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Best Fixed Deposit Rates in Singapore (May 2024)—Rates Up To 3.75%, Minimum Deposits From $500

If you think that fixed deposits are only for conservative cash-rich aunties and uncles, think again.

A fixed deposit (also known as a time deposit) account is a type of bank account that pays account holders a fixed amount of interest in exchange for depositing a certain sum of money for a certain period of time.

Although fixed deposit rates have been falling, there’s a good number of rates that are still very decent and worth giving a shot if you have some money lying around. You don’t even need a large stash of cash—these days, banks are offering fixed deposits starting from as low as $500!

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Here’s our round-up of the best fixed deposit rates in Singapore in May 2024 for banks like UOB, DBS, OCBC, and more.

 

Best Fixed Deposit Rates in Singapore (May 2024)

  1. Overview of best fixed deposit rates in Singapore 2024

  2. Overall best fixed deposit rates—highest in Singapore 2024

  3. Best fixed deposit rates by commitment period

  4. Best fixed deposit rates by minimum deposit amount

  5. Fixed deposit vs savings account—what’s the difference?

  6. Fixed deposit vs Singapore Savings Bonds (SSB) vs T-bills—which is best?

 

Overview of best fixed deposit rates in Singapore (May 2024)

Which bank in Singapore has the best fixed deposit rate? These are the best fixed deposit rates in Singapore this month for various deposit amounts and commitment periods. 

best-fixed-deposit-rates-singapore-may-2024
Updated 15 May 2024

Note: Most of these are promotional interest rates, and banks can change their rates anytime. Do check their respective websites for the latest rates.

Overall best fixed deposit rates—highest in Singapore (May 2024)

Looking for the absolute highest fixed deposit rates across all deposit amounts and commitment periods? If your deposit amount and period are flexible, these are the best fixed deposit rates you can get in Singapore in May 2024:

  • Syfe Cash+ Guaranteed (3.75% p.a.—3 or 6 months with no minimum amount)

  • StashAway Simple Guaranteed (3.75% p.a.—3 months with no minimum amount)

  • SBI (3.35% p.a.—min. $50,000 for 6 months)

  • ICBC (3.35% p.a.—min. $500 for 3 months)

  • Bank of China (3.30% p.a.—min. $500 for 3 months)

  • CIMB (3.25% p.a.—min. $10,000 for 3 months)

  • RHB (3.25% p.a.—min. $20,000 for 6 months)

  • HSBC (3.20% p.a.—$200,000 for 3 or 6 months)

To view fixed deposit rates by commitment period or deposit amount, navigate our content list to jump to the section that best matches your needs.


ALSO READ: Fixed Deposit Alternatives in Singapore—5 Easy, Low-Risk Investments


 

Best fixed deposit rates by commitment period

When it comes to fixed deposits, do you have a time frame in mind? Whether you want to stash your cash for 3, 6 or 12 months, we’ve worked out the best fixed deposit rates for you.

 

Best fixed deposit rates for a 3-month commitment period

Looking for a short fixed deposit period? Here are the best fixed deposit rates in Singapore for a 3-month commitment period. 

 

Syfe Cash+ Guaranteed

Period

Syfe Cash+ Guaranteed rate (no min. or max deposit amount)

3 months

3.75% p.a.

6 months

3.75% p.a.

12 months

3.60% p.a.

Rates accurate as of 15 May 2024. Do check the Syfe Cash+ Guaranteed page for the latest rates.

If you’re looking for a fuss-free, guaranteed way to grow your money, you might want to look beyond our traditional banks.

Syfe Cash+ Guaranteed isn’t a traditional fixed deposit, but invests your funds into fixed deposits by with banks that are regulated by MAS. Their rates are higher than traditional banks, and there’s also no minimum or maximum amount.

As of 15 May 2024, Syfe Cash+ Guaranteed is offering up to 3.75% p.a. with a 3-month and 6-month tenure—one of the highest rates this month on our list. It’s gone up since the 3.7% p.a. rate we saw in early Jan 2024, but isn’t as high as the 4% we saw in Dec 2023.

Syfe Cash+ Guaranteed

  • What we like: Higher rates than traditional banks, no minimum or maximum deposit amount.

