Licensed Money Lenders Review

Singapore Savings Bond is a special type of Singaporean Government Securities that is very suitable for individuals. Since these complement other savings and investments, it is made safe for long term purposes. Singapore Savings Bond secure your savings and investment through their three main features. These 3 features are namely Safe, Long term and Flexible. Since these saving bonds are back by the Singapore Government, you can guarantee its security. Your savings and investments are in good hands. These will properly be manage.

Moreover, the more you save, the more your money grows. Investing your money in long term investments enables your money to grow. Moreover, you will also receive high returns. Alongside with the secured and long term investments, you are also offered convenience through flexible investment periods. You can exit your investment at any given time with no penalties. Flexibility on your own terms is set so that you can decide on your own investment, especially when there is fluctuation.

Applying for a Singapore Savings Bond has been made easier for you. These four steps enable you to have easy access and a hassle free application.

1.   Before you apply

Make sure to have your account at any of the following banks – DBS/POSB, OCBC or UOB. You will also need a custodian such as the CDP that will process your applications, as well as the interest payments and your redemption.

2.   Apply through ATMs or Internet Banking

After creating an account with the aforementioned banks, you can apply to an automated teller machine or you can apply online for your convenience. Make sure to have your CDP account number with you upon application. Note that you cannot apply over bank counters in person. You can apply between 6 PM on the first business day up to 9 PM on the fourth last business day of each month. There will also be a 2 USD transaction fee.

3.   After you apply

Every 3rd last business day of the month, there will be allotment of the Savings Bond. These will be available on the announcements page after 3:00 PM on allotment day.

4.   Receive your interest

You will receive your interest six months after the bond is issue. It will be automatically transfer into your account which is link to the CDP account.

When your bond matures after ten years, your principal and last interest payment will automatically reflect on your account. Moreover, you can also redeem your Savings Bond at any given month before it matures with no penalty at all.

The following are the steps to redeem your bond:

• Through your DBS/POSB, OCBC, UOB ATMs, or online DBS/POSB’s Banking, submit your redemption requests.
• You can redeem the amount you have invested in each bond but in multiples of $500. Please note that you can redeem more than one bond per month.
• You will need to pay the $2 transaction for each redemption request.
• Make sure to review every redemption request as you cannot cancel requests that you have submit.
• The proceeds of the redemption should be paid by the end of the second business day the next month. The redemption period opens on the 1st business day (6 pm) of each month and closes on the 4th last business day (9pm) of the month.

It is crucial to regularly check on your Singaporean Savings Bond even if you have placed it in good hands. It is different if you personally monitor it. Not only will you be assured of the result, but you will also learn how to invest your money and let it grow.

We are a leading licensed money lender operating in Singapore. We have been in Singapore for more than 10 years. If you are in need of cash, get in touch with us and we will do our best to help you. If you have any question, feel free to drop us a message and we will get back to you as soon as possible! 🙂