Recurring Deposit Account

» Home » Personal Banking » Deposits » Singapore Dollar Deposit » Recurring Deposit Account

A simple formula for large savings

  1. Savings in monthly installment.
  2. Attractive & Competitive Interest Rates
  3. Minimum monthly deposit of SGD 50
  4. Flexible tenor (6/12/18/24 months)
  5. Demand loan facility available
  6. Deposit is accepted in fixed monthly installments. A minimum monthly installment of SGD 50 is required. There is no cap on maximum installment amount.
  7. The date of maturity is 30 days from last installment or original maturity date whichever is later.
  8. Loan against the deposit available, offered upto the maximum extent of 90% of the deposit amount
  9. Deposits are covered under SDIC upto the eligible limit
  1. Individuals of the age of 21 years and above are eligible to open a Recurring Deposit account.
  2. 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.
  3. 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.
  1. Interest is calculated on the daily balance as on the end of the day and applied at the time of maturity.
  2. 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.
  3. 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.
  4. Click here for latest schedule of charges

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)
  2. Non – Singaporeans
    - Photocopy of Passport and
    - Photocopy of Employment Pass / Work Permit / Dependant Pass and
    - Document proof of address (i.e. utility bill, driving license etc.), if not same as in Employment Pass / Work Permit / Dependant Pass