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Home >> Services >> Fixed Deposit
FIXED DEPOSIT

Deposit insurance scheme
'Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$50,000 in aggregate per depositor per Scheme Member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.'

  • Customers are required to place a minimum of SGD10,000/-. Deposit can be placed in various major currencies. For other currencies, placement to be minimum value of 10,000/- in the respective currencies.
  • Individuals can open fixed Deposit accounts either singly or in joint names.Companies and Societies can open fixed Deposits also. For Corporate account, formalities to be complied as per requirements stated for current account.Please refer to current account page.
  • Original identity documents i.e. identity card, employment pass and passport to be submitted at the time of opening the account are indicative/non-exhaustive, and approval is subject to the Bank’s discretion/satisfaction. Proof of recent address of depositors-telephone/mobile bill, utility bill, registered lease agreement/bank Account statement may be furnished.
  • Deposits can be placed for various periods as prevailing at the time of opening of Deposit account.
  • 1% penalty will be levied for premature closure of the Deposits. For premature closure of joint accounts, all depositors must provide instructions.
  • Deposits can be placed for various periods as prevailing at the time of opening of Deposit account.
  • Change of address should be communicated promptly.
  • Notification to customers will be by post and the last given address will be deemed to be the actual address.
  • For USD accounts, deposits in USD currency will be subjected to levy of exchange of 1%.
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