Understanding State Bank of India’s Fixed Deposit Rates in Singapore
State Bank of India (SBI), India’s largest bank, offers a diverse range of fixed deposit (FD) options for its Singapore-based customers. These FDs provide a safe and secure way to grow your savings, offering competitive interest rates and flexible terms.
| Tenor | 6 Months | 1 Year | 2 Years | 3 Years |
|---|---|---|---|---|
| Interest Rate | 2.00% | 2.25% | 2.50% | 2.75% |
| Minimum Investment | SGD 5,000 | SGD 5,000 | SGD 5,000 | SGD 5,000 |
Table 1: State Bank of India’s Fixed Deposit Rates in Singapore (as of 2025)
Benefits of Investing in SBI Fixed Deposits in Singapore
- Guaranteed Returns: FDs offer fixed interest rates throughout the investment period, ensuring a steady stream of income.
- Security and Stability: SBI, backed by the Government of India, is a highly reputable financial institution with a strong track record.
- Flexible Terms: Customers can choose from a range of tenors, from 6 months to 3 years, to align with their financial goals.
- Competitive Rates: SBI offers competitive interest rates compared to other banks in Singapore, maximizing returns on investments.
- Convenience: FDs can be opened through SBI’s Singapore branches or online banking platform, providing easy access and convenience.
Why Choose State Bank of India for Fixed Deposits in Singapore?
- Strong Financial Performance: SBI boasts a robust financial performance with a large customer base and a wide network of branches.
- Customer-Centric Approach: SBI places great emphasis on customer satisfaction, offering personalized services and tailor-made solutions.
- Established Presence: SBI has a long-standing presence in Singapore, with several branches located across the island, ensuring accessibility and convenience for customers.
- High Credit Rating: SBI enjoys a high credit rating from international credit agencies, reflecting its financial stability and reliability.
How to Open a Fixed Deposit Account with State Bank of India in Singapore
- Visit any SBI branch in Singapore or access the online banking platform.
- Complete the necessary application forms and provide supporting documentation.
- Deposit a minimum of SGD 5,000 or its equivalent in other currencies.
- Choose the preferred tenor and interest payout frequency.
Frequently Asked Questions (FAQs)
1. What is the minimum investment for an SBI fixed deposit in Singapore?
SGD 5,000
2. What is the maximum tenor available for an SBI fixed deposit in Singapore?
3 years
3. Are there any penalties for premature withdrawal of funds from an SBI fixed deposit?
Yes, there may be penalties depending on the terms and conditions of the FD account.
4. Can non-Indian residents open an SBI fixed deposit account in Singapore?
Yes, non-Indian residents with valid identification and address proof can open an SBI fixed deposit account in Singapore.
5. Are SBI fixed deposits protected by the Singapore Deposit Insurance Corporation (SDIC)?
No, SBI fixed deposits in Singapore are not covered by the SDIC.
6. How do I calculate the interest earned on my SBI fixed deposit?
Interest = Principal Amount x Interest Rate x Tenor (in years)
7. Can I open an SBI fixed deposit account online?
Yes, you can open an SBI fixed deposit account through the online banking platform.
8. What supporting documents are required to open an SBI fixed deposit account?
- Passport or NRIC
- Proof of address (e.g., utility bill)
- Bank statement or other financial documents
