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The 14th of October of the year 2011 will be a day for Singapore to celebrate. On this glorious day, the Development Bank of Singapore(DBS) will cut rates of SGD deposit accounts from 0.1% to 0.05%. This would mean for every SGD$10,000 deposited, we would receive SGD$5.00 at the end of the year. That's great because we could buy 2 packets of chicken rice and need worry only about the remaining 364 days. Brilliant, simply amazing.
On Google surprisingly, The Straits Times has not informed the public about the happy occasion, perhaps giving NTUC more time to stock up on champagne which sales are expected to soar when the announcement is finally made. I got my source from Reuters instead.
On the other hand, the prime lending rate will be increased from 4.75% to 5.00%. This is good because everyone knows borrowing is bad right? Look at what happened to the Greeks! The DBS is a socially responsible company which discourages Singaporeans from over-leveraging or over-indulging in gambling activities by increasing lending interest rates.
I am proud of them.
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