The amount is earned with interest at a pre-determined rate and can be taken out only after the maturity date. What is foreign currency fixed deposits (FCFD)?įoreign currency fixed deposits, or time deposits, allow consumers to convert their SGD to a foreign currency and deposit it in the bank for a period of time known as the tenure.
Whether you’re saving up for that big US trip once the travel bubble opens, or are simply looking to take advantage of the competitive interest rates, you can look to foreign currency fixed deposits to safeguard your cash. Not sure whether you should put your American dollar into a foreign currency fixed deposit in 2021? We’ve collated a list of the USD time deposit interest rates of the major banks so you won’t need to.
