Early FD Withdrawal Free or Not ?

S

sohguanh

Supremacy Member
Joined
Jul 10, 2010
Messages
9,761
Reaction score
3,336
New thread to share as described in topic

1. From ~sabaisabai~
cimb early withdrawal no penalty, first 3mths no interest, thereafter is 0.3% if pre mature withdrawal
--
Need to call in to ask CSO do premature withdrawal

2. My contribution
BOC early withdrawal no penalty. You get board rate interest not zero. So far my recent experience is 0.10% for board rate pro-rated. From BOC mobile app can DIY to do premature withdrawal

3. Some other reader share before
DBS early withdrawal got penalty. Can DIY to do premature withdrawal

Readers feel free to share for other bank FD. Note this thread is about premature withdrawal of FD specifically.
 
J

jim889

Arch-Supremacy Member
Joined
Feb 19, 2022
Messages
24,172
Reaction score
12,475
good effort..
but want to do FD then dun think about early withdrawal lor. else whatever interst gain end up paying the fees and penalty.

also can ask before hand can early withdraw or nto befor starting the account.. it's in the terms and conditions .

;)
 
henrylbh

henrylbh

Arch-Supremacy Member
Joined
Mar 9, 2004
Messages
16,162
Reaction score
865
My sister just liquidated her fixed deposit with UOB with no penalty but she is paid interest same as normal savings account at 0.05%
 
F1ngolf2012

F1ngolf2012

Senior Member
Joined
Aug 11, 2012
Messages
1,871
Reaction score
681
jim889 said:
good effort..
but want to do FD then dun think about early withdrawal lor. else whatever interst gain end up paying the fees and penalty.
Click to expand...
I reckon most ppl who do FD started off with intention to complete the FD tenor. Much like many things in life, they can be uncertain and early withdrawal is for contingency. :)
jim889 said:
also can ask before hand can early withdraw or nto befor starting the account.. it's in the terms and conditions .

;)
Click to expand...
I guess the purpose of this thread is for ppl to share collective information to save time and effort for ppl who are considering FD. ;)
 
R

RedsYWNA

Senior Member
Joined
Sep 30, 2015
Messages
2,197
Reaction score
606
For FD placement for corporates ie companies, most banks will charge a penalty fee.

This is because for these larger placements, the banks would typically use these corporate's cash to place US-Tbills and hedge the FX, earning the spread.

Hence there's unwinding cost such as FX. But for retail placements, usually no penalty since amounts tend to be smaller.......
 
M

Mickey01

Senior Member
Joined
Mar 5, 2017
Messages
1,593
Reaction score
678
sohguanh said:
Tell that to DBS they are different from the rest uniquely local bank
Click to expand...
I agree with DBS policy. This serves as a deterrence to those itchy backside who places FD today and when they notice another bank with a slightly higher promo rates, they terminate the FD prematurely. This contributes to the crowd and long Q at the branches.

But I also agree that in cases where the FD has to be withdrawn prematurely (due to emergencies), the penalty can be waived.
 
R

RedsYWNA

Senior Member
Joined
Sep 30, 2015
Messages
2,197
Reaction score
606
Mickey01 said:
I agree with DBS policy. This serves as a deterrence to those itchy backside who places FD today and when they notice another bank with a slightly higher promo rates, they terminate the FD prematurely. This contributes to the crowd and long Q at the branches.

But I also agree that in cases where the FD has to be withdrawn prematurely (due to emergencies), the penalty can be waived.
Click to expand...
Maybe DBS consolidates the FD, and then places out to US T-bills, with FX hedges. Hence cant allow pple to suka suka terminate......
 
reddevil0728

reddevil0728

Great Supremacy Member
Joined
Dec 16, 2005
Messages
66,364
Reaction score
5,895
RedsYWNA said:
Maybe DBS consolidates the FD, and then places out to US T-bills, with FX hedges. Hence cant allow pple to suka suka terminate......
Click to expand...
Technically they can do long not all do it at the same time. They sure got working capital
 
~sabaisabai~

~sabaisabai~

Arch-Supremacy Member
Joined
Sep 12, 2016
Messages
22,502
Reaction score
3,721
sohguanh said:
New thread to share as described in topic

1. From ~sabaisabai~
cimb early withdrawal no penalty, first 3mths no interest, thereafter is 0.3% if pre mature withdrawal
--
Need to call in to ask CSO do premature withdrawal

2. My contribution
BOC early withdrawal no penalty. You get board rate interest not zero. So far my recent experience is 0.10% for board rate pro-rated. From BOC mobile app can DIY to do premature withdrawal

3. Some other reader share before
DBS early withdrawal got penalty. Can DIY to do premature withdrawal

Readers feel free to share for other bank FD. Note this thread is about premature withdrawal of FD specifically.
Click to expand...
I did call up CIMB to check quite sometimes back, not sure if they have changed their policy again, cos it stated may change without prior notice.

Suggest to call and double confirm before placing fund with the bank
 
You must log in or register to reply here.
Important Forum Advisory Note
This forum is moderated by volunteer moderators who will react only to members' feedback on posts. Moderators are not employees or representatives of HWZ Forums. Forum members and moderators are responsible for their own posts. Please refer to our Community Guidelines and Standards and Terms and Conditions for more information.
Top