• Fixed Deposit Interest Rates Singapore

    Fixed Deposits in Singapore

    Fixed deposits are also referred to as time deposits. Banks in Singapore offer customers fixed deposit accounts of two types - Singapore Dollar Fixed Deposit and Foreign Currency Fixed Deposit accounts.

    Fixed deposits are ideal for those who are starting off with their investment portfolio for several reasons:

    • Fixed deposits are low-risk investments that guarantee returns and are not tied to market fluctuations.
    • Fixed deposits do not require a large deposit amount. You can open a fixed deposit account in Singapore with as low as S$500.
    • Fixed deposits have one of the most flexible tenures that start from 1 day and extend up to 48 months.
    • Fixed deposits can be opened by individuals starting from 12 years of age.

    Fixed Deposit Interest Rate 2017 (Singapore Dollar)

    Note: All rates are updated as on 4 September 2017.

    Bank Tenure Interest rates (p.a.)
    HSBC Singapore Dollar Time Deposit 1 month to 12 months 0.05% to 0.28%
    DBS S$ Fixed Deposits 1 month to 60 months 0.05% to 1.2%
    POSB S$ Fixed Deposits 1 month to 60 months 0.05% to 1.2%
    UOB Singapore Dollar Time/Fixed Deposit 1 month to 36 months 0.05% to 0.65%
    OCBC Time Deposit 1 month to 48 months 0.05% to 0.95%
    Maybank Singapore Dollar Time Deposit 1 month to 36 months 0.2% to 1.25%
    Standard Chartered Singapore Dollar Time Deposit 1 month to 60 months 0.05% to 0.75%
    CIMB SGD Fixed Deposit 1 month to 24 months 0.2% to 1.1%
    RHB Singapore Dollar Time Deposit 1 month to 36 months 0.2% to 1%
    Citibank Singapore Dollar Time Deposit 1 week to 36 months 0.05% to 0.1%
    BOC Time Deposit 1 month to 36 months 0.175% to 0.95%
    ICBC SGD Fixed Deposit 1 month to 24 months 0.3% to 0.8%
    HLF Fixed Deposit 1 month to 36 months 0.1% to 1.3%

    Fixed Deposit Interest Rate 2017 (Foreign Currency)

    HSBC Bank Fixed Deposit Interest Rates

    Currency Tenure Amount Interest rates (p.a.)
    United States Dollar 2 weeks to 12 months Starting from USD25,000 0% to 1.2%
    Great Britain Pound 2 weeks to 12 months Starting from GBP25,000 0% to 0.04%
    Australian Dollar 2 weeks to 12 months Starting from AUD25,000 0% to 1.37%
    Euro 2 weeks to 12 months Starting from EUR25,000 0%
    Chinese Yuan 2 weeks to 12 months Starting from CNY250,000 onwards 0% to 1.55%
    Hong Kong Dollar 2 weeks to 12 months Starting from HKD100,000 0% to 0.7%

    DBS/POSB Bank Fixed Deposit Interest Rates

    Currency Tenure Amount Interest rates (p.a.)
    United States Dollar 1 day to 12 months Starting from USD10,000 0% to 1.36%
    Great Britain Pound 1 day to 12 months Starting from GBP25,000 0% to 0.055%
    Australian Dollar 1 day to 12 months Starting from AUD25,000 0% to 1.495%
    Euro 1 day to 12 months Starting from EUR50,000 0%
    Chinese Renminbi (Offshore) 1 day to 12 months Starting from CNH250,000 0% to 1.42%
    Hong Kong Dollar 1 day to 12 months Starting from HKD500,000 0% to 0.02%

    UOB Fixed Deposit Interest Rates

    Currency Tenure Amount Interest rates (p.a.)
    United States Dollar 1 week to 12 months Starting from USD5,000 0% to 1.13%
    Great Britain Pound 1 week to 12 months Starting from GBP5,000 0% to 0.05%
    Australian Dollar 1 week to 12 months Starting from AUD5,000 0% to 1.4%
    Euro 1 week to 12 months Starting from EUR5,000 0%
    Chinese Renminbi (Offshore) 1 week to 12 months Starting from CNH250,000 0% to 1.45%
    Hong Kong Dollar 1 week to 12 months Starting from HKD200,000 0% to 0.48%

