Deposits FAQs

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The different types of Deposit Schemes are as under:

  1. SGD Deposit Schemes for Individuals
    • Basic Savings Account
    • Savings Special Account
    • Kid Savers Account
    • Term Deposit
    • Multi Sweep Account
    • Check Plus
    • Recurring Deposit
    • Multi-Option-Deposit Scheme
    • 50Plus Time Deposit
  2. SGD Deposit Schemes for Corporates
    • Current Account
    • Term Deposit
    • Multi-Option-Deposit Scheme
  3. Foreign Currency Deposit Schemes for Individuals
    • Foreign Currency Term Deposit
    • Foreign Currency Current Account
  4. Foreign Currency Schemes for Corporates
    • Current Account in USD,GBP,EURO and JPY
    • Time Deposit in USD, GBP, EURO and JPY

Click here for the features of our products to know the minimum amount of deposit that should be maintained under various deposit schemes.

Please refer to the pricing guide to know the fall below fee penalty for our deposit schemes. Please click here

For Individuals:
  1. Individuals of the age of 21 years and above are eligible to open a Deposit account.
  2. 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.
  3. 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:
  1. 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)

  1. Singaporeans/ Permanent Residents:
    • 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 –
    • Copy of Bank account statement for past 3 months
    • Self Cheque drawn on any bank in Singapore, in case initial funding is through cheque
  2. Non- Singaporeans:
    • Photocopy of Passport
    • Photocopy of EP/ WP/ DP
    • 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.

The current Interest rates are available at:

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

Yes. Deposits in the names of Minor are accepted subject to applicable terms and conditions.

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

Nomination Facility is not available.

  1. By Cash at any of our Branches across Singapore. Please view the “Branch Locator” for further information
  2. By MEPS/SWIFT *
  3. By NETs up to the individual limit fixed by the Bank which has issued the NETs Card
  4. By giving GIRO instructions for credit into your account.
  5. Through operations of your Internet Banking Transactions for intra Bank transfer of funds.
  6. By Cheques drawn locally in SGD and USD subject to collection through local clearing.
  7. 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.

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

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

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.

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.

DEPOSIT INSURANCE SCHEME: Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$75,000 in aggregate per depositor per Scheme member by law. Monies and deposits denominated in Singapore dollars under the CPF Investment Scheme and CPF Retirement Sum Scheme are aggregated and separately insured up to S$75,000 for each depositor per Scheme member. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured. ( Please click here for more information ) .