Talking about an investment, a fixed deposit is one of the most common investment instruments that can be considered free of risk. Suppose you would like to establish emergency savings to achieve your financial objectives. In that case, a fixed deposit is a right option.
Many banks and non-banking financial companies in Singapore offer fixed deposit services, and Singapura Finance is one of the many financial institutions you can select from. However, it’s crucial to find the right FD scheme so that you can obtain the highest return on your investment.
Before you apply for a fixed deposit plan, there are certain things you must keep in mind. Suppose you wish to invest a considerable amount of sum. In that case, a fixed deposit is an ideal choice, and its interest rate usually higher than the one offered on a standard savings account. You need to also consider some of the following factors in choosing the best Singapura Finance fixed deposit scheme.
How to Choose the FD Scheme in Singapura Finance
Credibility of fixed deposit provider
Many fixed deposit providers claim to have the highest interest rate but do not ever fall for that. It’s essential to always keep other variables in mind, such as the credibility of the financial institution that provides FD service.
Interest paid rate
It’s advisable to compare the interest paid rate from one provider to another. By comparing this factor, you will know which institution offers interest paid that fits your requirements.
Many unexpected circumstances make you have to break your fixed deposit plan before the date of maturity.
Therefore, before you open an FD account, it’s necessary to ensure whether or not you will be charged any penalties if your fixed deposit breaks before the date of maturity.
Always check the lock-in date of the FD that is offered by any financial company. The longer the duration, the higher the interest rate you will obtain.
Singapura Finance fixed deposit board rates.
|Deposit Range (% p.a)||Less than S$50,000||S$50,000 and above|
You may also like: Bank of East Asia Fixed Deposit
How to Apply Fixed Deposit in Singapura Finance
At times, just having a regular saving account is not enough. With the interest rates of Singapura Finance fixed deposit, you will surely get more. Here is how to apply the FD scheme in Singapura Finance:
- If you wish to open a personal fixed deposit account, you simply need to find the nearest branch of Singapura Finance and visit the customer service along with the following documents:
- If you are a permanent resident in Singapore and also a Singapore citizen, you only need to submit your Singapore NRIC.
- If you are a foreigner, you should submit your passport with your work permit or employment pass.
- If you plan to open a corporate fixed deposit account, you need to first make an appointment with customer service in one of the nearest Singapura Finance branches.
By applying a fixed deposit scheme in Singapura Finance, you will get competitive interest rates, and a wide array of tenures with minimum deposits is as follows:
- For three months and above: S$500
For one up to two months: S$5,000