    OCBC Fixed Deposit Interest Rates

    Currency Tenure Amount Interest rates (p.a.)
    United States Dollar 1 month to 12 months Starting from USD5,000 0.84% to 1.29%
    Great Britain Pound 1 month to 12 months Starting from GBP5,000 0% to 0.11%
    Australian Dollar 1 month to 12 months Starting from AUD5,000 0.36% to 1.46%
    Euro 1 month to 12 months Starting from EUR5,000 0%
    Chinese Yuan (Offshore) 1 month to 12 months Starting from CNH250,000 0% to 0.82%
    Hong Kong Dollar 1 month to 12 months Starting from HKD50,000 0%

    Maybank Fixed Deposit Interest Rates

    Currency Tenure Amount Interest rates (p.a.)
    United States Dollar 1 month to 12 months Starting from USD10,000 0.95% to 1.3%
    Great Britain Pound 1 month to 12 months Starting from GBP10,000 0%
    Australian Dollar 1 month to 12 months Starting from AUD10,000 1.05% to 1.6%
    Euro 1 month to 6 months Starting from EUR10,000 0%

    Standard Chartered Fixed Deposit Interest Rates

    Currency Tenure Amount Interest rates (p.a.)
    United States Dollar 1 week to 12 months Starting from USD5,000 0.171% to 1.112%
    Great Britain Pound 1 week to 12 months Starting from GBP5,000 0.05% to 0.3%
    Australian Dollar 1 week to 12 months Starting from AUD5,000 0% to 1.65%
    Euro 1 week to 12 months Starting from EUR5,000 0%
    Chinese Renminbi (Offshore) 1 week to 12 months Starting from CNH25,000 0% to 3.25%
    Hong Kong Dollar 1 week to 12 months Starting from HKD25,000 0% to 0.475%

    CIMB Fixed Deposit Interest Rates

    Currency Tenure Amount Interest rates (p.a.)
    United States Dollar 1 month to 12 months Starting from USD10,000 0.7275% to 1.665%
    Great Britain Pound 1 month to 12 months Starting from GBP10,000 0% to 0.555%
    Australian Dollar 1 month to 12 months Starting from AUD10,000 1.2375% to 2.265%
    Euro 1 month to 12 months Starting from EUR10,000 0%
    Chinese Renminbi (Offshore) 1 month to 12 months Starting from CNH10,000 1.7575% to 3.885%

    RHB Fixed Deposit Interest Rates

    Currency Tenure Amount Interest rates (p.a.)
    United States Dollar 1 week to 24 months Starting from USD5,000 0.34% to 1.09%
    Great Britain Pound 1 week to 12 months Starting from GBP5,000 0.05% to 0.38%
    Australian Dollar 1 week to 12 months Starting from AUD5,000 0.95% to 1.80%
    Euro 1 week to 12 months Starting from EUR5,000 0%
    Chinese Yuan (Offshore) 1 month to 12 months Starting from CNH5,000 1.15% to 2.5%
    Hong Kong Dollar 1 week to 12 months Starting from HKD5,000 0.01% to 0.28%

    BOC Fixed Deposit Interest Rates

    Currency Tenure Amount Interest rates (p.a.)
    United States Dollar 1 month to 12 months Starting from USD2,000 1.0625% to 1.75%
    Great Britain Pound NA NA NA
    Australian Dollar 1 month to 6 months Starting from AUD5,000 0.9375% to 1.625%
    Euro 1 month to 6 months Starting from EUR5,000 0.0001% to 0.01%
    Chinese Renminbi (Offshore) 1 month to 12 months Starting from RMB3,000 1.85% to 2.3%
    Hong Kong Dollar 1 month to 6 months Starting from HKD50,000 0.0625% to 0.25%

    ICBC Fixed Deposit Interest Rates

    Currency Tenure Amount Interest rates (p.a.)
    United States Dollar 1 week to 12 months Starting from USD500 0.25% to 1.71%
    Chinese Renminbi (Offshore) 3 months to 12 months Starting from RMB10,000 2.2% to 3.65%

    Citibank Fixed Deposit Interest Rates

    Currency Tenure Amount Interest rates (p.a.)
    United States Dollar, Great Britain Pound, Euro, Chinese Renminbi (Offshore), Hong Kong Dollar 1 week to 12 months Starting from an equivalent of S$10,000 NA

    How to calculate fixed deposit interest rate

    Fixed deposits in Singapore are usually calculated on the basis of simple interest unless specified as “compound interest” by the bank. There are 2 ways you can calculate fixed deposit interest rates in Singapore:

