What You Need to Know About Singapore Dollar Fixed Deposits (Time Deposits)?

Are you looking for low-risk investments? If you want to grow your money (Singapore dollars) through an extremely low-risk investment, you may consider opening a best fixed deposit Singapore account.

A fixed deposit in Singapore (FD) (also known as a time deposit) is an interest-bearing account. It provides guaranteed interest for the money you deposit over a specific duration in the bank or with a non-bank financial institution.

However, before opening a fixed deposit account, make sure to know the Singapore fixed deposit promotion 2022 from various banks.

Here at OMY Singapore, you will discover the following:

What are Fixed Deposit Accounts in Singapore?

Singapore Dollar Fixed Deposit Rates

Fixed deposits (FD) accounts (also known as time deposits) offered by banks or financial institutions will let you earn a guaranteed interest for the money you deposit for a specific tenure (over a long period of time).

Moreover, there is no need to do anything to earn interest when it comes to the best time deposit Singapore. You just need to leave your SGD dollars at the bank for a specific duration to gain fixed returns.

For instance, if a bank or a non-bank financial company has a current promotion of a 1.25% interest rate per annum for a 36-month tenure and you agree to deposit a minimum amount of S$20,000, the total interest you will earn on its maturity is S$750.

After three years of parking your money at the bank or with a financial company, your S$20,000 will become $20,750.

Time deposit rates may vary each month across banks. Furthermore, the interest that you will earn will depend on the deposit amount and the tenure. This is why you need to make an effort to find the best interest rate for fixed deposit in Singapore.

Thankfully, the best Singapore dollar fixed deposit rates are high right now.

Another good news is that the best fixed deposit rate in Singapore accounts are practically risk-free investments and have a much higher interest rate than saving accounts. Furthermore, Singapore dollar fixed deposits are insured for up to $75,000 by Singapore Deposit Insurance Corporation (SDIC).

What if you wanted to withdraw your money from a fixed deposit before its maturity?

Premature withdrawals or early withdrawals are allowed. However, some banks may ask for an early withdrawal fee. For example, if you want to push for Hong Leong fixed deposit early withdrawal, you need to brace yourself for the fees that come with it.

Also, you may either earn a prorated interest based on the tenure or no interest at all (depending on the bank’s terms) if you withdraw your fixed deposit before maturity.

Nonetheless, Singapore Dollar fixed deposit accounts are practically risk-free types of investment. You can earn higher interest than a regular savings account. Moreover, the best SGD fixed deposit rate accounts are an ideal option to grow your emergency fund, especially in an unpredictable environment.

However, before parking your money through a fixed deposit account, ensure that you have found the best fixed deposit rates in Singapore.

6 Best Singapore Dollar Fixed Deposit Rates

Singapore Dollar Fixed Deposit Rates

So, which Singapore dollar fixed deposit is best in Singapore? Here are the ultimate Singapore dollar time deposits with the highest interest rates per annum as of October 2022.

Best Singapore Dollar Time Deposit Rates (October 2022)

Bank Best Interest Rates (Per Annum) Minimum Deposit Tenure (months)
Maybank 3.20% (iSaVvy) S$25,000 24
3.20% (SGD) S$20,000 24
Hong Leong Finance 2.80%  S$20,000 15
ICBC 2.80% (via E-banking) S$500 12
2.75% (via counter)
CIMB 3.10% (for preferred banking)

3.05% (for personal banking)

  S$10,000 18
Bank of China 3.10% (for mobile banking)

3.00% (for over the counter)

 S5,000 24
RHB 3.40% (for mobile banking)

3.30% (for over the counter)

 S$20,000 12,24
Maybank (iSaVvy )
Interest Rate: 3.20% (iSaVvy) p.a.
Minimum Deposit: S$25,000
Tenure: 24 months
Maybank (SGD)
Interest Rate: 3.20% (iSaVvy) p.a.
Minimum Deposit: S$20,000
Tenure: 24 months
Hong Leong Finance
Interest Rate: 2.80% p.a.
Minimum Deposit: S$20,000
Tenure: 15 months
ICBC
Interest Rate: 2.80% (via E-banking)
Interest Rate: 2.75% (via counter)
Minimum Deposit: S$500
Tenure: 12 months
CIMB
Interest Rate: 3.10% (for preferred banking)

3.05% (for personal banking)
Minimum Deposit: S$10,000
Tenure: 18 months
Bank of China
Interest Rate: 3.10% (for mobile banking)

3.00% (for over the counter)
Minimum Deposit: S5,000
Tenure: 24 months
RHB
Interest Rate: 3.40% (for mobile banking)

3.30% (for over the counter)
Minimum Deposit: S$20,000
Tenure: 12,24 months

Note that Interest rates vary each month, depending on the bank or financial institution and when you open a fixed deposit account.