  • What we don’t like: No liquidity. You cannot withdraw the funds prematurely even if you’re willing to pay a penalty. With traditional banks, you can prematurely withdraw your fixed deposit funds by paying an early withdrawal fee.

 

StashAway Simple Guaranteed rate

Period

StashAway Simple Guaranteed rate (no min. or max. deposit amount)

1 month

3.50% p.a.

3 months

3.75% p.a.

6 months

3.60% p.a.

12 months

3.50% p.a.

Rates accurate as of 15 May 2024. Do check StashAway’s Simple Guaranteed page for the latest rates.

StashAway offers a cash management solution called Simple Guaranteed. It’s exactly what it sounds like—a simple and guaranteed way to earn interest on your money. StashAway Simple Guaranteed places funds in fixed deposits with MAS-regulated banks, and you get an interest rate that’s slightly higher than what you’d get with a fixed deposit at a bank.

As of 15 May 2024, the highest StashAway Simple Guaranteed interest is 3.75% p.a. for a 3-month period, with no minimum or maximum deposit amounts. StashAway has maintained this highest rate from Dec 2023. And now, it’s second to Syfe for the highest rate in town.

StashAway Simple Guaranteed

  • What we like: High rates! Plus, no minimum or maximum deposit amount.

  • What we don’t like: Like Syfe’s Cash+ Guaranteed, there’s no way for you to withdraw your funds early, penalty fee or not. Once locked in, your cash is locked in tight.

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ICBC fixed deposit rates

Deposit amount

Period

$20,000 and above (over the counter)

$500 and above (via e-banking)

1 month

2.85% p.a.

2.90% p.a.

3 months

3.30% p.a.

3.35% p.a.

6 months

3.10% p.a.

3.15% p.a.

9 months

3.00% p.a.

3.05% p.a.

12 months

3.00% p.a.

3.05% p.a.

Rates accurate as of 15 May 2024. The rates above are promotional rates subject to change at any time by ICBC. Do check ICBC’s website for the latest rates.

There are a few fixed deposits which have pretty low barriers to entry on this list, but Chinese bank ICBC takes the cake. If you set up your fixed deposit via e-banking, their minimum deposit is just $500—nope, we didn’t miss a zero there!

ICBC’s fixed deposit rates are also slightly above average when compared across the board, especially when you compare small sums. Even if you only invest $500, you still get a rate of 3.35% p.a. with a commitment period of 3 months. You have to do this via e-banking to get this rate.

Set on doing it the old school way over the counter? Firstly, you’ll have to hit a minimum deposit requirement of $20,000. And secondly, the highest interest rate you can get is slightly lower, at 3.30% p.a. for a 3-month period.

ICBC fixed deposit

  • What we like: Ultra low minimum deposit amount of just $500 via e-banking. They also have a low commitment period of anywhere between a month to a year. These make ICBC very accessible.

  • What we don’t like: Rates are only slightly above average. And for older folk who want to open a fixed deposit account in person, their minimum deposit amount shoots up to $20,000 while the fixed deposit rates drop by 0.05% p.a..

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Citibank fixed deposit rates

Deposit amount

Period

$50,000 to $3 million

3 months

2.50% p.a.

6 months

2.50% p.a.

Note: The promotional rates above are stated as valid until 31 May 2024. Do check Citibank’s fixed deposit promotion page for the latest rates in case Citibank makes changes.

The best Citibank fixed deposit rate you can currently get is pretty dismal—2.50% p.a. for a minimum deposit amount of $50,000 and a commitment period of 3 months. That’s down from 3.50% p.a. in Feb 2024, 3.40% in Mar 2024, and 3.30% in Apr 2024.

For 6-months periods, Citibank’s fixed deposit rate is also 2.50% p.a.—down from 3.00% in Apr 2024.

Citibank’s fixed deposit rates are generally not one of the most accessible—despite the relatively short commitment periods, these are large sums of money. That said, their current minimum deposit amount of $50,000 is actually lowered already from the previous minimum of $250,000.

Citibank fixed deposit

  • What we like: Short commitment period of just 3 months. For those with a lot of money to park in a fixed deposit account, there’s also a high upper limit of $3 million.

