Savings in monthly installment.

Minimum monthly deposit of SGD 50

Flexible tenor (6/12/18/24 months)

Demand loan facility available

Interest is calculated on the daily balance as on the end of the day and applied at the time of maturity.

No interest will be payable on premature withdrawal, unless the deposit has run for the minimum period of six months or as decided by the bank from time to time for various maturities. In the event of a premature withdrawal after the expiry of the minimum interest period, interest shall be paid only for the completed months for which the deposit has run and no interest will be paid for the broken period.

If the monthly installments are due for more than 2 months, an amount of SGD 10 per installment is levied as penalty for the delayed payment.

Deposit is accepted in fixed monthly installments. A minimum monthly installment of SGD 50 is required. There is no cap on maximum installment amount.

The date of maturity is 30 days from last installment or original maturity date whichever is later.

Loan against the deposit available, offered upto the maximum extent of 90% of the deposit amount

Deposits are covered under SDIC upto the eligible limit

Individuals of the age of 21 years and above are eligible to open a Recurring Deposit account.

Minors of the age of 12 years and above and 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 a joint account in the names of the parent/legal guardian and minor child.  However, the parent/legal guardian shall only be allowed to open, operate and close the account.