Deposits FAQ - SBI Singapore

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Deposits FAQ

1.	What are the different types of Deposit Schemes offered by us ?
2.	What is the minimum amount of deposit that can be made under various deposit schemes?
3.	What is the fall below fee penalty for the various deposit accounts?
4.	Who are eligible to open deposit under these schemes?
5.	What are the documents to be submitted for opening the deposits?
6.	Where can I find out the current interest rate for Deposit Accounts?
7.	Can deposit be placed in the name of a minor?
8.	Can deposit be placed as a joint account?
9.	Is there nomination facility in these accounts?
10.	How can I remit funds for the Deposit?
11.	Can I withdraw my Fixed Deposit before its maturity date? What are the terms for premature withdrawal of the deposits?
12.	What are the terms for availing loan against SGD Time Deposit?
13.	Is my deposit Interest Income tax deducted at source?
14.	What is the jurisdiction of such deposits for settlement of any dispute?
15.	Will the deposit be covered by deposit insurance?

The different types of Deposit Schemes are as under:

SGD Deposit Schemes for Individuals

SGD Deposit Schemes for Corporates

Foreign Currency Deposit Schemes for Individuals

•	USD Current Account

Foreign Currency Schemes for Corporates

•	Current Account in USD,GBP,EURO and JPY
•	Time Deposit in USD, GBP, EURO and JPY

2.	What is the minimum amount of deposit that can be made under various deposit schemes?
	Please visit http://www.sbising.com/deposit_products.asp and http://www.sbising.com/cop_deposits.asp for the features of our products to know the minimum amount of deposit that should be maintained under various deposit schemes.

3.	What is the fall below fee penalty for the various deposit accounts?
	Please refer to the pricing guide to know the fall below fee penalty for our deposit schemes. Please click here

4.	Who are eligible to open deposit under these schemes?
	For Individuals:
	Individuals of the age of 21 years and above are eligible to open a Deposit account.
	For selective Deposit Schemes, minors in the age group of 12 years to below 21 years are also eligible to open and operate the account independently, in case they are Singaporeans / Permanent Residents of Singapore.
	In the case of minor children of age below 12 years, one of the parents/ legal guardian is allowed to open jointly with the minor. However, the parent/legal guardian shall only be allowed to open, operate and close the account.
	For Corporates:
	Legal entities such as Corporates, Sole Proprietorship, Partnership firms, Trusts, Clubs and Associations are eligible, subject to terms and conditions of the scheme.

Documents to be submitted along with the application form (originals to be produced for face to face verification)

A	Singaporeans/ Permanent Residents:
1.	Photocopy of NRIC, both sides (The NRIC should have latest address of the applicant)
In case of Term Deposit account opening by sending form through post, new customers need to send the following additional documents –
2.	Copy of Bank account statement for past 3 months
3.	Self Cheque drawn on any bank in Singapore, in case initial funding is through cheque

B	Non- Singaporeans:
1.	Photocopy of Passport
2.	Photocopy of EP/ WP/ DP
3.	Document proof of address (i.e. utility bill, driving license etc.), if not same as in EP /WP/ DP
	You may download the account opening form by clicking here.

Where can I find out the current interest rate for Deposit Accounts?

The current Interest rates are available at:

a	Any of the SBI branches across Singapore and
b	By visiting our pricing guide - “Interest Rates”. Please click here.

7.	Can deposit be placed in the name of a minor?
	Yes. Deposits in the names of Minor are accepted subject to applicable terms and conditions.

8.	Can deposit be placed as a joint account?
	Yes. The deposit can be opened in Joint names. Joint accounts with mode of operations such as Either or Survivor, Jointly, Former or Survivor, Latter or Survivor, Anyone or Survivor, etc., are permitted. For more details, please refer the Terms & Conditions document governing the deposit accounts. Please Click here

9.	Is there nomination facility in these accounts?
	Nomination Facility is not available.

10.

How can I remit funds for the Deposit?

i	By Cash at any of our Branches across Singapore. Please view the “Branch Locator” for further information
ii	By MEPS/SWIFT *
iii	By NETs up to the individual limit fixed by the Bank which has issued the NETs Card
iv	By giving GIRO instructions for credit into your account.
v	Through operations of your Internet Banking Transactions for intra Bank transfer of funds.
vi	By Cheques drawn locally in SGD and USD subject to collection through local clearing.
vii	Cheque/Drafts drawn in other currencies subject to collection which normally takes a period ranging from 7-21 working days.
* Please contact the branch for further information.

11.	Can I withdraw my Fixed Deposit before its maturity date? What are the terms for premature withdrawal of the deposits?
	Yes. Premature payment of fixed deposits is allowed subject to the terms and conditions of the individual schemes. For further information, Please refer to features of the products. Please Click here

12.	What are the terms for availing loan against SGD Time Deposit?
	The bank may consider loan against the deposits to the maximum extent of 90% of the deposit amount subject to the terms and conditions of the product. Please Click here

13.	Is my deposit Interest Income tax deducted at source?
	There is no tax deduction at source on the interest income earned from your deposit. This may be subject to change from time to time in line with the changes of the Local Tax Laws during the tenure of the deposit and the Bank will abide by the rules prevailing in this regard from time to time.

14.	What is the jurisdiction of such deposits for settlement of any dispute?
	The deposit is governed by the laws of Singapore and will be subject to the jurisdiction of the Courts in Singapore in case of any dispute.

15.	Will the deposit be covered by deposit insurance?
	Deposit accounts held by individuals and eligible Charities are insured by the Singapore Deposit Insurance Corporation upto SGD20,000 in aggregate across specified accounts for each depositor under the Deposit Insurance Act.
	Central Provident Fund Investment Scheme accounts are separately insured for up to SGD 20,000 in aggregate for each depositor.
	Foreign currency deposits, structured deposits and accounts earmarked or held as collateral are excluded from insurance coverage. {See SDIC in our website – for further information}.

For further clarifications you can fill out our Inquiry form, or contactus via the feedback form.