uob fixed deposit rate
uob fixed deposit rate
Blog Article
A fixed deposit is a well-liked savings solution for people wanting to get paid desire on their own money above a specified time period. UOB (United Overseas Lender) is among the top banks in Asia and offers many fastened deposit merchandise tailor-made for customers in Singapore.
Exactly what is a set Deposit?
Definition: A fixed deposit (FD) is a economical instrument in which you deposit income for any predetermined period, earning desire at an increased charge than normal savings accounts.
Period: The expenditure term can range between as quick as 1 thirty day period to numerous many years.
Vital Characteristics of UOB's Singapore Dollar Fastened Deposit
Competitive Fascination Prices
UOB features eye-catching interest costs that can vary based upon the tenure and quantity deposited.
Versatile Tenure Choices
Shoppers can select tenures starting from one month approximately sixty months, enabling them to align their investments with own fiscal goals.
Bare minimum Deposit Amount of money
The minimal total needed to open an FD account may possibly change; usually, it commences all-around SGD 1,000.
Interest Payment Possibilities
Fascination can be credited month to month or upon maturity, determined by customer preferences.
Early Withdrawal Penalties
Withdrawing funds just before maturity may well incur penalties or lessened desire rates; Therefore, it's important to take into account liquidity desires right before investing.
Protection and Stability
Deposits are insured underneath the Singapore governing administration's plan for nearly SGD seventy five,000 for each depositor for each bank.
Rewards of Choosing UOB
Track record & Have confidence in: As among Asiaâs major banking institutions, UOB has set up itself as responsible and trusted.
On line Administration: Consumers can control their fixed deposits conveniently as a result of on the net banking platforms with no need physical visits to branches.
Marketing Delivers: Sometimes, UOB provides advertising charges that offer better yet returns for the duration of particular durations or activities.
How It really works
Open an Account:
Stop by any UOB branch here or use online banking expert services.
Pick Your Deposit Amount of money and Tenure:
Make a decision just how much you ought to make investments and select your preferred length.
Fund Your Deposit:
Transfer money into your new FD account making use of funds or other payment solutions provided by the lender.
Obtain Curiosity Payments:
Depending on your alternative of payment frequency (regular or at maturity), you'll acquire your earnings appropriately.
Maturity Notification:
You'll be notified when your FD matures so you're able to make your mind up regardless of whether to resume it or withdraw your principal coupled with earned interests.
Useful Illustration
Consider you have SGD 10,000 that you do not require entry to for two a long time:
You might position this amount of money in a UOB fixed deposit having a tenure of 24 months at a beautiful curiosity price (e.g., 1%).
At maturity:
You'd receive again the first SGD ten,000 in addition more earnings based upon the agreed-upon fascination feeâwhich makes it a highly effective approach to expand financial savings whilst making certain basic safety as opposed with more risky financial commitment possibilities like stocks.
In summary, deciding on a Singapore dollar fastened deposit at UOB lets shoppers in Singapore not merely security but will also probable progress via aggressive curiosity choices tailor-made Based on individual desires and preferences!