    Formula for calculation of interest earned on a time deposit:

    I = P x r x T

    You can use this formula to calculate the simple interest earned on your fixed deposit where:

    • “I” refers to the interest earned on your investment
    • “P” refers to the principal amount you have deposited into the fixed deposit account
    • “r” refers to the rate of interest offered on your fixed deposit account by the bank (usually calculated as “per annum”) and
    • “T” refers to the tenure of your fixed deposit

    Illustration: Suppose you want to deposit S$10,000 into a fixed deposit account for a tenure of 1 year at an interest rate of 1.10% p.a. You can calculate your interest in the following manner:

    I = P x r x T, where

    I = 10000 x 1.10 x 1 / 100

    I = 11000 x 1 / 100

    I = 11000 / 100

    I = 110

    Hence, your deposit will earn an interest of S$110. The total amount you will receive at the end of your deposit term will be 10000 (principal amount) + 110 (interest earned) = S$10,110.

    Calculation using Excel Sheet:

    If you wish to calculate your fixed deposit interest rate using an Excel Sheet, you can do so through the following ways:

    • Open an Excel Sheet on your computer/laptop/mobile
    • In the first column (A1) enter your principal amount
    • In the second column (B1) enter your tenure (in months)
    • In the third column (C1) enter your interest rate without “%”

    Now, in the fourth column (D1) enter this formula:

    =A1*(C1/12)*(B1/100)

    This will give you the interest rate earned in S$. If you wish to know the total amount you will receive at the end of your fixed deposit tenure including your principal amount and your interest rate, then enter this formula in the fifth column (E1):

    =A1+D1

    This will give you the total amount you will receive at the end of your fixed deposit tenure.

    Illustration: Suppose you want to deposit S$25,000 into a fixed deposit account for a tenure of 2 years at an interest rate of 1.5% p.a. you can calculate your interest by entering your values on the Excel Sheet in the following manner:

    • A1: 25000
    • B1: 24
    • C1: 1.5
    • D1: =A1*(C1/12)*(B1/100)
    • E1: =A1+D1

    Your result will displayed in columns D1 (750) and E1 (25750). This means that at the end of 2 years, you will receive S$750 as interest on your fixed deposit and your total fixed deposit amount including the principal amount deposited and the interest amount earned will be S$25,750.

    Frequently Asked Questions

    1. Can I withdraw from my fixed deposit account before the maturity period?

      Yes. You can make a premature withdrawal of your fixed deposit whenever you want to. However, you may not earn any interest on your deposit amount or the interest will be paid on a prorated basis. This, however, will depend on how early you make the withdrawal after opening the fixed deposit account and the terms and conditions of the bank.

    2. What is the Deposit Insurance Scheme?

      Deposit Insurance Scheme has been introduced by the MAS (Monetary Authority of Singapore) to protect customers’ deposits with licensed banks and financial institutions in Singapore. Under this scheme, each depositor’s fixed deposit account is automatically insured up to S$50,000 per deposit account in the event that the bank/financial institution collapses. However, note that only Singapore Dollar Fixed Deposits are insured under the Deposit Insurance Scheme. Foreign Currency Deposits are not insured under this scheme.

    3. Can I use my fixed deposit as collateral to obtain other credit facilities?

      Yes. You can use your fixed deposit account as collateral or security to apply for other credit facilities such as secured credit cards, secured loans, etc. if your credit is approved and if your fixed deposit amount meets the minimum collateral requirement of the bank or financial institution.

    4. Is the interest received from fixed deposits taxable under the Income Tax Act?

      Interest derived from fixed deposits maintained with licensed or approved banks and financial companies in Singapore are not taxable. However, deposits that are maintained with non-approved banks and/or financial companies that are not licensed in Singapore are taxable under the Income Tax Act.

    5. What is a secured overdraft and how is it related to fixed deposits?

      Secured overdraft is a feature offered by several banks in Singapore that allows you to borrow money against a fixed deposit you have maintained with the bank. The purpose of a secured overdraft is to offer you liquid cash instantly in case of any emergency, but instead of borrowing from the bank through a loan, you will be borrowing from yourself. Some banks such as UOB let you borrow up to 100% of your fixed deposit value maintained with the bank. You can repay the amount at your convenience and banks usually do not charge a fee for early repayment. 

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