![]() ![]() ![]() ![]() There are very little prerequisites needed to place a fixed deposit, no need to complete a KYC process (if you already have a bank account) or an investment risk profile.įor savers who cannot tolerate any volatility, fixed deposits are a safe way to get slightly better returns than just holding their cash. Just walk into any bank branch, and you can place a fixed deposit as long as you have the required funds. The 3 major banks in Singapore, and other banks and financial institutions, all offer fixed deposits which makes it accessible to Singaporeans. This simplicity, coupled by its familiarity, makes fixed deposits an easy choice to invest your money (with the interest rates are attractive enough). The odds are that if you are a Singaporean, you would already have at least one bank account (likely one of the 3 major banks: DBS/POSB, OCBC, UOB) and know that banks offer fixed deposits.įixed deposits are also a relatively simple financial instrument to understand – you put your money in a fixed deposit, lock it in for the stipulated period, and collect higher interest instead of putting it in a savings account or holding it as cash. Offered by many traditional Financial Institutions (FI) such as banks, fixed deposits have been a staple for Singaporeans, including the older generation or those who are not as financially savvy. Read Also: Beginners’ Guide To Fixed Deposits In Singapore Fixed Deposits Are Easily Accessible And Familiar ![]()
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