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Lastest S$ Deposit updates - Part 3

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Old 03-07-2019, 10:49 PM   #3421
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Better you read the conditions carefully. The deposit is earmarked for 8 months !
yeap it's too long a period to hold. i was put off by that and decided not to chase that.
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Old 04-07-2019, 10:05 AM   #3422
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got ppl feedback their service is very slow
Yes and no. SBI is slow in processing FD due to lot of paper work that is still done manually. I had visited their branches in Jurong East and Little India, both the same with Little India slightly better. But the good news is their queue is usually very short, so the waiting time is a lot shorter compare to other bank.

BTW, FD placement or withdrawal is always time consume for both local and foreign bank, especially if you are first time to the bank.
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Last edited by limchooc; 04-07-2019 at 10:10 AM..
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Old 04-07-2019, 10:46 AM   #3423
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Yes and no. SBI is slow in processing FD due to lot of paper work that is still done manually. I had visited their branches in Jurong East and Little India, both the same with Little India slightly better. But the good news is their queue is usually very short, so the waiting time is a lot shorter compare to other bank.

BTW, FD placement or withdrawal is always time consume for both local and foreign bank, especially if you are first time to the bank.
agree, I went to their branch at cecil street years back, it is super slow
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Old 04-07-2019, 11:04 AM   #3424
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I don't understand, why risk an EM bank for slightly more yield. The extra yield few basis points will hardly make or break your lifestyle.
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Old 04-07-2019, 11:21 AM   #3425
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I don't understand, why risk an EM bank for slightly more yield. The extra yield few basis points will hardly make or break your lifestyle.
what is EM bank?
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Old 04-07-2019, 11:29 AM   #3426
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Yes and no. SBI is slow in processing FD due to lot of paper work that is still done manually. I had visited their branches in Jurong East and Little India, both the same with Little India slightly better. But the good news is their queue is usually very short, so the waiting time is a lot shorter compare to other bank.

BTW, FD placement or withdrawal is always time consume for both local and foreign bank, especially if you are first time to the bank.
noted, thanks
so if can go online one, wld be better, no queue
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Old 04-07-2019, 12:48 PM   #3427
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When the next crisis hits, the rates would spike upwards before the central banks intervene. Even at 2.05% some people will feel it's not worthwhile at all .... like our friend Yong, a savvy money manager..
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Old 04-07-2019, 09:54 PM   #3428
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what is EM bank?
Emerging market.
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Old 04-07-2019, 10:20 PM   #3429
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“Savers are quite savvy; I’ve heard of professional fixed-deposit rollers who go from one bank to another (in search of higher fixed-deposit rates),” Mr Leow added.
Fixed deposits beat out Singapore Savings Bonds
https://www.businesstimes.com.sg/ban...-savings-bonds

All the rollers come in
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Old 04-07-2019, 11:00 PM   #3430
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I don't understand, why risk an EM bank for slightly more yield. The extra yield few basis points will hardly make or break your lifestyle.
Well, it depends on how much money you have to deposit. If you have $5K, it may not be worthwhile. If your sum is considerably more, then each basis point can make some difference.

Some of the EM banks have a longer history than Singapore. SBI for example trace it's beginnings to 1806. RHB in Malaysia is also more than 100 years old. Many of the EM banks are established banks in their own country with a larger paid up capital than any of the banks in Singapore.

Speaking of risks, some banks in Singapore had to merge during the financial storm of 1998 to survive. I heard more disastrous things but I don't want to get sued for spreading what may be alleged as fake news. So at the end of the day, the risk probability is not much different.

Oh. I almost forgot. Some of the banks in Singapore and in non EM countries either have CEOs from those same EM countries or have staff who hail from these same countries. Perhaps some of them may have worked in those same banks in their own countries of origin.
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Last edited by hatisinga; 04-07-2019 at 11:12 PM.. Reason: Add in last paragraph afterthought
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Old 05-07-2019, 10:28 AM   #3431
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Fixed deposits beat out Singapore Savings Bonds
https://www.businesstimes.com.sg/ban...-savings-bonds

All the rollers come in
That's true, while the interest rate is expected to drop in the months to come it is still not too difficult to find FD deal that offer 12 mths interest rate @ 1.7 to 2.0%. Who would want to buy SSB when its first 3 years interest rate is at 1.68% only.
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Old 05-07-2019, 01:13 PM   #3432
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That's true, while the interest rate is expected to drop in the months to come it is still not too difficult to find FD deal that offer 12 mths interest rate @ 1.7 to 2.0%. Who would want to buy SSB when its first 3 years interest rate is at 1.68% only.
I am using SRS for SSB. Most FD doesnt allow use of SRS.

any suggestion how else to use SRS?
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Old 05-07-2019, 01:40 PM   #3433
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I am using SRS for SSB. Most FD doesnt allow use of SRS.

any suggestion how else to use SRS?
STI ETF....
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Old 05-07-2019, 09:04 PM   #3434
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I am using SRS for SSB. Most FD doesnt allow use of SRS.

any suggestion how else to use SRS?
You can also buy SGS bonds or T-bills with SRS funds. However you might have to apply through the banks in person, whereas buying with cash can be done online or through ATMs.

SGS Bonds
https://www.mas.gov.sg/bonds-and-bil...or-Individuals

T-bills
https://www.mas.gov.sg/bonds-and-bil...or-Individuals

The next 6-month T-bill will be auctioned next Thursday 11 July
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Old 05-07-2019, 11:35 PM   #3435
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You can also buy SGS bonds or T-bills with SRS funds. However you might have to apply through the banks in person, whereas buying with cash can be done online or through ATMs.

SGS Bonds
https://www.mas.gov.sg/bonds-and-bil...or-Individuals

T-bills
https://www.mas.gov.sg/bonds-and-bil...or-Individuals

The next 6-month T-bill will be auctioned next Thursday 11 July
Is there any advantage of T bills over high interest savings accounts like DBS multiplier or SCB Esaver?

We lose the liquidity with the T bills.
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