What is good from depositing your money? Aside from being stress-free since you are saving the money in a safe place you can get another upside: more interest rates! If you have spare money that you have already deducted from emergency funds, why don’t you try to deposit this amount of money?
One of the banks where you can deposit your money with competitive rates is RHB bank. If you plan to deposit your money in this bank, knowing RHB bank fixed deposit rules will be beneficial for you.
Depositing Your Money with a Time Deposit System
Time deposit system, also called as fixed deposit, is feature offered by banks or other non-bank financial institutions to save your money with certain tenure and higher interest rates, if compared with regular saving account.
What does tenure mean? To be simply put, tenure is a term made to express a certain period of time where people should not withdraw their money from the deposit account. Otherwise, they will get penalized with the form of interest cancellation.
In general, individual depositors will usually be offered tenure starting from 3 months and apparently that is what applies in RHB fixed deposit as well. Tenures exist differently from one bank to another. One bank may permit weekly and one-month tenure; while another bank may not permit it, especially for individuals.
Tenures, Interest Rate, and Eligibility to Apply
If you plan to fixed-deposit your money in RHB bank, then you can simply go to the nearest branch of RHB bank and ask the customer service how you should proceed with the deposit. Typically, they will confirm your eligibility firstly:
- For individuals, the minimum age is 18 years old.
- For Singaporeans, you will need NRIC as a required document. For Singapore foreign permanent residents, then a branch-verified passport is required. For foreign depositors, there are more required documents aside from just passport, such as employment pass, bank statement, and telecommunication and/or utility bill. If needed, the bank may request any other documents.
- You should also be willing to comply with the fees and charges applied to the deposit. Fees will be charged especially if you want to withdraw the money deposited.
The minimum money that should be deposited in this bank is relatively low which is S$1,000. However, always remember that the more and the longer you deposit your money, then chances to get better amount of interest will increase.
Just as shown in the table below, the minimum amount of deposit that works to gain interest starts from S$20,000.
The recent RHB Bank Deposit rates are as follows:
|Deposit Range (% p.a)||S$20,000 to S$200,000||S$200,000 & above|
You may also like: HL Bank Fixed Deposit Singapore
All the rates mentioned above is p.a. amount meaning the rates applied annually. Plus, the 1-month and 2-month tenure are basically for corporate and commercial customers only. Individual tenures start from 3 months. Lastly, for RHB fixed deposit lower than S$20,000, the interest is given at 0.00%.