  • What we don’t like: High minimum deposit amount. Not everyone has $50,000 just lying around.

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HSBC fixed deposit rates

Period / deposit amount

$30,000 to <$200,000

$200,000 to $10 million

3 months

3.00% p.a.

3.20% p.a.

6 months

3.00% p.a.

3.20% p.a.

12 months

2.85% p.a.

2.95% p.a.

Promotional rates valid until 31 May 2024. Do check HSBC’s website for the latest rates.

HSBC’s fixed deposit rates are currently highest for a 3- and 6-month commitment period, at 3.20% p.a. That’s a pretty short tenure, and HSBC’s fixed deposit is also advantageous because unlike banks like CIMB, you don’t need to be a preferred customer to enjoy this rate. 

However, there’s a big disadvantage of HSBC’s highest fixed deposit rates—the minimum sum you have to put in to enjoy the highest rate is a hefty $200,000. Yikes. To even get a rate of 3% p.a., you need to stash a minimum of $30,000 with HSBC. It’s a large sum for an average at best fixed deposit interest rate.

HSBC fixed deposit

  • What we like: Like Citibank, HSBC has a short commitment period of just 3 months.

  • What we don’t like: High minimum sum. You’re going to need a whopping $200,000 to enjoy HSBC’s best rates. Otherwise, you can only get 3% p.a. at best—and even then you need at least $30,000.

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Bank of China fixed deposit rates

Period

Fixed deposit interest rates

Over the counter placement ($10,000 and above)

Mobile banking placement ($500 and above)

1 month

2.80% p.a.

2.90% p.a.

3 months

3.25% p.a.

3.30% p.a.

6 months

3.10% p.a.

3.20% p.a.

9 months

3.00% p.a.

3.05% p.a.

12 months

3.00% p.a.

3.05% p.a.

18 months

2.65% p.a.

2.75% p.a.

24 months

2.60% p.a.

2.70% p.a.

The rates above were set on 6 May 2024 and are subject to change any time by the Bank of China. We noticed they change rates every few weeks or so. Check their website for the latest rates.

The best part about the Bank of China’s fixed deposit rates is the low minimum deposit and tenor period. Currently, even if you only have $500 to spare for only 1 month, you can still get a pretty decent interest rate of 2.90% p.a.. Usually, many banks require a minimum deposit of at least $10,000.

If you’re looking to get the best fixed deposit rate of 3.30% p.a. out of the Bank of China, you’ll need to invest at least $500 for a period of 3 months—surprisingly easy to do, in terms of the minimum deposit amount and deposit period. Do note that you need to make this deposit via mobile banking to enjoy this rate.

Bank of China fixed deposit

  • What we like: Short commitment period of 3 months, and very low minimum deposit amount of $500.

  • What we don’t like: Like ICBC, the Bank of China offers different rates depending on how you place your funds—online rates are better than rates at the bank branch. This may disadvantage older folks who want to open a fixed deposit account over the counter and find that their fixed deposit rates become 0.05% p.a. lower.

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Best fixed deposit rates for a 6-month and 12-month commitment periods

Looking to stash your cash in a fixed deposit account for 6 months or 1 year? Here’s a summary of the best fixed deposit rates in Singapore in 2024 for 6-month and 12-month commitment periods:

 

Best fixed deposit rates in Singapore for 6 and 12 months (May 2024)

Min. deposit amount

6 months

12 months

No minimum

3.75% p.a. (Syfe); 3.60% p.a. (StashAway)

3.60% p.a. (Syfe); 3.30% p.a. (StashAway)

$500

3.20% p.a. (Bank of China); 3.15% p.a (ICBC)

3.05% p.a. (Bank of China, ICBC)

$10,000

3.25-3.30% p.a. (CIMB)

2.95-3.00% p.a. (CIMB)

$20,000

3.25-3.30% p.a. (RHB)

3.25-3.30% p.a. (RHB); 2.60% p.a. (Maybank)

$25,000

3.00% p.a. (Standard Chartered)

$30,000

2.80% p.a. (OCBC)

2.80% p.a. (OCBC)

$50,000

3.35% p.a. (SBI)

3.05% p.a. (SBI)

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CIMB fixed deposit rates

Deposit amount: $10,000 and above

Period

Personal Banking (For regular CIMB customers)

Preferred Banking

3 months

3.25% p.a.

