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Monday, October 3, 2022
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CUSTOMERS WAITING UP TO 4 HOURS AT S’PORE BANKS BECAUSE OF HIGH INTEREST RATES

Long snaking queues were seen outside Singapore banks as they are offering high interest rates for fixed deposits.

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Customers of United Overseas Bank (UOB) and Overseas Chinese Banking Corporation (OCBC) are lining up outside the banks because of the rates being as high as 2.6% for 12 months.

Some of the customers even waited for up to 4 hours.

The UOB outlet at Toa Payoh Central saw a queue of about 20 people on Friday, according to Shin Min Daily News.

Signs were also put up outside the UOB and OCBC outlets at Toa Payoh, noting that they are seeing more customers opening accounts for fixed deposits.

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Customers are advised of the long waiting time and that the banks will stop issuing queue number early.

Different banks, different rates.

UOB is offering interest rates of 2.6% for 12 months, as well as a 10-month fixed deposit at 2.4% in September, which is an increase from their August rate of 1.6%.

OCBC is offering 2.3% for 12 months fixed deposits, while DBS is maintaining their highest rate of 1.3%.

RHB Bank is offering 2.8% interest rates, which is the highest of all the bank, but customers have to deposit a minimum of $20,000 for 24 months.

Hong Leong Bank is also offering 2.75% interest rates, but require a 12-month deposit of at least $50,000; whereas Maybank is offering 2.35% for 18 months and 2.4% for 24 months.

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Standard Chartered Bank is offering 1.8% for a 12-month deposit of not more than $25,000.

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