You need to make a minimum placement in “fresh funds” to enjoy the fixed deposit promotional rates. Fresh funds mean that these are funds not originating from an existing account with the bank or financial institution.

1. Maybank Singapore Dollar Time Deposit Rates

Maybank SG fixed deposit is one of the most popular time deposits in the country.

You ca Maybank Singapore Dollar Time Deposit Rates n earn up to 3.20% per annum with Maybank iSaVvy Time Deposit Promotion. A minimum deposit of S$25,000 is required to enjoy the prevailing interest rate from the Maybank iSAVvy promotion. Moreover, you need to lock up your savings in the Maybank iSavvy fixed deposit for 24 months.

On the other hand, you can also enjoy a 3.20% per annum interest rate with the ongoing promotion from Maybank Singapore Dollar Time Deposit. The Maybank SGD Fixed Deposit has the same lock-in period as the iSaVvy time deposit – you need to leave your money for 2 years. Moreover, Maybank fixed deposit rate promotion has a minimum deposit of S$20,000 (much lower than iSaVvy).

However, if you do not want to park your money for 2 years, you have a choice of 12 and 15 months for iSAVvy, where you can earn up to 3.00% and 3.05%, respectively.

For SGD fixed deposit promotion 2022, you can earn up to 2.80% for 6 months, 2.90% for 9 months, 3.00% for 12 months, 3.05% for 15 months, and 3.10% for 18 months. Without a doubt, the Maybank Singapore FD rate makes it an incredible choice.

Maybank iSaVvy Time Deposit Promotion

Minimum Deposit Tenure Interest Rate (p.a.)
S$25,000 24 months 3.20%

Maybank Singapore Dollar Time Deposit Promotion

Minimum Deposit Tenure Interest Rate (p.a.)
S$20,000 36 months 3.20%

Without question, the Maybank iSaVvy interest rate is truly something you should consider.

For non-promotional best time deposit Singapore, note that minimum deposits for different tenures are as follows:

  • S$1,000 for tenures from 2 to 36 months
  • S$10,000 for 1-month tenure and Choice Date with flexible tenure

  • Attractive interest rates with Maybank Singapore fixed deposit promotion 2022 and Maybank iSAVvy promotion
  • Have a lower minimum deposit of S$1,000 (non-promotional fixed deposits)
  • 24/7 service with Online and Mobile Banking
  • Flexible tenures with its Fixed tenure or Choice date period
  • Access for Overdraft Facilities

  • Must be 16 years old and above
  • Singaporeans and Singapore PRs (NRIC is required)
  • Foreigners (Passport with Employment Pass and Proof of Mailing Address are required)

For New Customers:

For Existing Customers:

  • Apply online via Maybank2u online banking

  • If you choose a fixed tenure, there will be no interest to be paid for premature withdrawal of less than 3 months. However, for premature withdrawal of more than 3 months, the interest is pro-rated based on the number of days the fixed deposit is placed.

1. Maybank Singapore Dollar Time Deposit Rates

Maybank Singapore Dollar Time Deposit Rates

Maybank SG fixed deposit is one of the most popular time deposits in the country.

You can earn up to 3.20% per annum with Maybank iSaVvy Time Deposit Promotion. A minimum deposit of S$25,000 is required to enjoy the prevailing interest rate from the Maybank iSAVvy promotion. Moreover, you need to lock up your savings in the Maybank iSavvy fixed deposit for 24 months.

On the other hand, you can also enjoy a 3.20% per annum interest rate with the ongoing promotion from Maybank Singapore Dollar Time Deposit. The Maybank SGD Fixed Deposit has the same lock-in period as the iSaVvy time deposit – you need to leave your money for 2 years. Moreover, Maybank fixed deposit rate promotion has a minimum deposit of S$20,000 (much lower than iSaVvy).

However, if you do not want to park your money for 2 years, you have a choice of 12 and 15 months for iSAVvy, where you can earn up to 3.00% and 3.05%, respectively.

