The process of opening a Fixed Deposit | Banking in Singapore
Bank Accounts | Fixed Deposits | Singapore
by Bienu
5 October 2020
Fixed Deposit: The process of Account opening
If you have a savings account in a bank, the process of fixed deposit account would be very easy and fast. You need to just transfer funds from your savings account to FD account so that your money starts earning interest.
You can also login to your internet banking open FD account and transfer money online. But if you do not have the account in the same bank, you would require to open an account.
To begin with, you will need to furnish some documents like:
- Front and back of your NRIC (for Singaporeans / PRs)
- Proof of residential address
- If you are an expat looking to open an FD account, you will need to furnish the following documents:
- Passport
- Proof of address
- Employment Pass/Dependent Pass/S Pass/Student Pass or Long-Term Visit Pass, whichever is applicable.
Not only in Singapore’s local currency, but you can also open a FD account in foreign currencies like USD dollars, Australian dollar, Euro, British pound sterling, or China renminbi. Most banks also offer higher interest rates for foreign currencies.
Before making FD in foreign currency, you need to check the aspects like conversion fees or auto-renewal clauses etc.
But don’t forget to compare the FD rates across banks, you may strike a good deal owning to the bank’s promotional activities.
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