DBS Bank Fixed Deposit Reviews in Singapore

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):

1. Singapore dollar fixed deposits 
2. Foreign currency fixed deposits 
3. DBS Premier Income Account 

Let us discuss these schemes in detail.

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. 

DBS Car Loan - What you Need to Know

If you are looking for a car loan with accommodating interest rates, you can explore DBS Bank’s attractive loan offers. The loan can be availed on a wide range of vehicles and repayments can be made through flexible, extended tenures. The prevailing preferential interest rate offered by the bank on car loans is 2.08% p.a. if you apply for the loan online. DBS also issues you a credit report to your registered address within 30 days of rejection or approval of your car loan application. Also, enjoy increased savings if you apply for a car loan with DBS at prevailing interest rates.

Things couldn’t have gotten any better! With the approval of your car loan application, you get preferential, customised rates through DriveShield on your car insurance. Simply sign up for DBS Bank’s Christmas Promotion and get a free quote on your DriveShield insurance policy.

The loan process can be completed online in two simple steps by signing up through your details on the DBS website and emailing the required documents. The loan application, once filled out and submitted, will be approved subject to meeting the eligibility parameters.

What are the features of the DBS Car Loan?

Exciting features are what make Loan options attractive, especially if you are comparing offers from various banks and arriving at the best option. Here are the salient features of the DBS Car Loan Application.

• The loan amount is dependent on the Open Market Value.
• You can choose a convenient and flexible repayment period with tenors extending up to 7 years.
• Your chances of getting the loan approved is greater if you have a good credit score.
• Repayment histories, total debt owed and type of debt influence credit scores.
• Loan applications are mostly disapproved if credit scores do not meet in-house standards.
• The vehicle once purchased is covered by insurance.

Can DBS Car Loans be availed for used cars as well?

DBS provides car loans for purchase of used cars too. Usually the Open Market Value for a used car is determined by factors including its age and depreciation. The car has to meet a certain Loan to Value ratio that is deemed appropriate by the bank. Once the depreciation is determined (straight line depreciation), a certain value called the applicable OMV is derived, following which the Loan to Value ratio is computed. Once done, the amount that can be availed towards the financing of the used car will be computed.

Upon completing the application form online and submitting it, the documents can be uploaded on the bank’s official website (by signing in with your credentials). Your application will be reviewed and approved solely at the discretion of the bank (the bank has the right to reject your card loan application if your credentials do not meet the eligibility parameters). Aspects like a good credit score through effective handling of credit, the extent of your relationship with the bank and the total amount of debt owed by you are decisive factors in determining the approval of your car loan application.

So, if you wish to avail a DBS Car Loan, visit the bank’s official website and check out the available interest rates also you can you can receive preferential interest rates to finance your dream car. If you’ve been a DBS Credit Card customer or looking to buy a credit card then you would love to check DBS Credit card Reviews in the last post.