For SGD fixed deposit promotion 2022, you can earn up to 2.80% for 6 months, 2.90% for 9 months, 3.00% for 12 months, 3.05% for 15 months, and 3.10% for 18 months. Without a doubt, the Maybank Singapore FD rate makes it an incredible choice.

Maybank iSaVvy Time Deposit Promotion

Minimum Deposit
S$25,000
Tenure
24 months
Interest Rate (p.a.)
3.20%

Maybank Singapore Dollar Time Deposit Promotion

Minimum Deposit
S$20,000
Tenure
36 months
Interest Rate (p.a.)
3.20%

Without question, the Maybank iSaVvy interest rate is truly something you should consider.

For non-promotional best time deposit Singapore, note that minimum deposits for different tenures are as follows:

  • S$1,000 for tenures from 2 to 36 months
  • S$10,000 for 1-month tenure and Choice Date with flexible tenure

  • Attractive interest rates with Maybank Singapore fixed deposit promotion 2022 and Maybank iSAVvy promotion
  • Have a lower minimum deposit of S$1,000 (non-promotional fixed deposits)
  • 24/7 service with Online and Mobile Banking
  • Flexible tenures with its Fixed tenure or Choice date period
  • Access for Overdraft Facilities

  • Must be 16 years old and above
  • Singaporeans and Singapore PRs (NRIC is required)
  • Foreigners (Passport with Employment Pass and Proof of Mailing Address are required)

For New Customers:

For Existing Customers:

  • Apply online via Maybank2u online banking

  • If you choose a fixed tenure, there will be no interest to be paid for premature withdrawal of less than 3 months. However, for premature withdrawal of more than 3 months, the interest is prorated based on the number of days the fixed deposit is placed.

2. Hong Leong Finance Fixed Deposit Rates

Hong Leong Finance Fixed Deposit Rates If you are looking for fixed deposits that can yield the highest returns in Singapore, you may consider Hong Leong Finance Fixed Deposits. This is one of the best term deposits in Singapore choices today.

Hong Leong Finance Fixed Deposit promotion 2022 is a non-bank offer with competitive rates and flexible tenure.

Currently, it has an ongoing promotion where you can earn the Hong Leong Finance FD rate of up to 2.80% p.a. if you deposit at least S$200,000 for 15 months. For amounts S$20,000 to S$50,000, the interest is 2.75%. Meanwhile, the interest in S$50,001 to S$199,999 is 2.78%.

However, the Hong Leong Bank Singapore fixed deposit promotion 10.10 allows clients to immediately get 2.80% interest for deposits S$20,000 and above.

Hong Leong fixed deposit Singapore promotion:

Minimum Deposit Tenure Interest Rate (p.a.)
S$20,000 15 months 2.80%

For non-promotional Singapore dollar fixed deposits, note that minimum deposits for different tenures are as follows:

  • S$500 for 3 to 36 months
  • S$10,000 for 1 to 2 months
  • S$100,000 for 1 week

  • Senior citizens can earn an additional 0.125% p.a. interest for deposits of 12 months and longer for non-promotional deposits of less than S$50,000 on 12 months or longer tenure only.
  • It provides contactless auto-renewal upon maturity with Fixed Deposit Advice.

  • Must be 15 years old and above
  • Singaporeans and Singapore PRs (NRIC is required)
  • Senior citizens must be 55 years old and above to qualify for the bonus rate
  • Foreigners (Passport with Work Permit/Employment Pass/Student Pass are required)

For New Customers:

  • Visit their branches
  • Bring your NRIC if you are Singaporean or a PR while Passport with Work Permit/Employment Pass/Student Pass if you are a foreigner.
  • The placement can either be by cash, cheque or PayNow

For Existing Customers:

  • Apply online via the online instruction form and PayNow.

2. Hong Leong Finance Fixed Deposit Rates

Hong Leong Finance Fixed Deposit Rates

If you are looking for fixed deposits that can yield the highest returns in Singapore, you may consider Hong Leong Finance Fixed Deposits. This is one of the best term deposits in Singapore choices today.

Hong Leong Finance Fixed Deposit promotion 2022 is a non-bank offer with competitive rates and flexible tenure.

Currently, it has an ongoing promotion where you can earn the Hong Leong Finance FD rate of up to 2.80% p.a. if you deposit at least S$200,000 for 15

months. For amounts S$20,000 to S$50,000, the interest is 2.75%. Meanwhile, the interest in S$50,001 to S$199,999 is 2.78%.

