When you don’t know what to do with your excess money and don’t want to risk it on funds or stocks, you need a safer option. Fixed deposit accounts, which are the safest way to make your money grow slowly, is offered by almost all banks in Singapore.
DBS Bank in Singapore offers 3 kinds of Fixed Deposits (FDs):
- Singapore dollar fixed deposits
- Foreign currency fixed deposits
- DBS Premier Income Account
DBS Fixed Deposits – Singapore Dollar:
This account can be used to store and grow your money in Singapore dollars. The features of this account are:- The minimum amount you need to deposit is S$1,000.
- The minimum age for starting an FD is 12 years.
- You can choose tenors of 1 month to 60 months (5 years).
- You can withdraw the amount before the end of the maturity period, but you may lose a little amount as interest if you do so.
- You can even start a joint FD account.
- You can also start a fixed deposit account through the internet banking system.
- You can borrow money using your FD amount as a collateral security to get loans.
The interest rate you will receive are:
Period
|
Interest rate
|
1 month
|
0.05%
|
2 months
|
0.05%
|
3 months
|
0.15%
|
4 months
|
0.15%
|
5 months
|
0.15%
|
6 months
|
0.2%
|
7 months
|
0.2%
|
8 months
|
0.2%
|
9 months
|
0.25%
|
10 months
|
0.25%
|
11 months
|
0.25%
|
12 months
|
0.35%
|
18 months
|
0.6%
|
24 months
|
1%
|
36 months
|
1.1%
|
48 months
|
1.15%
|
60 months
|
1.2%
|
DBS Foreign Currency Fixed Deposit:
This account is for people who want to deposit their money
in a foreign currency. The salient features of the foreign currency FD are:
- You can make deposits in 9 currencies:
o US
Dollar
o Sterling
pound (GBP)
o Australian
dollar
o Canadian
dollar
o New
Zealand dollar
o Chinese
Renminbi (RMB/CNH)
o Japanese
Yen
o Swiss
Franc
o Euro
o Hong
Kong dollar
- You can choose tenures of 1 month to 1 year
- The minimum amount you need to deposit is the equivalent of S$5,000, except for RMB,
- where the minimum deposit is the equivalent of S$50,000.
- You will get interest rates if 0.015% to 2.025%, depending on the currency, the tenure, and the amount deposited. Currencies such as Swiss Franc, Euro and Japanese Yen are likely to give you the least returns.
DBS Premier Income Account:
This account is offers a regular monthly income alongside
the benefits of a fixed deposit account. The main features are:
- You need to deposit at least S$1,000 in this account.
- You can keep your deposits for periods of 6 months to 5 years.
- You can get 0.1% more interest than the first tier rates for deposits of S$1,000 to S$9,999.
- For tenures of 1 to 5 years, you can receive your interest on a monthly basis if you want.
- You can also get special rates for exchange of foreign currency notes.
- You can get overdraft of up to S$10,000 on your FD.
With such lucrative terms, it’s difficult to ignore the DBS FD Schemes. For more information on DBS products or services, take a look at BankBazaar.sg.
