Mr Wong advised bank customers with multiple deposits to monitor the maturity dates so that they can withdraw the money or find another option before their fixed deposits are renewed at lower rates.Ĭorrection note: An earlier version of the story stated that OCBC had fixed deposits with tenors of 12 and 24 months. He added that when fixed deposits on a promotional rate mature, they will automatically be renewed at a lower rate. Thus, an individual with a larger amount than $75,000 could spread his funds across a few banks, said Mr Wong. The Singapore Deposit Insurance Corporation will pay out up to $75,000 per depositor per institution if the bank or finance company goes under. Mr Victor Wong, director of wealth management at Financial Alliance, said fixed deposits are not liquid and early termination usually means the depositor will get back only the principal without some of the interest.Ĭustomers should also ensure the financial institution is in the Deposit Insurance Scheme. ![]() Mr Tan Chin Yu, senior client adviser at Providend, said an individual should look at the tenor he is comfortable with. With so many fixed deposits on offer and at so many tenors, how is a depositor to choose?
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