However, the Hong Leong Bank Singapore fixed deposit promotion 10.10 allows clients to immediately get 2.80% interest for deposits S$20,000 and above.

Hong Leong fixed deposit Singapore promotion:

Minimum Deposit
S$20,000
Tenure
15 months
Interest Rate (p.a.)
2.80%

For non-promotional Singapore dollar fixed deposits, note that minimum deposits for different tenures are as follows:

  • S$500 for 3 to 36 months
  • S$10,000 for 1 to 2 months
  • S$100,000 for 1 week

  • Senior citizens can earn an additional 0.125% p.a. interest for deposits of 12 months and longer for non-promotional deposits of less than S$50,000 on 12 months or longer tenure only.
  • It provides contactless auto-renewal upon maturity with Fixed Deposit Advice.

  • Must be 15 years old and above
  • Singaporeans and Singapore PRs (NRIC is required)
  • Senior citizens must be 55 years old and above to qualify for the bonus rate
  • Foreigners (Passport with Work Permit/Employment Pass/Student Pass are required)

For New Customers:

  • Visit their branches
  • Bring your NRIC if you are Singaporean or a PR while Passport with Work Permit/Employment Pass/Student Pass if you are a foreigner.
  • The placement can either be by cash, cheque or PayNow

For Existing Customers:

  • Apply online via the online instruction form and PayNow.

3. ICBC Singapore Dollar Fixed Deposit Rates

ICBC Singapore Dollar Fixed Deposit Rates

Although the latest ICBC Singapore Fixed Deposit does not offer the highest interest rate, you cannot take it out from the competition. This SG FD promo has the lowest minimum deposit requirement. You only need S$500 to open an ICBC SGD fixed deposit account.

You can enjoy a ICBC FD rate of 2.80% via E-banking if you choose a 12-month tenure (just park it for a year) on this best fixed deposit Singapore. Meanwhile, you can earn up to 2.75% if you open via the counter.

ICBC SGD Fixed Deposit Promotion

Minimum Deposit Tenure Interest Rate (p.a.)
S$5000 (over the counter)

S$500 (eBanking)

 12 months 2.80% (via e-banking)

2.75% (via counter)

  • Must be 18 years old and above
  • Singaporeans and Singapore PRs (NRIC is required)
  • Foreigners (Passport with Relevant Pass and Proof of Mailing Address are required)

For New Customers:

  • Apply in person via their branch
  • You may also apply online

For Existing Customers:

  • You may use ICBC’s online application

  • There is no penalty for premature withdrawal of fixed deposits. You will get paid based on the prevailing current account interest rate.

3. ICBC Singapore Dollar Fixed Deposit Rates

ICBC Singapore Dollar Fixed Deposit Rates

Although the latest ICBC Singapore Fixed Deposit does not offer the highest interest rate, you cannot take it out from the competition. This SG FD promo has the lowest minimum deposit requirement. You only need S$500 to open an ICBC SGD fixed deposit account.

You can enjoy a ICBC FD rate of 2.80% via E-banking if you choose a 12-month tenure (just park it for a year) on this best fixed deposit Singapore. Meanwhile, you can earn up to 2.75% if you open via the counter.

ICBC SGD Fixed Deposit Promotion

Minimum Deposit
S$5000 (over the counter)
S$500 (eBanking)
Tenure
12 months
Interest Rate (p.a.)
2.80% (via e-banking)
2.75% (via counter)

  • Must be 18 years old and above
  • Singaporeans and Singapore PRs (NRIC is required)
  • Foreigners (Passport with Relevant Pass and Proof of Mailing Address are required)

For New Customers:

  • Apply in person via their branch
  • You may also apply online

For Existing Customers:

  • You may use ICBC’s online application

  • There is no penalty for premature withdrawal of fixed deposits. You will get paid based on the prevailing current account interest rate.

4. CIMB SGD Fixed Deposit Rates

CIMB SGD Fixed Deposit RatesIf you have substantial money and you are looking for other banks with the highest fixed deposit rates, you may consider CIMB SGD Fixed Deposit.

CIMB’s latest exclusive online promotion provides a 3.10% interest rate per annum for a minimum deposit of S$10,000 for 18-month tenure. This can be enjoyed by preferred banking customers. If you are not under preferred banking, you can still earn up to 3.05%.