3.30% p.a.

6 months

3.20% p.a.

3.25% p.a.

9 months

3.20% p.a.

3.25% p.a.

12 months

2.95% p.a.

3.00% p.a.

Promotional rates valid until: 31 May 2024. Do check CIMB’s website for the latest rates.

Malaysian bank CIMB is offering pretty average fixed deposit rates in Singapore this month, at up to 3.25% p.a. for regular CIMB customers and 3.30% p.a. if you’re a CIMB Preferred Banking customer.

This promo is for deposits of at least $10,000. To enjoy the highest rates, you need to lock up your money for 3 months and must apply and deposit your money online.

If you’re looking to deposit smaller amounts of your savings into a fixed deposit account, CIMB’s board rates are a measly 0.2% to 0.3% p.a. or so. In this instance, you would be better off placing your money almost anywhere else. ICBC and the Bank of China are good options for small deposit amounts and small time frames, at 3–3.35% p.a. (minimum deposit of $500 for 3 months). 

CIMB fixed deposit

  • What we like: Relatively short commitment periods of 3 and 6 months.

  • What we don’t like: CIMB’s best rates are reserved for their Preferred Banking customers—these are 0.05% p.a. higher than the rates for regular Personal Banking customers. So if they advertise their rates as up to a certain rate, know that those rates may not apply to you.

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RHB fixed deposit rates

Deposit amount: $20,000 and above

Period

Personal banking

Premier banking

3 months

3.25% p.a.

3.30% p.a.

6 months

3.25% p.a.

3.30% p.a.

12 months

3.25% p.a.

3.30% p.a.

Note: The rates above are promotional rates subject to change at any time by RHB. Do check RHB’s website for the latest rates.

The easiest way to place your fixed deposit with RHB is on your phone via the RHB Mobile SG App. However, if that isn’t possible for you, RHB’s fixed deposit rates are the same whether you use mobile banking or head down to one of their branches.

Unfortunately, RHB’s fixed deposit rates have taken a tumble since we crossed into 2024. We used to see rates of up to 3.60% p.a. for a commitment period of 6 or 12 months in Dec 2023, but are now looking at a maximum of 3.25% p.a. for personal banking customers. You also have to stash away a minimum deposit requirement of $20,000, which is slightly on the high side compared to other banks. 

On the plus side, a big advantage to RHB’s fixed deposit is that they don’t charge you any penalty fee for early withdrawal. That means you can take your cash out early with no penalty in the event of an emergency.

RHB fixed deposit

  • What we like: No premature penalty fee if you want to withdraw your funds early!

  • What we don’t like: RHB’s minimum deposit amount of $20,000 is higher than that for other banks.

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HL Bank fixed deposit rates

Period

Fixed deposit rates 

1 month

0.10% p.a.

3 months

0.20% p.a.

6 month

0.30% p.a.

12 months

0.40% p.a.

Do check HL Bank’s latest fixed deposit rates; HL Bank may revise rates at any time at their discretion.

A member of the Hong Leong group, HL Bank currently doesn’t have any ongoing fixed deposit promotions right now—I called them to double check. This spells bad news for their interest rates, because we’re left with their measly board rates between 0.1% to 0.4% p.a..

HL Bank ended their Christmas promotion on 31 Dec 2023. We’re hoping they’ll be back with another promotion soon with better rates. If their Christmas campaign is anything to go by, they may be good rates too—in Dec 2023, you could enjoy up to 3.65% p.a. on a 12-month fixed deposit with HL Bank.

When it comes to their promotional fixed deposit rates, HL Bank usually has 1 big drawback—a high minimum deposit amount, usually $100,000. If you don’t have this amount, HL Bank is not even an option for you.

HL Bank fixed deposit

  • What we like: High promotional fixed deposit rates—we’ve seen HL Bank hit 4% p.a. at its peak in 2023. They don’t have any ongoing promotions now though.

  • What we don’t like: Their promotional rates usually require an ultra high minimum deposit amount of $100,000.

