In this post, I will talk about fixed deposit. So what is so good about fixed deposit is that you can earn a decent amount of interest for the extra cash that you have. So what's the catch? The main thing is that you will not be able to touch your money for a certain period of time. This plan of execution is only good for people who have extra cash in their bank account and won't be touch a certain sum of money in these period of time (1 or 2 years).
The interest rate for it is around 1.3% p.a. for both CIMB and OCBC where the duration of the fixed deposit is 1 year. So lets say you decide to put in $10,000 in the fixed deposit, then interest you will get after a year is $130!
Well, that might seems to be quite little, but it is low risk thus low return (similar to saving account). So if you have the extra cash and have no where else to invest, why not try fixed deposit. Well, the faster you decide to faster you can see the result!
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