CIMB SGD Exclusive Online Fixed Deposit Promotion

Minimum Deposit Tenure Interest Rate (p.a.)
S$10,000 18 months

3.10% (preferred banking)

3.05% (personal banking)

For non-promotional fixed deposits, note that minimum deposits for different tenures are as follows:

  • S$5,000 for 1 or 2-month tenures
  • S$1,000 for other board rates

  • Choose from multiple tenures (1, 2, 3, 6, 9, 12, 18 and 24 months) with a low initial deposit of S$1,000 (non-promotional fixed deposits)
  • Conveniently apply online
  • Enjoy automatic renewals

  • Must be 18 years old and above
  • Singaporeans and Singapore PRs (NRIC/Passport and Proof of Residential address if the residential address in the application differs from the ID document are required)
  • Foreigners (Passport with Employment Pass/Work Permit/Dependant’s Pass/Student Pass and Proof of Residential Address are required)

For New Customers:

  • You may apply online by clicking the link here.

For Existing Customers:

  • You may apply via CIMB Clicks Internet Banking or by clicking here.

4. CIMB SGD Fixed Deposit Rates

CIMB SGD Fixed Deposit Rates

If you have substantial money and you are looking for other banks with the highest fixed deposit rates, you may consider CIMB SGD Fixed Deposit.

CIMB’s latest exclusive online promotion provides a 3.10% interest rate per annum for a minimum deposit of S$10,000 for 18-month tenure. This can be enjoyed by preferred banking customers. If you are not under preferred banking, you can still earn up to 3.05%.

CIMB SGD Exclusive Online Fixed Deposit Promotion

Minimum Deposit
S$10,000
Tenure
18 months
Interest Rate (p.a.)
3.10% (preferred banking)
3.05% (personal banking)

For non-promotional fixed deposits, note that minimum deposits for different tenures are as follows:

  • S$5,000 for 1 or 2-month tenures
  • S$1,000 for other board rates

  • Choose from multiple tenures (1, 2, 3, 6, 9, 12, 18 and 24 months) with a low initial deposit of S$1,000 (non-promotional fixed deposits)
  • Conveniently apply online
  • Enjoy automatic renewals

  • Must be 18 years old and above
  • Singaporeans and Singapore PRs (NRIC/Passport and Proof of Residential address if the residential address in the application differs from the ID document are required)
  • Foreigners (Passport with Employment Pass/Work Permit/Dependant’s Pass/Student Pass and Proof of Residential Address are required)

For New Customers:

  • You may apply online by clicking the link here.

For Existing Customers:

  • You may apply via CIMB Clicks Internet Banking or by clicking here.

5. Bank of China SGD Time Deposit Rates

Bank of China SGD Time Deposit RatesIf you plan to open an additional fixed deposit account with high returns, you may consider the Bank of China SGD Time Deposit. You can deposit even S$5,000. However, you need to lock it up for 24 months to earn up to 3.10% p.a. for mobile banking placement, and 3.00% for over-the-counter placement.

If you do not want to park your money for 2 years, there are shorter commitment periods. You may park your SGD dollars for a year and earn up to 3.00% for over-the-counter placement, and 3.00% for mobile banking placement.

Bank of China SGD Time Deposit

Minimum Deposit Tenure Interest Rate (p.a.)
S$5,000 24 months 3.10% (mobile banking)

3.00% (over the counter)

  • Wide range of tenure from 1 month, 3 months, 9 months, 12 months, 24 months and 36 months
  • Low minimum placement

  • At least 15 years old and above
  • Singaporeans and Singapore PRs (NRIC is required)
  • Foreigners (Passport with Employment Pass/Work Permit/Student Pass, valid ID, Passport and Proof of address are required)

  • Apply to the nearest branch
  • Please don’t forget to bring the required documents

5. Bank of China SGD Time Deposit Rates

Bank of China SGD Time Deposit Rates

If you plan to open an additional fixed deposit account with high returns, you may consider the Bank of China SGD Time Deposit. You can deposit even S$5,000. However, you need to lock it up for 24 months to earn up to 3.10% p.a. for mobile banking placement, and 3.00% for over-the-counter placement.

If you do not want to park your money for 2 years, there are shorter commitment periods. You may park your SGD dollars for a year and earn up to 3.00% for over-the-counter placement, and 3.00% for mobile banking placement.

