Fixed deposits are also known as time deposits. They are a popular investment option where you deposit a sum of money with a bank for a specified duration. In return, the bank guarantees you a fixed interest rate on your deposit.
Fixed deposits are considered low-risk investments because they are practically risk-free. Your deposits are insured by the Singapore Deposit Insurance Corporation (SDIC) for up to S$75,000.
Thus, fixed deposits are an excellent place to store your emergency funds due to their safety and guaranteed returns.