Fixed Deposit for Foreigners in Singapore

Fixed deposits provide the safest way to keep away your money for a fixed duration, while earning some interest on the amount as well. Fixed deposit stops you from squandering away your hard-earned money. Singaporean banks cater to the financial needs of foreigners as well. All the reputed banks provide a fixed deposit account in many number of foreign currencies as well. Usually it offers currencies including United States dollars (USD), Australian dollars (AUD), Canadian dollars (CAD), Hong Kong dollars (HKD), GBP (Sterling Pound) and Euro, among others. Here is a list of banks that provide a fixed deposit account to foreigners in major foreign currency as well as Singapore Dollar:

Best Fixed Deposit Rates For Foreigners

HSBC fixed deposit account

The bank offers a plethora of options to choose from when it comes to opening a HSBC Time deposit account. They offer various international currencies along with Singapore Dollar.

The tenure begins at two weeks and goes up to 12 months.

You can open a fixed deposit account with a minimum amount of 25,000 units of the respective foreign currency. They accept a maximum amount even above 1 million units. HSBC bank offers competitive interest rates for its customers.

Here are the interest rates provided by HSBC bank for various foreign currencies:

Currency Minimum interest rate p.a. Maximum interest rate p.a.
USD 0.24% p.a. 2.35% p.a.
SGD 0.05% p.a. 0.75% p.a.
GBP 0% p.a. 0.63% p.a.
AUD 0% p.a. 1.65% p.a.

Please note, these rates are dependent on the amount and duration. Additionally, HSBC offers different rates of interest for various kinds of customers like HSBC Advance and HSBC Premier.

Maybank fixed deposit account

Maybank offers its customers myriad options of starting a Maybank Time deposit account in various foreign currencies. Here are the interest rate provided by the bank for various currencies:

Currency Minimum interest rate p.a. Maximum interest rate p.a.
USD 1.60% p.a. 2.25% p.a.
SGD 0.20% p.a. 1.40% p.a.
GBP 0% p.a. 0.40% p.a.
AUD 1.25% p.a. 1.85% p.a.

The bank varies the interest rate according to the tier you fall into. Additionally, customers who are a part of iSAVvy foreign currency time deposit might earn a slightly higher interest rate. Please note, these rates are dependent on the amount and duration. For opening a Maybank Time deposit with Singapore dollars, the minimum amount is S$10,000.

POSB fixed deposit account

The POSB bank offers fixed deposit account for various international currencies like USD, AUD, and GBP, among others. Here are the interest rate provided by the bank for various currencies:

Currency Minimum interest rate p.a. Maximum interest rate p.a.
USD 0% p.a. 2.085% p.a.
SGD 0.05% p.a. 1.20% p.a.
GBP 0% p.a. 0.725% p.a.
AUD 0% p.a. 1.525% p.a.

The minimum amount to begin a POSB foreign currency account is an equivalent of S$5,000 in other currencies. These rates are dependent on the amount and duration. The minimum amount to be placed for SGD is S$1,000. The duration begins from one day going up to 12 months.

Additionally, you can set a maturity instruction at the time of commencement of the account.

Standard Chartered fixed deposit account

Standard Chartered also offers various currencies along with SGD like USD, AUD, and GBP to open a SCB fixed deposit account.

Here are the interest rate provided by the bank for various currencies:

Currency Minimum interest rate p.a. Maximum interest rate p.a.
USD 0.743% p.a. 2.269% p.a.
SGD 0.05% p.a. 1.15% p.a.
GBP 0.05% p.a. 0.589% p.a.
AUD 0% p.a. 1.972% p.a.

The placement amount varies according to the currencies offered. It ranges from 5,000 units to 25,000 units in the respective currencies.

OCBC fixed deposit account

OCBC provides various ways to earn interest on your money which you deposit in a fixed deposit account. OCBC offers a fixed deposit account in many major currencies like USD, AUD, and GBP.

