what is the fixed deposit rate for ocbc 2023 premier banking

For example, a regular customer would probably look into a safe place like fixed deposits to generate a steady stream of interest. They can transfer up to the prevailing Full Retirement Sum of $198,800 to their SA if they are below 55, and up to the prevailing Enhanced Retirement Sum of $298,200 to their RA if they are 55 and above. The banking industry uses its financial knowledge to do this by offering advice, cutting down on paperwork, and generally holding the priority customers’ hands throughout their financial dealings with the bank. Previously, investors who wanted to use their CPF funds to buy T-bills had to do so in person at the banks.īesides short-term SGS products like T-bills, Dr Tan said the CPF Investment Scheme offers a range of investment products of different risk profiles.Īlternatively, he added, CPF members could consider transferring their OA savings to their SA or their Retirement Account (RA) to earn a higher risk-free interest of up to 6 per cent a year. There have been calls to allow CPF members to submit applications for T-bills online following long queues at branches of the three local banks – DBS, OCBC and UOB. The bank has said it is looking at extending the service to SA funds and will also allow mobile applications soon. In the most recent T-bill auction last Thursday, DBS said nine in 10 T-bill applications were made online using CPF funds. In January, DBS customers were the first to go online to apply for T-bills using their CPF OA savings. He noted that T-bill applications at its branches have slowed in recent weeks. Mr Benny Chan, managing director of group channels and digitalisation at UOB, said the bank has received feedback and is enhancing its digital platforms to enable customers to apply for T-bills online with their CPF funds “in the near future”.

What is the fixed deposit rate for ocbc 2023 premier banking