Depositing some amount of money will be more interesting by knowing the terms and conditions you are going to face. Aside from knowing how to make the account, it’s best to know what interest rate is being offered with the service.
HL bank, which stands for Hong Leong Bank, offers this deposit service as well. Knowing how the HL Bank fixed deposit Singapore works will be much beneficial especially if you want to invest your money there. Find out some useful information about it below.
What is Fixed Deposit?
Fixed deposit may not be an alien word in banking. Also called as time deposit, fixed deposit is served by a bank or other non-bank financial institutions as a feature similar with regular saving, but with higher interest rates.
Another thing that differs fixed deposit from regular saving account is the tenure. Tenure is defined as a period of time in which people should not withdraw their money from the deposit unless they want the interest rates to be dismissed.
HL Bank Fixed Deposit
If you have spare money, meaning that the money which is not affected by any of your monthly allowances or business capitals, then you can proceed with depositing your money.
Remember that you need to keep the money there for a long time to get better interest rate. You will not get something plus if you retrieve back your money before the tenure ends.
| Deposit Range (% p.a) | Min. S$50,000 |
|---|---|
| 1 mth | 0.1 |
| 3 mths | 0.2 |
| 6 mths | 0.3 |
| 12 mths | 0.4 |
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Well, let’s now get back to the topic: HL bank fixed deposit Singapore. How to deposit some money in this bank?
Visiting a bank branch
The procedure is relatively similar with creating a new saving account. However, you should tell the officer that you are depositing your money.
Applying online
You can as well apply online through their official website. For safety reason, it’s recommended to open an account offline by handing in the money directly to the officer.
The minimum amount of money deposited in HL Bank is S$50,000. You can also deposit with other currencies such as:
- USD (US Dollars),
- GBP (British Pounds),
- CNH (Chinese Yuan),
- AUD (Australian Dollar),
- NZD (New Zealand Dollar), and
- HKD (Hong Kong Dollar).
Each currency has different interest rates. The rates range from 0.02% p.a. to around 2.6% p.a.
Tenure and Eligibility to Apply
As mentioned earlier, tenure is the period where you keep the deposit money away from withdrawal. In HL Bank fixed deposit, the tenure varies from 1 to 24 months.
Then, how much interest rate you will get? For SGD deposit, the rates are as follows:
- 1% p.a. interest rate for 1-month tenure;
- 2% p.a. interest rate for 3-month tenure;
- 3% p.a. interest rate for 6-month tenure, and
- 4% p.a. for minimum 12-month tenure. So, if you pick 24-month tenure, the interest rate will also be 0.4% p.a.
To open your HL Bank fixed deposit Singapore, you should be at least 21 years old (for individual applicant). The deposit account is applicable for both individuals and non-individuals let it be a company, club, or association.
Lastly, you should have a willing to comply with all of the bank’s terms and conditions, as well as agreeing to the fees charged (usually for withdrawal pre-maturity time).