HL Bank Fixed Deposit Promotion: Earn Up to 4.50% p.a.!

Fixed Deposit Promotion Terms:

• Minimum deposit: SGD 1,000
• Promotion period: 1 March 2023 - 30 June 2023
• Interest rates:
  • 12-month deposit: 4.50% p.a.
  • 6-month deposit: 4.00% p.a.
  • 3-month deposit: 3.50% p.a.

Benefits of Investing in HL Bank Fixed Deposits:

• Guaranteed returns: Fixed deposits offer guaranteed returns, unlike other investments such as stocks or bonds.
• Low risk: Fixed deposits are considered low-risk investments as they are protected by the Singapore Deposit Insurance Corporation (SDIC) up to SGD 75,000.
• Flexibility: You can choose from a variety of tenures to suit your investment goals.

How to Apply:

• Visit any HL Bank branch
• Call HL Bank at 1800-456-7890
• Apply online at www.hlbank.com.sg

Why Fixed Deposits Matter for Your Financial Goals:

According to the Monetary Authority of Singapore (MAS), fixed deposits account for over 40% of all deposits in Singapore, highlighting their importance as a safe and reliable investment tool.

Benefits of Fixed Deposits:

• Predictable income: Fixed deposits provide a steady stream of interest income, which can supplement your regular income or retirement savings.
• Capital preservation: Your principal investment is protected, ensuring that you won't lose money due to market fluctuations.
• Interest rate stability: Interest rates on fixed deposits are typically stable, providing investors with peace of mind.

Compare Pros and Cons of Fixed Deposits:

Pros:

• Guaranteed returns
• Low risk
• Flexibility

Cons:

• Lower interest rates compared to other investments
• Early withdrawal penalties

FAQs:

1. What is the minimum deposit amount for a fixed deposit?

   

   • SGD 1,000

2. How often will I receive interest payments?

   • Interest is paid quarterly.

3. Can I withdraw my fixed deposit early?

   • Yes, but there may be an early withdrawal penalty.

4. Is my fixed deposit insured?

   • Yes, up to SGD 75,000 by the SDIC.

5. How do I calculate the maturity value of my fixed deposit?

   • Maturity value = Principal + (Principal x Interest rate x Tenure)

6. Should I choose a short or long-term deposit?

   • Short-term deposits offer lower interest rates but more flexibility, while long-term deposits offer higher interest rates but less flexibility.

7. What is the difference between a fixed deposit and a savings account?

   • Fixed deposits offer guaranteed returns for a fixed tenure, while savings accounts offer variable interest rates and allow for easy access to funds.

8. Can I make multiple fixed deposits?

   • Yes, you can make multiple fixed deposits at different interest rates and tenures.