OCBC is one of the Singaporean banks that offer fixed deposit as one of their services. OCBC fixed deposit will offer you no-hassle saving account that can be opened with a certain minimum deposit.
What’s more from this deposit, you can get a higher interest rate if compared to the regular saving. If you are thinking about putting away some of your money for a fixed deposit, make sure you understand well about its rules.
OCBC Fixed Deposit
OCBC is quite well-known for being a Singaporean bank, and just like other banks, OCBC also offers fixed deposit as their product. What does the meaning of fixed deposit?
A fixed deposit is also called as time deposit, meaning that the deposit account holder should not withdraw any of all their deposit money before the tenure ends. Tenure is defined as a certain time limit for the money to be deposited. The total months of deposit vary, depending on each bank’s provision, although for many, it ranges from 1 month to the maximum 48 months.
Eligibility and Deposit Requirements
Before opening an account, it’s better to know whether you are eligible or not for being an account holder of OCBC fixed deposit. Everyone who is able to comply with these requirements will be granted the chance to save their money on OCBC deposit.
- The account holder should be at least 18 years old,
- Able to provide these documents required below:
- Singaporeans and Singapore Permanent Residents (PRs): NRIC;
- For foreigners: passport plus a valid pass (Student Pass, Employment Pass)
- Additional documents that show you about your residential address, for example:
- Telecommunication bill
- Utility bill
- Bank statement
- 6-month CPF statement
- Willing to comply with the minimum amount of deposit, which is S$5,000.
- Willing to comply with some rules about fees and charges required for account opening.
Tenure and Board Rate
When it comes to fixed deposit, then the popular term used is tenure. As mentioned earlier, tenure is the length of a fixed deposit account in which you cannot withdraw any or all of your money.
In OCBC, the tenure available for fixed deposit are as follows:
- 1-5 months. The board rate (the interest rate) for this tenure is 0.05% p.a. for all amount of money starting from S$5,000.
- 6-12 months. There’s a slight increase of rate here the board rate is 0.10% p.a. for all amount of money with a minimum deposit of S$5,000.
- 15-24 months. The board rate for these tenures is 0.20% p.a. The same minimum amount of money should be deposited.
- 36 months. Board rate for S$5,000-S$20,000 is 0.50% p.a. while for other amount over, the board rate is only 0.20%p.a.
- Lastly, 48 months. A board rate of 0.70% p.a. is offered for the first category of deposited money (S$5,000 – S$20,000). Then, for S$20,000-S$50,000, the board rate is 0.20% p.a. For money amount over that, then you should directly come to the bank to discuss about this.
OCBC fixed deposit board rates.
|Deposit Range (% p.a)||S$5,000 - S$20,000||S$20,000 - S$50,000||S$50,000 - S$99,999||S$100,000 - S$249,999||S$250,000 - $499,999||S$500,000 - S$999,999|
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OCBC fixed deposit really got you covered for easy account opening you can apply for this deposit account opening online. Plus, if you are plan to open multiple deposit accounts, the bank offers safe and easy multiple account opening as well. You should also visit the bank if you plan on placing more than S$1,000,000.