Bank of China SGD Time Deposit

Minimum Deposit
S$5,000
Tenure
24 months
Interest Rate (p.a.)
3.10% (mobile banking)

3.00% (over the counter)

  • Wide range of tenure from 1 month, 3 months, 9 months, 12 months, 24 months and 36 months
  • Low minimum placement

  • At least 15 years old and above
  • Singaporeans and Singapore PRs (NRIC is required)
  • Foreigners (Passport with Employment Pass/Work Permit/Student Pass, valid ID, Passport and Proof of address are required)

  • Apply to the nearest branch
  • Please don’t forget to bring the required documents

6. RHB Singapore Dollar Fixed Deposit Rates

RHB SGD Fixed Deposit RatesMalaysian bank RHB’s promotional interest rates offer the highest fixed deposit rate in Singapore. For a minimum placement of S$20,000, you can enjoy an SGD fixed deposit rate of 3.40% per annum. You just need to leave your money for a year up to two years to gain returns and make your placement via mobile banking. If you prefer over the counter placement, you can still enjoy up to 3.30% interest.

RHB SGD Fixed Deposit Promotion

Minimum Deposit Tenure Interest Rate
S$20,000 12 months 3.40% (for mobile banking)

3.30% (for renewals and over the counter)

  • Choose from 3 to 36 months deposit tenure
  • Conveniently manage your deposits 24/7 through RHB Mobile SG and RHB Now Internet banking service
  • Hassle-free automatic renewal
  • Access to overdraft facilities
  • Highest interest rate as of press time

  • Must be at least 18 years old and above
  • Singaporeans or Singapore Permanent Residents (PR) (NRIC/Passport is required)
  • Foreigners (Employment Pass or Work Permit, IC or Passport, Latest original copy of any bank statement, utility or telecommunication bill with residential address (Proof of residential address) are required)

  • Open an SGD Fixed Deposit account by downloading the new RHB Mobile App

  • There is no fee required to maintain the account

6. RHB Singapore Dollar Fixed Deposit Rates

RHB SGD Fixed Deposit Rates

Malaysian bank RHB’s promotional interest rates offer the highest fixed deposit rate in Singapore. For a minimum placement of S$20,000, you can enjoy an SGD fixed deposit rate of 3.40% per annum. You just need to leave your money for a year up to two years to gain returns and make your placement via mobile banking. If you prefer over the counter placement, you can still enjoy up to 3.30% interest.

RHB SGD Fixed Deposit Promotion

Minimum Deposit
S$20,000
Tenure
12 months
Interest Rate (p.a.)
3.40% (for mobile banking)

3.30% (for renewals and over the counter)

  • Choose from 3 to 36 months deposit tenure
  • Conveniently manage your deposits 24/7 through RHB Mobile SG and RHB Now Internet banking service
  • Hassle-free automatic renewal
  • Access to overdraft facilities
  • Highest interest rate as of press time

  • Must be at least 18 years old and above
  • Singaporeans or Singapore Permanent Residents (PR) (NRIC/Passport is required)
  • Foreigners (Employment Pass or Work Permit, IC or Passport, Latest original copy of any bank statement, utility or telecommunication bill with residential address (Proof of residential address) are required)

  • Open an SGD Fixed Deposit account by downloading the new RHB Mobile App

  • There is no fee required to maintain the account

How About Opening Fixed Deposit Accounts in Other Banks?

As of this month, some of the major banks such as Standard Chartered, UOB, DBS, OCBC, HSBC and Citibank have much high interest rates. The interest rates are below 1%.

For Standard Chartered Singapore Dollar Time Deposit, its latest promotional rate is 2.80% for a minimum deposit of S$25,000 for 24-month tenure.

Moreover, UOB Singapore Dollar Fixed Deposit shares the same promotional interest rate with Standard Chartered at 3.00% per annum. However, it has a much shorter tenure (15 months) and lower placement (S$20,000) requirement).

DBS Singapore Dollar Fixed Deposit offers a high interest rate of up to 4.75, but only on USD, HKD, AUD, and GBP fixed deposits, which is one of the best interests for fixed deposit in Singapore if you want to explore beyond SGD. Their SGD fixed deposit interest rate can only get up to 1.7% interest. Check out the details here.

HSBC Time Deposit now offers an interest rate of 3.20% per annum with varying minimum deposit and tenure requirements.

Local Bank OCBC Fixed Deposit lets you earn a maximum interest of 3.10% p.a. with a minimum placement of S$20,000 for a 12-month deposit tenure.

