What is Citibank Time Deposit Account?
A time deposit account is an account that has a fixed term and interest rate. You can open such an account to enhance your savings, as it lets you earn a fixed interest rate on your savings based on the tenor you have selected. You can withdraw your funds at the completion of the term period, or you can choose to renew the time deposit. Citibank offers different types of fixed deposit accounts that you can select according to your needs.
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There is no difference between time deposit and fixed deposit. Both the terms are used interchangeably.
Our Time deposit account offers competitive interest rate to grow your savings. These accounts come with flexible tenures to suit your individual need for funds. If you keep your money for a longer tenure, you will earn a better interest rate when it matures.
Yes, you may pre-terminate the time deposit before the maturity date. However, you will not earn any interest and an administrative fee may be imposed for termination of time deposits prior to maturity date. You may review the applicable fee (if any) on Citibank Online prior to pre-termination.
The advantages of time deposits are as follows:
- They are not dependent on fluctuating market trends
- They offer low risks
- They are easy to maintain
- They have flexible tenures
Fixed deposits offer a guaranteed interest rate. You can save your money in a fixed deposit account and earn interest on it. So, when it matures, you will receive a bigger sum than what you invested. It comes with zero risks, as it is not dependent on market fluctuations and trends.
The interest rates for time deposit accounts are fixed at the time when you open the account. They are not dependent on market fluctuations.
Yes, foreigners can open fixed deposits in Singapore if they have the following documents:
- •Address Proof
- •Employment Pass/Dependent Pass/S Pass/Student Pass/Long-term visit pass
Yes, other than opening your fixed deposit account in USD, you can also open a fixed deposit account in other foreign currencies.