Fixed Deposits

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

 

General Rules

  1. Only POLWEL Ordinary and Associate Members are eligible to apply for Fixed Deposits.
  1. Fixed Deposit placements are only accepted during promotional periods.
  1. Placement of funds can be done via the following methods:

a. Internet Banking Transfer
b. PayNow Transfer (to UEN)
c. Cheque/ Cashier’s Order

For enquiries or more information, please contact our Financial Services Division at 6235 6428 (option 1) or email us at fsd@polwel.org.sg.

 

Board Rates

Tenure Interest Rate
More than 6 months and less than 1 year 0.40% p.a.
1 Year 0.65% p.a.
2 Years 0.75% p.a.
3 Years 0.80% p.a.

Documents Required

Main Applicant Joint Applicant (if applicable)
NRIC NRIC
Warrant Card (For Uniformed Police Officers) / Latest payslip (For Civilian Officers)
A copy of bank statement or bank book showing name and bank account number

Note:

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

Frequently Asked Questions

Question Answer
 1) What happens when I withdraw my Fixed Deposit before maturity? There will be no interest paid out for premature withdrawals made before 6 months from the commencement date. Payment of interest on premature withdrawals made after 6 months from the commencement date will be at the absolute discretion of POLWEL. Any interest payable will be pro-rated based on the prevailing Board Rates for the same tenure.
2) What happens when my Fixed Deposit matures? The Fixed Deposit will be automatically renewed for the same period at the prevailing Board Rates unless otherwise instructed by the Account Holder(s) in writing or if instructions had been given at the point of deposit.
3) What if I resign/ retire prior to the maturity of my Fixed Deposit? Retired police officers may apply for POLWEL Associate Membership and continue to retain their Fixed Deposit(s) with us. For officers who have resigned from the SPF or retired civilian officers, we regret that they will be required to withdraw their Fixed Deposit(s).
4) How do I go about withdrawing my Fixed Deposit?

Members can either:

  • Head down to POLWEL’s office to process the withdrawal of their Fixed Deposit or
  • Send the completed FD Withdrawal form to fsd@polwel.org.sg, using their official SPF/ MHA email. Members shall also enclose the scanned copy of their NRIC (Front and Back), as well as their Bank Book/ eStatement showing their name and account number. Signature is required on the scanned copy.
5) How long is the processing time for the withdrawal of my Fixed Deposit?
 Upon receipt of the complete set of withdrawal documents, the processing time for the withdrawal (including the transfer of funds to your designated bank account) will take about 5 to 7 working days.
6) What are the terms and conditions governing the Fixed Deposit placement with POLWEL? The terms and conditions governing POLWEL’s Fixed Deposit placement can be found here.
7) Do I need to declare the interest earned from POLWEL’s Fixed Deposit to IRAS for income tax purposes? Members will need to declare interest received from POLWEL’s Fixed Deposit under ‘Other Income’ in their Income Tax Return.