Fixed Deposit Rates in Singapore

A term or a fixed deposit is an ideal investment option you could consider. This is because, when you invest in a fixed deposit, your funds are not only protected but you will also earn interest over a period. This financial product is also flexible in nature. You will get to decide on a tenure which is suitable for you. Also, you can make a fixed deposit in a currency of your choice. You can use your fixed deposit as collateral to apply for other lines of credit such as loans and credit cards.

Many banks in Singapore offer automatic renewal of your fixed deposit account upon maturity so you don’t have to worry about reopening the account. Fixed deposits are low-risk investments. As the interest rate earned on fixed deposits are fixed before you open the account, they will not be affected by market fluctuations. At the end of the maturity period, you will get your initial deposit + interest. Fixed deposits are more reliable than other market investments such as stocks, shares, and bonds.

Fixed Deposit Interest Rates in 2019 Singapore

Bank/Financial Institution Name Minimum Tenure Maximum Tenure Minimum Interest Rate (p.a.) Maximum Interest Rate (p.a.) Minimum Deposit Amount
Bank of China 1 month 36 months 0.17% 0.95% S$5,000
Bank of East Asia 1 month 24 months 0.12% 0.87% S$10,000
Bank of India 1 month 12 months 0.05% 0.22% S$1,000
BNI 1 month 12 months * * S$10,000
CIMB 1 month 24 months 0.2% 1.1% S$5,000
Citi 1 week 36 months 0.05% 0.1% S$10,000
DBS 1 month 60 months 0.05% 1.4% S$1,000
Hong Leong Finance 1 week 36 months 0.1% 0.7% S$500
HL Bank 1 month 12 months 0.1% 0.5% S$50,000
HSBC 1 month 24 months 0.05% 0.75% S$5,000
Indian Overseas Bank 1 month 12 months 0.2% 1% S$10,000
ICBC 1 month 24 months 0.3% 1.98% S$500
ICICI 1 month 36 months 0.2% 0.95% *
Indian Bank 1 month 36 months 0.1% 0.9% *
Maybank 1 month 36 months 0.2% 1.8% S$10,000
OCBC 1 month 48 months 0.1% 1.75% S$5,000
POSB 1 month 60 months 0.05% 1.4% S$1,000
RHB 3 months 36 months * * S$1,000
Standard Chartered 1 month 60 months 0.15% 1.35% S$5,000
SBI 1 month 36 months 0.1% 1.15% S$2,000
SIF (Sing Investments & Finance Ltd) 1 month 60 months 0.1250% 1.2% *
Singapura Finance 1 month 60 months 0.3% 1% S$500
UOB 1 month 36 months 0.2% 1% S$5,000
UCO Bank 1 month 12 months 0.1% 0.65% S$1,000

Note: The above rates are correct as of 18/01/2019.

* Check with the concerned bank to find out the interest rates/minimum placement amounts that are applicable to the tenure you choose.

