Savings are very important in life and fixed deposits are a safe and easy way of saving money for the future. The money saved in fixed deposit accounts earns a higher rate of interest than other kinds of accounts like savings and current account. The money that is deposited cannot be withdrawn before the term period specified.
Singapore dollar is a good currency to open fixed deposits in. The main reason behind it is that in Singapore bank deposits are insured up to 20,000 Singapore dollars. So even if the bank fails you will get back at least 20,000 Singapore dollars. This is known as Deposit Insurance Scheme and is run by the Singapore Deposit Insurance Corporation or SDIC. This insurance only works on current, fixed deposit and savings accounts. The same insurance does not cover other investment options. FD accounts in foreign currency are also not covered by this scheme. Hence you can well understand why it is lucrative to open short term fixed deposit accounts in Singapore and high rates of interest. Your money is really safe and sound. Here are two banks where you can open them and rates offered by them. Check it out before deciding.
OCBC bank -6 month FD rate -0.25% p.a, 12 months FD rate- 0.45% p.a; Some branches of OCBC are:
- 360 Balestier Road, Shaw Plaza – Twin Heights Singapore 329783
- Block 204, Bedok North Street, Singapore 460204; Block 629 Ang Mo Kio Avenue, Singapore 560629 etc.
For more information check out their website.
UOB bank – 6 months FD rate is 0.25% and 12 month FD rate is 0.45% for deposits less than fifty thousand Singapore dollar. You can go to the main branch at 80 Raffles Place, UOB Plaza 1, Singapore 048624 for greater details.
However remember that rate of interest can fluctuate depending on various factors so do check out the current rate from official website of the banks mentioned.