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Maybank fixed deposit rates

Deposit amount: $20,000 and above

Period

iSAVvy Time Deposit Promotion (Online Placement)

SGD Time Deposit/Term Deposit-i Promotion (Placement in Branch)

9 months

2.50% p.a.

2.50% p.a.

12 months

2.60% p.a.

2.60% p.a.

15 months

2.60% p.a.

2.60% p.a.

18 months

2.30% p.a.

2.30% p.a.

24 months

2.30% p.a.

2.30% p.a.

Note: The rates above are promotional rates subject to change at any time by Maybank. Check the Maybank fixed deposit rate page for the latest rates.

Maybank’s fixed deposit rates are some of the poorest rates this month. The best you can currently get is 2.60% p.a. with a commitment period of 12 or 15 months and a minimum deposit amount of $20,000.

Another downside is that you’ll need to leave your money in for at least a year. You don’t get a better rate if you leave it in for longer—that’ll yield lower rates of 2.30% p.a.. In the other direction, if you’re looking at a shorter commitment period of 3 or 6 months, Maybank’s fixed deposit rates also drop to a 2.50% p.a. interest rate. 

Maybank’s fixed deposit rates used to differ based on whether you do the fixed deposit online or in physically in a branch, but they’re currently the same for both modes.

The only way a Maybank fixed deposit might be worth it is if you also have selected Maybank savings accounts or current accounts and can make use of Maybank’s deposit bundle promotion. For every $1,000 in the account (minimum of $2,000), you can put money (in sets of $10,000; minimum $20,000) into the deposit bundle and enjoy special interest rates of 3.30% p.a. (12 or 15 months) or 2.75% p.a. (18 months or 24 months).

Maybank fixed deposit

  • What we like: We like that both online placements and placements in branch enjoy the same rates—those who can’t access one or the other for whatever reason aren’t disadvantaged. Their deposit bundle promotions also work well if you already have or intend to get a Maybank savings account.

  • What we don’t like: Low rates, longer commitment periods, and quite a large deposit amount relative to other banks on this list.

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OCBC fixed deposit rates

Period

Deposit amount of $30,000 and above

6 months

2.50% p.a. (placement in branch) / 2.80% p.a. (online banking)

12 months

2.80% p.a. (online banking)

Note: The rates above are promotional rates subject to change at any time by OCBC. See OCBC’s fixed deposit rates for the latest.

OCBC’s highest fixed deposit rate is unimpressive compared to other banks—2.80% p.a. for a 6-month deposit period. That’s if you use internet banking. Going down to an OCBC branch to set up your fixed deposit account is going to yield a lower rate of 2.50% p.a..

Their fixed deposit rates used to depend a lot on which customer group you fall under—Personal Banking customers, holders of OCBC’s flagship savings account OCBC 360 Account, Premier Banking customers, and Premier Private Clients. The latter 2 refer to priority banking customers who get to enjoy premium banking services if they deposit or invest a certain sum of money with OCBC.

Since then, OCBC has greatly simplified things. Now, everyone of all banking types is eligible for the same promotional fixed deposit rate—if only it was higher.

OCBC fixed deposit

  • What we like: Short commitment period of 6 months.

  • What we don’t like: Relatively high minimum deposit amount of $30,000. Also, you don’t get much choice by way of tenure—it’s 6 months or nothing at the moment. OCBC might also have the biggest disparity in its in-branch rates versus online banking rates, so older folks who only can only access banking services in person are disadvantaged.

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Best fixed deposit rates by minimum deposit amount

Is cash your limiting factor? Good news—the minimum amount for a fixed deposit account starts from as low as $500! Here are the best fixed deposit rates for deposits of the following amounts:

 

Best fixed deposit rates for deposits $10,000 and under

These are the best fixed deposit rates in Singapore 2024 for deposits $10,000 and under:

  • CIMB (3.25% p.a.—min. $10,000 for 3 months)

  • Bank of China (3.30% p.a.—min. $500 for 3 months)

  • ICBC (3.35% p.a.—min. $500 for 3 months)

  • DBS (3.20% p.a.—min. $1,000 for 12 months)

  • UOB (2.70% p.a.—min. $10,000 for 6 months)

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DBS fixed deposit rates

Deposit amount

Period

$1,000 – $19,999

$20,000-$999,999

1 month

0.30% p.a.

