Maybank has just launched a Singapore Dollar Islamic term deposit called the Deposit-i. This is the first Islamic deposit in Singapore for retail clients. Maybank’s Islamic Term Deposit-i is based on the Islamic financial principle of Murabaha involving the sale of commodities at a marked-up price between Maybank and you. Profits are determined before placement […]
Last week, MAS announced that they will be doing a review of the current deposit insurance scheme. Back when the deposit insurance scheme was started in April 2006, it targeted to fully insure the deposits of 80-90% of individual depositors. A limit of $20,000 per individual depositor per institution was set, allowing 87% of individual […]
Starting from yesterday, interest rates on the savings accounts at both DBS and POSB will be reduced. The interest rate for the first $50k held at PSOB will be cut from 0.25% to 0.125% while DBS Savings Plus account holders will get 0.1% for the first $50k. Rates at other banks are similarly low. For […]
I saw this banner of a CIMB Bank fixed deposit promotion and thought of sharing the details here with you. These are the terms: Interest: 1.8% p.a. for 12-month SGD or 1.5% p.a. for 3-month SGD Minimum amount of $10k only Available to both new and existing customers Falls under the Singapore Governments guarantee until […]
My mum was asking me about a 3% p.a. FD rate that she saw in the newspapers the other day. The minimum sum required was $40,000. 3% for a fixed deposit at this time? Surely there was a catch. To be precise, the rate she saw was 3.08% p.a. The deal was too good to […]