Fixed Deposits

POLWEL offers savings services to members in the form of Fixed Deposits.

Who can apply

  • POLWEL Ordinary and Associate Members

Documents Required

  • Singapore NRIC
  • Warrant Card / Payslip (for civilian officers)
  • A copy of the particulars section of bank statement/bank book

How to apply

Placement of Funds
Via

  • Cheque made payable to ‘POLWEL Co-operative Society Limited’
  • Internet Banking

Premature Withdrawal

  • Premature withdrawal within 6 months – No interests will be paid
  • Premature withdrawal after 6 months – The payment of interest is at the absolute discretion of POLWEL. Any interests payable will be pro-rated based on the prevailing Board Rate for the same tenure

Note

  • Members are required to provide information on their tax residency status
  • POLWEL reserves the right to request members to declare source of funds

Frequently Asked Questions

Question Answer
 1) What happens when my Fixed Deposit matures?  The Fixed Deposit will be automatically renewed for the same period at the prevailing board rate unless otherwise instructed by the Account Holder(s) in writing or if instructions had been given at the point of deposit.
2) What if I resign/retire prior to the maturity of my Fixed Deposit? Retired police officers can apply for POLWEL Associate Membership and continue to retain your Fixed Deposit with us. For officers who have resigned from the SPF / retired civilian officers, we regret that you will be required to withdraw your Fixed Deposit.