Furthermore, if you are checking the latest Singapore dollar time deposit rate from Citibank up to 3.20 % per annum on their time deposit for 12 months

Singapore Dollar Fixed Deposit Rates from Other Banks

Bank Best Interest Rates (Per Annum) Minimum Deposit Tenure (months)
Standard Chartered 2.80% S$25,000 24
UOB 3.0% S$20,000 15
DBS 1.7%  S$1,000 48-60
HSBC 3.20% S$30,000 12
OCBC 3.10% S$20,000 12
Citibank 3.20% S$50,000 6 – 12
Standard Chartered
Interest Rate: 2.80% p.a.
Minimum Deposit: S$25,000
Tenure: 24 months
UOB
Interest Rate: 3.0% p.a.
Minimum Deposit: S$20,000
Tenure: 15 months
DBS
Interest Rate: 1.7% p.a.
Minimum Deposit: S$1,000
Tenure: 48-60 months
HSBC
Interest Rate: 3.20% p.a.
Minimum Deposit: S$30,000
Tenure: 12 months
OCBC
Interest Rate: 3.10% p.a.
Minimum Deposit: S$20,000
Tenure: 12 months
Citibank
Interest Rate: 3.20% p.a.
Minimum Deposit: S$50,000
Tenure: 6-12 months

Advantages and Disadvantages of Singapore Dollar Fixed Deposits

After knowing the best fixed deposit accounts, it is time to be familiar with the pros and cons.

Is it better to open a Singapore dollar time deposit, or is it not a good idea?

Is Singapore Dollar time deposit a good investment?

Here are the benefits why you may consider Singapore Dollar Fixed Deposit in your investment portfolio.

  • Guaranteed returns. The interest rate in a Singapore dollar time deposit is fixed. Therefore, irrespective of the market situation, you can earn interest as long as you commit to the tenure and maintain the minimum deposit.
  • Higher Promotional Interest Rates. Sometimes banks or financial institutions have promotions wherein they offer much higher interest rates for fixed deposits than the existing board rates. This means that with higher interest rates, you can gain higher returns upon your fixed deposit account maturity.
  • Low-risk Investment. A time deposit in Singapore ensures that you will earn a fixed interest rate for a fixed duration. This means that there is little or no chance of losing your money. Therefore, it is a good option for a conservative investor or a cautious saver.
  • Interest Earned is Not Taxable. Based on the Inland Revenue Authority of Singapore (IRAS), interest received from deposits with approved banks and finance companies licensed in Singapore is not taxable. This means that you can earn the full interest.
  • Easy Application.  Customers can open a fixed deposit account in minutes by applying online. They can directly apply through the bank’s website or through internet banking.
  • Convenient Account Management. Banks and financial institutions allow a customer to manage their account online via internet banking or through their mobile application. You can take control of your account anytime and anywhere.
  • Diversifies your Investment Portfolio. A diversified portfolio can minimise the risks while you are investing for the long term. To balance out your portfolio’s risk level, you need to add some low-risk investments. One of the low-risk investments that you may consider is opening fixed deposit accounts since it provides guaranteed returns, the same as Singapore Savings Bonds.
    Read more: Singapore Savings Bonds: Complete Guide to Buying SSB (2022)

What are the disadvantages of Singapore Dollar Fixed Deposits?

While time deposits offer guaranteed returns and a better low-risk investment option, there are some disadvantages that you need to consider.

  • Premature or early withdrawal forgoes interest. If you decide to withdraw your money from fixed deposits before maturity, you may earn a prorated interest or no interest at all. Moreover, some banks imposed a penalty for early withdrawal.
  • Promotional rates require a higher initial deposit and longer tenure. Promotional rates provide much higher interest than the board rates. However, some banks require higher initial deposits, such as at least S$25,000 to earn 1.4% p.a.
  • Need to maintain a minimum deposit and wait until maturity. To gain returns, you need to maintain a minimum deposit amount such as at least S$1,000 and leave this money until maturity.

A Word from OMY

Overall, if you have substantial funds and are planning to diversify your investment portfolio, you may consider opening a Singapore Dollar Fixed Deposit Account. It has guaranteed returns that will let you earn more interest for your money.

To gain higher returns, make sure to take advantage of the best fixed deposit promotional rates in Singapore.

Note that interest rates may change each month, so do not forget to save, or bookmark this page as we will update this monthly. This article was last updated on 12 October 2022.

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