0.05% p.a.

3 months

1.00% p.a.

6 months

2.90% p.a.

9 months

3.10% p.a.

12 months – 60 months

3.20% p.a.

Currently, the best DBS fixed deposit rate is 3.20% p.a. for those who put $1,000 to $19,999 into a fixed deposit for 12, 18, 24, 36, 48 or 60 months. Anecdotally, we’ve noticed DBS hardly ever changes their rates. Now that other banks have reduced theirs, 3.20% isn’t looking too shabby. And besides, it still beats having your cash parked in a regular savings account!

One great thing I like about the DBS fixed deposit rates is their low minimum deposit amount of $1,000. Additionally, they’re also pretty flexible with the deposit period. If you can only afford to lock in your cash for less than 12 months, DBS will let you choose any deposit period at 1-month intervals, from 1-12 months. Most other banks limit this to 3-month intervals.

However, if you’re looking to put $20,000 or more into a fixed deposit, the current DBS rates are a flat, unimpressive 0.05% p.a. for all lock-in periods. You’d be better off investing your money almost anywhere else.

DBS fixed deposit

  • What we like: Low minimum amount of just $1,000. We also like that you get so much flexibility in terms of how long you want to leave it in for—DBS offers deposit periods in 1-month intervals from 1 -12 months.

  • What we don’t like: DBS doesn’t have very high fixed deposit rates (and rarely change them too). Their rates only become worth looking at from deposit periods of 12 months onwards, and even then are only relatively attractive if other banks drop their rates. Also, DBS is a poor option for investing larger sums. If you want to put in $20,000 or more, DBS fixed deposit rates plummet to just 0.05% p.a..

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UOB fixed deposit rates

UOB fixed deposit rates

Period

Minimum deposit amount: $10,000

6 months

2.70% p.a.

10 months

2.60% p.a.

Promotion valid until: 31 May 2024. Do check UOB’s website for the latest rates.

UOB’s fixed deposit rate is currently 2-tiered—2.70% p.a. for a deposit period of 6 months and 2.60% p.a. for a deposit period of 10 months. This rate applies as long as you deposit a minimum of $10,000. But with $10,000, you’d be better off parking your money with CIMB for 6 months to get 3.20% p.a. interest.

Like most other banks, UOB’s fixed deposit board rates are also nothing to shout about. They currently only hit 2.2% p.a. if you deposit your cash for at least 36 months.

UOB fixed deposit

  • What we like: Commitment periods start from a relatively short 6 months.

  • What we don’t like: UOB’s current rate is below average. As aforementioned, you’d do better at other banks for the same deposit amount and period.

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Best fixed deposit rates for deposits $20,000–$49,999

If you have over $20,000 you want to stash away, here are your best fixed deposit rates in Singapore this month:

  • CIMB (3.25% p.a.—min. $10,000 for 3 months)

  • Bank of China (3.30% p.a.—min. $500 for 3 months)

  • ICBC (3.35% p.a.—min. $500 for 3 months)

  • RHB (3.25% p.a.—min. $20,000 for 6 months)

  • Standard Chartered (3.00% p.a.—min. $25,000 for 6 months)

 

Standard Chartered fixed deposit rates

Deposit amount: $25,000 and above

Period

Regular bank customers

Priority banking customers

Priority private banking customers

6 months

3.00% p.a.

3.10% p.a.

3.20% p.a.

Promotional rates valid until: 31 May 2024. Do check Standard Chartered’s fixed deposit rates for the latest figures.

At a maximum of 3.20% p.a. interest rate, Standard Chartered’s fixed deposit rates are below average this month. You only get 3.20% if you’re a priority private banking customer, i.e. with a certain high net worth.

If you’re a regular customer, you’ll only be able to get a rate of 3.00% p.a. with an 6-month tenure at their current promotional rates. You can get better 6-month rates with RHB (3.25% p.a. for a lower minimum deposit amount of $20,000), Bank of China (3.20% p.a. for $500), or CIMB (3.25% p.a. for $10,000).