Foreign Currency Fixed Deposit Interest Rates 2019

Bank Name Minimum Tenure Maximum Tenure Minimum Deposit Interest Rates (p.a.)
USD GBP AUD HKD CAD NZD EUR CNH/CNY/RMB
HSBC 1 month 12 months 25,000 units to 10 million units (in respective currencies) Up to 2.59% Up to 0.65% Up to 1.53% Up to 2.25% Up to 2.13% Up to 1.52% 0% Up to 1.95% (CNY)
Maybank 1 month 6 months 10,000 units (2.5 million units for JPY) Up to 2.7% Up to 0.75% Up to 2% - Up to 1.7% Up to 1.9% 0% --
OCBC 1 month 12 months 5,000 units to 5 million units (in respective currencies) Up to 2.27% - Up to 1.65% - Up to 1.42% - - Up to 0.82% (CNH)
DBS 1 day 12 months 5,000 units to 50,000 units (in respective currencies) Up to 2.42% Up to 0.74% Up to 1.51% Up to 1.5% Up to 1.86% Up to 1.2% 0% Up to 1.42% (CNH)
UOB 1 week 12 months 5,000 units to 250,000 units (in respective currencies) Up to 2.4% Up to 0.37% 1.62% 1.76% 1.62% 1.46% 0% Up to 1.45% (CNH)
CIMB 1 month 12 months 10,000 units Up to 2.57% Up to 0.83% Up to 2.01% - Up to 1.97% Up to 1.83% 0% Up to 2.81% (CNH)
Standard Chartered 1 week 12 months 5,000 units to 25,000 units (in respective currencies) Up to 2.43% Up to 0.73% Up to 1.93% Up to 1.82% Up to 1.75% Up to 1.8% 0% Up to 2.6% (CNH)
POSB 1 day 12 months 5,000 units to 50,000 units (in respective currencies) Up to 2.42% Up to 0.74% Up to 1.51% Up to 1.5% Up to 1.86% Up to 1.2% 0% Up to 1.42% (CNH)
RHB 1 week 24 months 5,000 units * * * * * * * *
Bank of China 1 month 36 months 2,000 units to 500,000 units (in respective currencies) Up to 2.87% Up to 0.75% Up to 1.62% Up to 1.5% Up to 1.75% Up to 1.87% Up to 0.01% Up to 2.3% (RMB)
Citi 1 week 12 months S$10,000 * * * * * * * *
HL Bank 1 month 12 months 50,000 units Up to 2.74% Up to 0.97% Up to 2.17% Up to 2.1% - Up to 2.07% - Up to 2.78% (CNH)
SBI 1 week 3 years 1,000 units to 5 million units Up to 2.75% Up to 0.7% - - - - - -
Bank of India 1 month 12 months 1,000 units Up to 0.6% Up to 1.07% Up to 1.9% - 0% Up to 1.93% 0% -
Indian Overseas Bank 1 month 12 months 10,000 units Up to 0.9% Up to 1.25% Up to 2.5% - - - - -
ICBC 1 week 12 months 500 units to 10,000 units (in respective currencies) Up to 1.1% - - - - - - Up to 2.2% (RMB)
ICICI 1 month 36 months * Up to 2.75% Up to 0.5% Up to 1.9% - Up to 1.5% - - -
Indian Bank 1 month 36 months * Up to 2.9% Up to 0.6% Up to 1.85% - - - Up to 0.1% -
BNI 1 month 12 months US$10,000 * - - - - - - -
Bank of East Asia 1 week 6 months 20,000 units to 50,000 units (in respective currencies) Up to 2.47% Up to 0.65% Up to 1.98% Up to 1.85% Up to 1.71% Up to 1.85 Up to 0.001% Up to 2.2% (CNY)
UCO Bank 1 month 12 months 1,000 units to 2,000 units (in respective currencies) Up to 2.81% Up to 0.05% Up to 1.95% - - - 0% -

Note: The above rates are correct as of 18/01/2019.

* Check with the concerned bank to find out the interest rates/minimum placement amount that is applicable as per the tenure you choose.

Fixed Deposit Promotional Rates 2019

Currently, several banks in Singapore are offering promotional interest rates on Singapore dollar as well as foreign currency time deposits. Compare the promotional fixed deposit interest rates of various banks and choose one which gives you the highest returns.

Let’s look at the OCBC fixed deposit promotion:

Enjoy a promotional interest rate of 1.75% p.a. by making a deposit of minimum S$20,000. The maximum amount you can place via this FD is S$999,999. This promotion is applicable only when you make a deposit at any of OCBC bank branches. Also, your placement amount should comprise fresh funds only. As in funds which are not withdrawn/transferred from a current OCBC deposit /savings account. This offer will not be valid for a placement done through SRS (Supplementary Retirement Scheme) funds.

For more offers, do check our FD promotions page.

Features and Benefits of FD Accounts

You can invest in a fixed deposit with over 10 different foreign currencies accepted by the majority of the banks in Singapore. Some foreign currencies earn higher interest rates than others. There are foreign currencies that do not earn any interest no matter which tenure you have chosen, making them just a savings option rather than an investment. Also, the longer tenure you choose, the higher will be your return on investment. Learn more about Foreign Currency FD Schemes in Singapore.

