uob fixed deposit rate
uob fixed deposit rate
Blog Article
A fixed deposit is a popular savings choice for individuals looking to gain fascination on their funds around a specified interval. UOB (United Overseas Bank) is among the leading banking companies in Asia and delivers different set deposit products customized for customers in Singapore.
Exactly what is a set Deposit?
Definition: A fixed deposit (FD) is often a economic instrument in which you deposit income to get a predetermined interval, earning curiosity at the next charge than regular discounts accounts.
Duration: The investment expression can range from as small as a single thirty day period to many years.
Essential Attributes of UOB's Singapore Greenback Fixed Deposit
Competitive Desire Prices
UOB presents appealing fascination rates that could vary dependant on the tenure and sum deposited.
Adaptable Tenure Options
Buyers can pick out tenures ranging from 1 thirty day period nearly 60 months, enabling them to align their investments with own monetary ambitions.
Least Deposit Amount
The minimal volume needed to open up an FD account may perhaps vary; normally, it commences all over SGD one,000.
Desire Payment Solutions
Interest may be credited month to month or upon maturity, dependant upon purchaser Tastes.
Early Withdrawal Penalties
Withdrawing cash before maturity might incur penalties or lowered curiosity prices; Hence, it's important to contemplate liquidity wants just before investing.
Security and Security
Deposits are insured underneath the Singapore governing administration's plan for approximately SGD 75,000 per depositor for every financial institution.
Positive aspects of Choosing UOB
Reputation & Trust: As amongst Asiaâs primary financial institutions, UOB has set up itself as trusted and dependable.
On the internet Management: Shoppers can deal with their set deposits conveniently check here by way of online banking platforms with no need Actual physical visits to branches.
Promotional Delivers: Occasionally, UOB supplies marketing rates offering a lot better returns throughout distinct durations or occasions.
How It Works
Open an Account:
Take a look at any UOB department or use on-line banking companies.
Pick out Your Deposit Amount and Tenure:
Choose the amount you want to make investments and select your chosen length.
Fund Your Deposit:
Transfer cash into your new FD account working with hard cash or other payment methods offered by the bank.
Receive Curiosity Payments:
According to your selection of payment frequency (regular monthly or at maturity), you can get your earnings appropriately.
Maturity Notification:
You'll be notified when your FD matures so that you can choose no matter whether to renew it or withdraw your principal in addition to earned interests.
Simple Case in point
Consider you may have SGD 10,000 that you do not need usage of for 2 a long time:
You may location this amount inside of a UOB fastened deposit by using a tenure of 24 months at a lovely interest level (e.g., 1%).
At maturity:
You'd acquire back again the original SGD ten,000 additionally extra earnings dependant on the agreed-on interest amountâwhich makes it an effective technique to expand savings when making certain protection in comparison with more unstable expense selections like stocks.
In conclusion, picking a Singapore dollar fastened deposit at UOB permits prospects in Singapore don't just security and also possible expansion through competitive desire offerings tailor-made In keeping with personal desires and preferences!