As a beginner investor, one of the safest and most straightforward options to grow your savings is through fixed deposits. In Singapore, fixed deposits are a popular choice among individuals looking to secure their funds while earning a modest return. If you’re considering starting a fixed deposit account, this comprehensive guide will walk you through all the essential aspects to help you make informed decisions. What is a fixed deposit? A fixed deposit is a type of savings account offered by banks and financial institutions where you deposit a certain amount of money for a fixed period at a predetermined interest rate. Unlike regular savings accounts, fixed deposits have a maturity period, which ranges from a few months up to several years. During this tenure, the deposited amount remains locked, and you cannot withdraw it without incurring penalties or forfeiting the interest earned. Benefits of fixed deposits Fixed deposits offer several advantages that make them...