Fixed Deposit in foreign currencies offers you a chance for foreign exchange gains on top of the earned interest.
Deposit Insurance Scheme
Singapore dollar deposits of non-bank depositors and monies and deposits denominated in Singapore dollars under the Supplementary Retirement Scheme are insured by the Singapore Deposit Insurance Corporation, for up to SGD50,000 in aggregate per depositor per Scheme member by law. Monies and deposits denominated in Singapore dollars under the CPF Investment Scheme and CPF Minimum Sum Scheme are aggregated and separately insured up to SGD50,000 for each depositor per Scheme member. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.
Conversions between currencies involve fluctuations and are subject to exchange controls. If you are converting from another currency to place the deposit and intend to convert it to the original currency, exchange rate fluctuations could cause the converted amount to be less than your original amount.
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