There are many banks in Singapore. They present a wide range of companies and merchandise. Fixed Deposit is considered one of them. The primary concept could be understood from the identify itself. Customers ought to make investments their cash for a particular time interval. Bank officers use this time interval and manipulate cash. They reinvest the cash in different methods and earn more money. The most necessary factor right here is time.
Since the shoppers deposit their quantity for a hard and fast interval, it’s known as a hard and fast deposit. The minimal funding required to open a deposit account is S$1000. Customers get larger rate of interest. It is just like a certificates of deposit. Below is the record of banks in Singapore.
List of Banks:
- DBS – Great World City Branch, Great World City, Singapore.
- UOB – Admiralty Branch, 70 Woodlands Avenue, Admiralty MRT Station, Singapore.
- Maybank – Marine Parade Central, Singapore.
- HSBC – Tanglin, 6 Claymore Hill, #01-01 Claymore Plaza, Singapore.
- Citibank-Cascaden Road Branch, HPL House 50 Kaskedon Road #02-02, Singapore.
The deposit fee depends upon varied components. The main components are the quantity and the time interval. The charges of assorted banks are listed right here under.
List of Fixed Deposit Rates:
- At Citibank, the curiosity is 0.35% for quantities as much as S$50,000.
- At DBS and UOB, the curiosity is 0.45% for quantities as much as S$50,000.
- At HSBC, the speed is 0.48% for quantities as much as S$50,000.
- At Maybank, the rate of interest is 0.75% for quantities as much as S$50,000.