Foreign currency fixed deposit accounts are fairly similar to, but differ by introducing the risk of variable foreign exchange rates.
These bank-offered interest rates are contingent on the tenure of the deposit, as well as the amount of funds deposited. Banks across Singapore offer foreign currency fixed deposits for a variety of foreign currencies, each with unique interest fixed deposit rates. For example, one bank might offer 0.78 per cent p.a. interest for an AUD10,000 deposit across six month tenure, while another might offer 1.7 per cent p.a.
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