  • It is the safest investment to make and carries the least amount of risk when compared to other investment options.
  • It encourages and cultivates saving habits.
  • You know exactly how much return on investment you are getting as the interest rate is predetermined and fixed.
  • The interest amount may be paid monthly, annually or upon maturity, depending on the deposit tenure you have chosen.
  • You get to decide for how long you want to save your money. Fixed deposit tenures in Singapore range as low as 1 week and up to 60 months.
  • Fixed deposits are liquid assets; therefore, you can prematurely withdraw your savings after a particular tenure. Depending on when you make the withdrawal, you will be entitled to interest on a prorated basis.
  • You can hold more than 1 fixed deposit at the same time.

Term Deposit/Fixed Deposit Accounts Offered by Banks in Singapore

HSBC:

  • Singapore Dollar Time Deposit
  • Foreign Currency Time Deposit

Maybank:

  • iSAVvy Time Deposit
  • Singapore Dollar Time Deposit
  • Foreign Currency Time Deposit
  • iSAVvy Foreign Currency Time Deposit

OCBC:

  • SGD Time Deposit
  • Foreign Currency Time Deposit

DBS/POSB:

  • S$ Deposit Account
  • Foreign Currency Fixed Deposit

UOB:

  • Singapore Dollar Fixed Deposit
  • Foreign Currency Fixed Deposit

CIMB:

  • CIMB SGD Fixed Deposit
  • CIMB SGD Islamic Fixed Deposit
  • CIMB Foreign Currency Fixed Deposit Account

Standard Chartered:

  • Singapore Dollar Time Deposit
  • Foreign Currency Time Deposit

RHB:

  • Singapore Dollar Fixed Deposit
  • Foreign Currency Fixed Deposit

Bank of China:

  • Time Deposit Account

Citi:

  • S$ Time Deposit
  • Foreign Currency Time Deposit

Hong Leong Finance:

  • Fixed Deposit

Hone Leong Bank:

  • Singapore Dollar Fixed Deposit Account
  • Foreign Currency Fixed Deposit Account

SBI:

  • Singapore Dollar Deposit
  • USD Deposit
  • GBP Deposit
  • AUD Deposit

Bank of India:

  • Fixed Deposit Account

Indian Overseas Bank:

  • Fixed Deposit

ICBC:

  • SGD Fixed Deposit
  • RMB Fixed Deposit
  • USD Fixed Deposit

ICICI:

  • Fixed Deposit Account

Indian Bank:

  • Fixed Deposit Account

Bank Negara Indonesia:

  • Fixed Deposit

SIF (Sing Investments & Finance Ltd):

  • SIF Singapore Dollar Fixed Deposit

Singapura Finance:

  • Singapura Blue Sky Fixed Deposit

Bank of East Asia:

  • S$ Fixed Deposit
  • Foreign Currency Fixed Deposit

UCO Bank:

  • Fixed Deposit

Are You Eligible to Open an FD Account in Singapore??

  • Singapore citizens, Permanent Residents and foreigners are eligible to open a fixed deposit account.
  • The minimum age to open a Singapore Dollar Fixed Deposit usually starts from 12 years onwards. However, applicants below the age of 18 must be accompanied by parents/legal guardians.
  • While some banks impose a maximum age of 55 years to open a fixed deposit account in Singapore, other banks such as Hong Leong bank offer bonus interest rates to senior citizens above the age of 55 years.

Do You Have to Pay Income Tax on Fixed Deposits?

The interest earned on your fixed deposit amount is not tax free. Just like how the tax slab for different people is different, similarly, the tax calculation on fixed deposits also varies depending upon the amount earned by you in that year.

Can You Get a Loan Against Fixed Deposits?

If you need funds for a shorter duration, you can apply for a loan against your fixed deposit account, depending on the bank. When in need of money, you can either liquidate a fixed deposit before it matures or opt for a personal loan. When you liquidate a fixed deposit before its maturity period, penalty charges will be applicable. On the other hand, personal loans can come with heavy interest rates. Hence it is advisable that you go for a loan against your fixed deposit as the rate of interest charged is lesser than the interest rate charged on personal loans.

The amount of loan granted against a fixed deposit can be up to 90% of the total amount deposited in the FD account of the bank. However, beware that your loan term cannot exceed the tenure of the fixed deposit.

