Are you looking for the most convenient and beneficial way to invest your money in Singapore? If yes, then you might want to consider fixed deposit option.
One of the banks that provide fixed deposit service is DBS/POSB Bank. Opening DBS/POSB fixed deposit account is a low-risk investment choice to help the money grow in secure, safe, and easy process.
You’re also offered with higher interest rate compared to typical bank saving accounts, as long as you agree not to withdraw the funds before the maturity date.
To help you save from the hassle of research, this article provides you with brief guide about what is fixed deposit account of DBS/POSB Bank as well as the offered interest rates.
What is Fixed Deposit Account of DBS/POSB Bank
DBS/POSB Bank offers fixed deposit banking service. It has multi-currency feature, which means you are allowed to save both Singaporean dollar and other foreign currency in one account.
There are a minimum time period and amount of placement, which are:
- For SGD currency: The smallest amount is S$1,000 with shortest tenor options start from 1 month.
- For foreign currency: The smallest amount is equivalent of S$5,000 with shortest tenor options start from 1 day.
- For premier income accounts: The smallest amount is S$10,000 with shortest tenor options start from 6 months.
Fixed Deposit Interest Rates DBS/POSB Bank
DBS/POSB is one of the Singaporean banks with the most competitive interest rates for fixed deposit accounts. With only S$1,000 for one year, you are able to earn 1.3% p.a., which is the highest rate yet in the market.
Below is the complete list of fixed deposit interest rate of DBS/POSB Bank for each tenure and deposited amount:
|Deposit Range (% p.a)||$1,000 - $9,999||$10,000 - $19,999||$20,000 - $49,999||$50,000 - $99,999||$100,000 - $249,999||$250,000 - $499,999||$500,000 - $999,999|
Apply Fixed Deposit Account in DBS/POSB Bank via Online
Here are the six easy steps on how to apply for DBS/POSB fixed deposit for digibank users:
- Sign into your digibank Online account using user ID and PIN.
- Go to My Accounts menu and then open Deposits.
- Complete the required process of authentication.
- Select the menu Fixed Deposit Action and then choose Fixed Deposit Placement.
- Choose your preferred account, currency, placement amount, placement period, and maturity instruction, then select Next.
- Check if all the information you have inputted are correct, then select the menu Submit.
Please note that the steps to open fixed deposit account online above are only applicable for existing DBS/POSB Bank customers.
If you are planning to be a new customer of this bank, you have to prepare application and bring required document to the nearest DBS/POSB branches.