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Important Information

Notice of revision to Fixed Deposit Rates (“FDR”)

From 18 May 2020 (inclusive of this date), we will be reducing our SGD Time Deposit (“SGD TD”) rates. As the rates are linked to your FDR mortgage loan package, a revision in the SGD TD rates will change the FDR of your mortgage loan.

The table below illustrates the downward revision in FDR that clients can enjoy:

  9-month FDR 36-month FDR 48-month FDR
Existing rate 1.05% + loan margin 1.37% + loan margin 1.50% + loan margin
Revised rate 0.80% + loan margin 1.02% + loan margin 1.15% + loan margin

All other features, as well as the terms and conditions relating to your mortgage loan, will remain unchanged.

What you can expect

Once the new interest rate is effective, you should receive a letter in May 2020 stating:

  • Full details of the revised interest rate;
  • Revised monthly instalment amount; and
  • Payment due date for your revised monthly instalment.

If you are subscribed to eStatements, you will receive an eAdvice with these details via Online Banking instead.

For more information, please refer to our FAQs below.

Frequently Asked Questions:

  1. Why is the FDR being revised?
    We review our interest rates on a regular basis based on prevailing market rate changes and adjust the SGD TD board rates across various tenures accordingly. As the SGD TD board rate is linked to your FDR mortgage loan package, a revision in the FDR will change your mortgage loan rate.
  2. When will this change be effective?

    The change in our SGD TD rates will be effective from 18 May 2020 (inclusive of this date).

    • For private residential and commercial properties: the adjusted monthly instalment will start from 1 July 2020 (inclusive of this date).
    • For HDB flats: the adjusted monthly instalment will start from 15 July 2020 (inclusive of this date).

    We will send you a letter with further details of your revised monthly instalment in May 2020. If you are subscribed to eStatements, you will receive an eAdvice via Online Banking titled ‘Mortgage Rate Change Notice’ instead.

  3. How will this change impact me?
    The decrease in FDR will impact your monthly instalment, depending on your mortgage loan package.

    The table below illustrates the estimated decrease in amount for the monthly instalment of a mortgage loan of S$500,000 over a period of 20 years (all amounts rounded up to the nearest dollar).

    9-month FDR 36-month FDR 48-month FDR
    S$55 S$79 S$79
  4. I have provided notice to redeem my loan. Why have I received a notification on this?
    We notify all clients with impacted accounts on the revision of our interest rates. If you have served notice to redeem your loan, you may ignore the notification and no further action is required from you.
  5. I have submitted a pricing change request to a Fixed Rate or SIBOR package. Why am I receiving this letter?
    As your new pricing package has yet to take effect, your current pricing package is still under the FDR and hence you have been sent the notification. However, you may ignore the notification and no further action is required from you. Your new pricing package under a Fixed Rate or SIBOR will take effect as per the terms under the Supplemental Facility Letter that you have accepted.
  6. I recently applied for a COVID-19 relief measure. How will it impact my FDR mortgage loan?
    As of 18 May 2020 (inclusive of this date), the new interest rates will apply to your loan, i.e., the rate will be revised downwards corresponding to the respective FDR tenure. Any approval granted on your application for a relief scheme is unaffected and you should continue to follow the payment arrangements as specified in your Supplementary Facility Letter.