What is Fixed Deposit Maturity Amount?

Upon the maturity of your fixed deposit, you will receive your principal placement amount/investment + the fixed rate of interest that was offered to you when you opened the FD account. The total of the principal placement amount together with the interest amount is called the maturity amount.

Most of the banks in Singapore are now offering Fixed Deposit Calculators so that you can calculate how much interest you will earn when you open an FD account with a bank. Details such as FD amount and tenure must be keyed in for you to calculate the interest you will earn on your FD account.

How to Withdraw Money Deposited in an FD Account?

Certain banks allow you to withdraw funds from your fixed deposit before maturity. You will be levied with a penalty for making a premature withdrawal of your fixed deposit. This could mean lower interest or no interest on your deposit amount depending on how early you withdraw your deposit. You must contact your bank if you wish to withdraw your fixed deposit amount before maturity.

Upon maturity, if you have provided a standing instruction to the bank to transfer your fixed deposit principal amount + interest into a bank account of your choice, the same will be done automatically. If you have not informed the bank regarding the transfer of your deposit, it may be automatically renewed for the same tenure or another tenure as determined by the bank.

What would be the premature withdrawal charges?

Ideally, you should not withdraw funds from your fixed deposit before it matures. But in certain circumstances like medical emergencies, you may be forced to do so. If you decide to do this, the bank may take steps to limit the interests payable to you depending on how soon you are withdrawing the amount, besides imposing some penalties.

FAQs

Q. What documents should I submit when opening a fixed deposit account in Singapore?

A. Singapore citizens and Permanent Residents must submit their NRIC. Foreigners must submit their Passport/Employment Pass/S Pass/Student Pass/Dependant's Pass. Address proof may be required.

Q. Can I open a fixed deposit account as a joint account holder?

A. Yes. Fixed deposits can be opened solely or with a joint account holder.

Q. Can I open a fixed deposit account online?

A. Yes. You can open a fixed deposit account online if the bank has online banking and offers this facility. For example, UOB allows for booking an online appointment for express fixed deposit account opening.

Q. Can corporates also open fixed deposit accounts?

A. Yes. Many banks in Singapore offer Singapore Dollar Fixed Deposits and Foreign Currency Fixed Deposits to individuals and corporates alike.

Q. Do I have to pay tax for the interest that I gain from the fixed deposit account?

A. If you have created a fixed deposit account with a licensed financial institution or an approved bank, you do not have to pay tax.

Q. Are fixed deposits better than Singapore Savings Bonds (SSB)?

A. Singapore Savings Bonds (SSB) also provide you with a higher interest rate when you lock in the amount for a longer tenor, say 10 years. However, fixed deposits offer a choice of tenors and various interest rates. With regard to SSBs, the interest rates only increase with time.

Q. Are Shariah-compliant fixed deposits available in Singapore?

A. Yes, CIMB and Maybank offer Shariah-compliant Islamic fixed deposits in Singapore.

Q. Can I withdraw just the interest amount from my FD account?

A. This depends on the kind of term deposit you hold, and the bank. Certain specific FD accounts offered by banks in Singapore allow you to withdraw just the interest accumulated over the deposit period.

Q. What is the Deposit Insurance Scheme?

A. By law, the Singapore Deposit Insurance Corporation (SDIC) insures the amount up to S$50,000 per depositor per scheme. This means that your deposits up to this amount will be returned to you even if the bank closes or any financial problem occurs to it. This insurance is available on the total deposits you have with a participating bank, excluding the CPF deposit schemes, which are separately insured for up to S$50,000.

Fixed Deposits from Top Banks
Foreign Currency Fixed Deposits from Top Banks
Currency Specific Fixed Deposit
US Dollar Foreign Currency Fixed Deposit by Bank
Australian Dollar Foreign Currency Fixed Deposit by Bank
GBP Foreign Currency Fixed Deposit by Bank
NZD Foreign Currency Fixed Deposit by Bank
Euro Foreign Currency Fixed Deposit by Bank
Canadian Dollar Foreign Currency Fixed Deposit by Bank
Fixed Deposit Promotion by Banks
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