Standard Chartered also has non-promotional fixed deposit rates, but these leave even more to be desired. The regular Standard Chartered fixed deposit rates were revised on 28 Apr 2023, and still are only just hitting 3% p.a. for a long deposit period of 60 months.

Standard Chartered fixed deposit

  • What we like: Relatively short commitment period of 6 months.

  • What we don’t like: Standard Chartered doesn’t have high rates—even if you’re a priority private banking customer.

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Best fixed deposit rates for deposits $50,000 and above

Have a fairly sizeable sum of money? If you have $50,000 or more that you want to put into a fixed deposit account, you’ve got a few good options. Here are the best fixed deposit rates in Singapore 2024 for deposits $50,000 and above:

  • SBI (3.35% p.a.—min. $50,000 for 6 months)

  • CIMB (3.25% p.a.—min. $10,000 for 3 months)

  • Citibank (2.50% p.a.—min. $50,000 for 3 months)

  • HSBC (3.20% p.a.—$200,000 for 3 months)

  • Bank of China (3.30% p.a.—min. $500 for 3 months)

  • ICBC (3.35% p.a.—min. $500 for 3 months)

  • RHB (3.25% p.a.—min. $20,000 for 6 months)

  • DBS (3.20% p.a.—min. $1,000 for 12 months)

  • Hong Leong Finance (2.90% p.a.—min. $50,000 for 3 or 4 months)

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State Bank of India Singapore fixed deposit rates

SBI Singapore promotional fixed deposit rates

Period

Minimum deposit amount: $50,000

6 months

3.35% p.a.

12 months

3.05% p.a.

The State Bank of India (SBI) Singapore has a decent promotional fixed deposit rate this month of up to 3.35% p.a.. To enjoy this rate, you need to put at least $50,000 with SBI for a period of 12 months—both a pretty large amount and long time frame. 

SBI Singapore’s SGD fixed deposit board rates don’t come out strong, but we’re mentioning them here because they aren’t as terrible as the sub-1% rates at some other banks. Also, if you are forced to withdraw your fixed deposit funds prematurely, the promotional rates are invalid and these board rates will apply instead.

The highest board rate you’ll get to enjoy is 2.85% p.a., and only if you can afford to stash away your cash for at least 24 months.

SBI Singapore board rates

Period

Deposit amount: $5,000 to $1,000,000

1 month

0.35% p.a.

3 months

1.75% p.a.

6 months

2.25% p.a.

12 months

2.45% p.a.

24 months

2.55% p.a.

The one advantage SBI Singapore board fixed deposit rates have is that the minimum deposit sum is low at just $5,000. However, if you’re planning to leave your $5,000 in a fixed deposit, you can find better rates elsewhere. For the same sum, the Bank of China will give you 3.30% p.a. for a 3-month period.

State Bank of India Singapore fixed deposit

  • What we like: Decent rates and a relatively short commitment period of 6 months.

  • What we don’t like: $50,000 is a large minimum sum to park in a fixed deposit account. You also don’t have the flexibility of choosing shorter or longer tenures.

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Hong Leong Finance fixed deposit rates

Deposit amount

Period

$20,000-$49,999

$50,000 and above

3 month

2.85% p.a.

2.90% p.a.

4 months

2.85% p.a.

2.90% p.a.

9 months

2.75% p.a.

2.80% p.a.

Note: The rates above are promotional rates were published on 17 Apr 2024, but are subject to change at any time by Hong Leong Finance. See Hong Leong Finance’s fixed deposit rates for the latest.

Besides putting your money with banks, it’s also worthwhile looking into other financial institutions which also offer competitive fixed deposit rates. Hong Leong Finance is one such institution. Don’t get it confused with HL Bank, though. While the 2 share the same name, they offer entirely different fixed deposit rates.

With a lock-in period of 3 or 4 months, Hong Leong Finance is currently offering a fixed deposit rate of 2.90% p.a. for a $50,000 minimum deposit. That’s a relatively large sum for below average rates. The saving grace is that the tenure is short, at just 3 or 4 months.

Hong Leong Finance fixed deposit

  • What we like: Short tenure periods for which you have to stash your cash with them.

