uob fixed deposit rate
uob fixed deposit rate
Blog Article
A fixed deposit is a popular savings alternative for individuals trying to generate curiosity on their funds about a specified interval. UOB (United Overseas Lender) is one of the leading banking companies in Asia and features several fastened deposit merchandise tailored for patrons in Singapore.
What exactly is a Fixed Deposit?
Definition: A set deposit (FD) is really a economical instrument where you deposit revenue for the predetermined period, earning fascination at a higher amount than typical savings accounts.
Length: The investment expression can range between as quick as a person month to various many years.
Essential Features of UOB's Singapore Dollar Fastened Deposit
Aggressive Curiosity Costs
UOB offers desirable desire rates that could vary dependant on the tenure and quantity deposited.
Versatile Tenure Selections
Customers can pick tenures starting from one thirty day period nearly 60 months, enabling them to align their investments with personalized economical goals.
Minimal Deposit Sum
The least total needed to open up an FD account may perhaps vary; usually, it starts close to SGD 1,000.
Interest Payment Alternatives
Curiosity could be credited month to month or upon maturity, according to client preferences.
Early Withdrawal Penalties
Withdrawing funds prior to maturity might incur penalties or decreased fascination costs; Consequently, it is vital to take into consideration liquidity desires ahead of investing.
Security and Security
Deposits are insured underneath the Singapore governing administration's plan for around SGD 75,000 per depositor for every financial institution.
Positive aspects of Choosing UOB
Track record & Trust: As one of Asiaâs main financial institutions, UOB has proven more info itself as responsible and honest.
On the web Management: Prospects can take care of their set deposits easily as a result of on the web banking platforms without needing Actual physical visits to branches.
Promotional Features: At times, UOB offers marketing charges that offer better yet returns throughout particular durations or occasions.
How It Works
Open up an Account:
Pay a visit to any UOB department or use on the internet banking products and services.
Select Your Deposit Volume and Tenure:
Decide exactly how much you should invest and select your most popular duration.
Fund Your Deposit:
Transfer money into your new FD account working with cash or other payment approaches made available from the bank.
Receive Curiosity Payments:
Determined by your option of payment frequency (regular monthly or at maturity), you can expect to receive your earnings accordingly.
Maturity Notification:
You'll be notified when your FD matures so you're able to come to a decision whether to renew it or withdraw your principal together with attained passions.
Functional Illustration
Consider you have got SGD ten,000 that you don't will need usage of for 2 decades:
You could possibly area this total in a very UOB fastened deposit that has a tenure of 24 months at a pretty fascination fee (e.g., 1%).
At maturity:
You would probably obtain back again the initial SGD 10,000 in addition additional earnings determined by the agreed-upon interest rateârendering it a powerful technique to increase cost savings although ensuring protection in comparison with a lot more volatile investment choices like stocks.
In summary, picking a Singapore greenback mounted deposit at UOB lets shoppers in Singapore not simply protection and also opportunity development as a result of competitive desire offerings personalized In line with person requires and preferences!