed deposit or term/time deposit, is simply safe-keeping your money with the bank while earning some interest on FD. You could use the term deposit as a collateral to gain access to other financial services. Moreover, many banks also allow you to create a fixed deposit account using foreign currencies.
UOB Singapore also offers time deposit in Singapore dollars. It is easy to open, maintain and withdraw when required. Let us learn more about this product.
Features and benefits
- You can open a Singapore dollar time deposit account with a low amount of S$5,000.
- You can get a UOB credit card against the fixed deposit account.
- If you have an i-ACCOUNT, your fixed deposit is automatically linked with it to enable you to enjoy an overdraft facility. An i-ACCOUNT is an all-in-one-checking account offered by UOB.
- There is automatic renewal of the deposit money when it reaches maturity.
- The minimum age criteria is 15 years.
- You should be able to make the minimum required deposits.
The interest rate offered on this account is in the range of 0.05% to 0.65% for tenures ranging from 1 month to 3 years. These rates are applicable on any amount of money you deposit.
Fees and Charges
The bank does not levy any charge to maintain the account. However, if you have an i-ACCOUNT, you will have to pay the charges related to it, such as a monthly fee of S$2, a fee for non-maintenance of minimum balance standing at S$7.50, etc.
Q. What will happen if I withdraw the money before the tenure ends?
A. You can withdraw the amount, but the interest payable will be determined by the bank.
Q. Is there any insurance provided by UOB?
A. Yes, the amount you deposit is insured by SDIC. However, only amounts up to S$50,000 are insured.
Q. How can I apply for the term deposit at UOB?
A. You can simply visit the website of the bank to find out the nearest branch of UOB and apply for the same.
Q. Is there a minimum amount to be placed to create a fixed deposit account?
A. Yes. The minimum amount to be placed for different tenors is as follows:
- For 1 month and more the amount is S$5,000.
- For 7 days to 14 days, the amount is S$250,000.
- For less than 7 days, the amount you can place is S$1 million.