  • What we don’t like: Hong Leong Finance isn’t coming out strong in terms of their fixed deposit rates and also require a minimum deposit of $50,000, which isn’t exactly beginner-friendly.

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Now that we’ve had a look at the interest rates banks have to offer, here’s a quick and easy summary of what you need to know about fixed deposits.

 

Fixed deposit vs savings account—what’s the difference?

Anyone looking for a better alternative to their basic savings account will be faced with the same decision: fixed deposit or high-interest savings account? Both options beat the measly 0.05% p.a. interest on a regular savings account, but looking at interest rate alone isn’t enough to compare the two. 

Here are the differences between fixed deposits and savings accounts at a glance:

Fixed deposit

Savings account

Tenure

As low as 1 month, but go for at least 6 months for better rates

None

Interest rate

Usually, the longer the tenure, the better the interest rate

Usually the same regardless of tenure

Deposit amount

Fixed amount, usually at least $5,000, but promotional offers can go as low as $500 with ICBC and the Bank of China

Smaller initial deposit and minimum monthly balance ($500 to $3,000)

Currency

SGD by default, but some banks offer higher interest rates for foreign currency

SGD by default. There are a few multi-currency accounts, but no difference in interest rate

Can you withdraw?

Contrary to popular belief, yes, you can withdraw prematurely. However, you lose the interest and may have to pay a penalty.

Yes, no impact on interest, but don’t fall below the minimum balance

Interest payments

Quarterly or annually

Monthly

Risk level

Virtually risk-free, insured up to $75,000 by Singapore Deposit Insurance Corporation (SDIC)

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Fixed deposit vs Singapore Savings Bonds (SSB) vs T-bills—which is better?

If you’re looking for a virtually risk-free investment vehicle, you’re bound to have come across fixed deposits, Singapore Savings Bonds (SSB) and Treasury bills (T-bills). Which is the right one for you? Here are some key differences you should consider.

Fixed deposit

SSB

T-bills

Tenure

As low as 1 month, but go for at least 6 months for better rates

10 years

6 months / 1 year

Current interest rate

Up to 3.55% p.a.

3.33% p.a. (May 2024 SSB’s 10-year average return) 

3.70% p.a. (cut-off yield for 9 May 2024 6-month T-bill)

Deposit amount

Usually at least $5,000, but promotional offers can go as low as $500 with ICBC and the Bank of China

$500-$200,000

$1,000, with a cap of $1 million in non-competitive bids at each auction. 

Currency

SGD by default, but some banks offer higher interest rates for foreign currency

SGD

SGD

Can you withdraw?

Contrary to popular belief, yes—you can withdraw prematurely. However, you lose the interest and may have to pay a penalty.

Yes, with no penalty. However, you must pay a $2 transaction fee each time you buy/redeem a bond.

No, you cannot redeem T-bills early. Instead, you can try to sell it on the secondary market.

Interest payments

Quarterly or annually

Every 6 months

Upon maturity, full value of T-Bill refunded following initial sale at a discount

Risk level

Virtually risk-free, insured up to $75,000 by Singapore Deposit Insurance Corporation (SDIC)

Virtually risk-free, backed by the Singapore government

Virtually risk-free, backed by the Singapore government

Find out more about the best easy and low-risk investments, including T-bills, SSBs and more.

You can also explore fixed deposits in other currencies. For starters, we also compare fixed deposit in Hong Kong! Check out our guide to HKD fixed deposit rates.

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About the author

Vanessa Nah is a personal finance content writer who pens articles on the ins and outs of personal loans, the T&Cs of credit cards, and the ups and downs of alternative investments. She’s a researcher at heart and leaves no stone unturned when it comes to breaking down complex finance concepts and making them easy to understand for the everyday Singaporean. When Vanessa’s not debunking finance myths or sniffing out the best deals, you’ll find her attending dance classes, fingerpicking a guitar, or (most impawtently) fulfilling her life mission to make her one-eyed cat the most spoiled and loved kitty in the world.


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Original article: Best Fixed Deposit Rates in Singapore (May 2024)—Rates Up To 3.75%, Minimum Deposits From $500.

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