uob fixed deposit rate
uob fixed deposit rate
Blog Article
A hard and fast deposit is a popular financial savings selection for people seeking to receive interest on their own cash about a specified time period. UOB (United Overseas Bank) is probably the primary banking companies in Asia and features many mounted deposit goods tailored for customers in Singapore.
What is a Fixed Deposit?
Definition: A fixed deposit (FD) is usually a monetary instrument where you deposit cash to get a predetermined interval, earning fascination at a better fee than regular cost savings accounts.
Duration: The expenditure phrase can vary from as brief as one month to various many years.
Critical Functions of UOB's Singapore Greenback Fastened Deposit
Aggressive Interest Charges
UOB features desirable fascination premiums that can vary determined by the tenure and amount of money deposited.
Adaptable Tenure Options
Consumers can opt for tenures starting from 1 month as much as sixty months, allowing them to align their investments with personal financial goals.
Minimum Deposit Amount
The minimum amount needed to open an FD account might change; commonly, it begins about SGD one,000.
Interest Payment Selections
Interest is usually credited regular monthly or on maturity, dependant upon consumer Choices.
Early Withdrawal Penalties
Withdrawing resources ahead of maturity might incur penalties or diminished desire costs; thus, it is important to consider liquidity wants right before investing.
Safety and Security
Deposits are insured under the Singapore authorities's scheme for around SGD 75,000 for every depositor for each financial institution.
Gains of selecting UOB
Name & Rely on: As considered one of Asiaâs primary banking companies, UOB has recognized itself as dependable and reliable.
On the net Management: Consumers can regulate their fixed deposits simply by means of online banking platforms without having physical visits to branches.
Advertising Delivers: At times, UOB provides advertising charges which provide better still returns during certain durations or occasions.
How It Works
Open an Account:
Check out any UOB branch or use on the net banking products and services.
Decide on Your Deposit Total and Tenure:
Make your mind up just how much you would like to devote check here and select your favored period.
Fund Your Deposit:
Transfer funds into your new FD account utilizing hard cash or other payment approaches provided by the bank.
Acquire Curiosity Payments:
Based upon your selection of payment frequency (month-to-month or at maturity), you'll receive your earnings accordingly.
Maturity Notification:
You'll be notified when your FD matures to help you determine irrespective of whether to resume it or withdraw your principal together with attained pursuits.
Practical Example
Imagine you have got SGD 10,000 that you do not have to have entry to for two decades:
You can put this sum in a very UOB fixed deposit by using a tenure of 24 months at a sexy desire fee (e.g., 1%).
At maturity:
You'll receive back again the original SGD ten,000 moreover more earnings based upon the agreed-upon interest levelârendering it a powerful solution to grow personal savings although ensuring basic safety in contrast with extra volatile investment selections like shares.
In summary, choosing a Singapore dollar fixed deposit at UOB makes it possible for prospects in Singapore not simply stability but additionally opportunity growth by aggressive fascination offerings personalized according to person demands and Tastes!