The minimum amount required to begin a fixed deposit account is 5,000 units of the currency you want to place. The minimum tenure is 1 month and the maximum tenure is 12 months. The interest rates varies depending on the amount and tenure. The placement amount begins from 49,999 units and goes up to 5 million units in a particular currency.

Here are the interest rate provided by the bank for various currencies:

Currency Minimum interest rate p.a. Maximum interest rate p.a.
USD 1.09% p.a. 2.01% p.a.
SGD 0.05% p.a. 1.25% p.a.
GBP 0.02% p.a. 0.35% p.a.
AUD 0.24% p.a. 1.44% p.a.

However, please note, the interest rate are available only Monday to Friday, excluding public and currency holidays. Additionally, OCBC is now open even on Sundays to serve their customers.

Bank of China Fixed Deposit Account

The Bank of China too provides the choice of opening a BOC fixed deposit account for foreigners as well as Singaporeans. Here are the interest rate provided by the bank for various currencies:

Currency Minimum interest rate p.a. Maximum interest rate p.a.
USD 1.5625% p.a. 2.25% p.a.
SGD 0.175% p.a. 0.95% p.a.
GBP 0.125% p.a. 0.50% p.a.
AUD 0.9375% p.a. 1.625% p.a.

The interest rates depend on the amount and tenure. However, please note the interest rates are subject to change without prior notice.

CIMB Bank fixed deposit account

CIMB offers a rich choice of several international currencies to open a CIMB fixed deposit with. It includes USD, AUD, and GBP. Here are the interest rates provided by the bank for various currencies:

Currency Minimum interest rate p.a. Maximum interest rate p.a.
USD 1.4875% p.a. 2.795% p.a.
SGD 0.20% p.a. 1.10% p.a.
GBP 0.0175% p.a. 1.205% p.a.
AUD 1.4775% p.a. 2.545% p.a.

Additionally, the bank provides auto-renewal of the account on reaching maturity. You can instruct the bank on changing the interest rates, if you wish to, once the maturity date is near. You could also check out the promotional offers to enjoy more benefits from CIMB.

DBS Bank fixed deposit account

DBS offers a range of opportunities to increase your savings steadily. One of the ways is to open a fixed deposit account with the bank. DBS offers an FD for various foreign currencies, including the USD, AUD, and GBP. Here are the interest rates provided by the bank for various currencies:

Currency Minimum interest rate p.a. Maximum interest rate p.a.
USD 0% p.a. 2.085% p.a.
SGD 0.05% p.a. 1.20% p.a.
GBP 0% p.a. 0.725% p.a.
AUD 0% p.a. 1.525% p.a.

Hong Leong Bank (HLB) fixed deposit account

Hong Leong Bank, Singapore offers a lot of options for its customers to open a HL fixed deposit account in several foreign currencies like USD, AUD, and GBP.

Here are the interest rates provided by the bank for various currencies:

Currency Minimum interest rate p.a. Maximum interest rate p.a.
USD 0.10% p.a. 0.50% p.a.
SGD 1.82% p.a. 2.559% p.a.
GBP 0.30% p.a. 0.819% p.a.
AUD 1.74% p.a. 2.199% p.a.

The bank levies handling charges on transfers of deposits via demand draft. However, there are no handling charges for telegraphic transfer. The tenor of fixed deposit account is from 1 month, 3 months, 6 months, and goes up to 12 months.

Additionally, the bank may charge you for premature withdrawal of funds from the HLB fixed deposit account. This is, however, at the sole discretion of the bank.

Common Requirements of FC Time Deposits in Singapore

  • How to apply:

Visit the respective bank’s website to open a fixed deposit account. Alternatively, you can visit the branch to open a fixed deposit account.

  • Documents required:

Usually the banks ask for the passport and relevant pass issued by the Immigration and checkpoint authority of Singapore. Along with that they might need to see your address proof, which could be either your utility bill or telephone bill, among others. Singaporeans will be asked to produce NRIC.

Read the terms regarding these interest rates and tenures carefully. The bank may change the rates and or other terms without notice. Therefore, it is essential to analyse the above options in order to understand the best fixed deposit account suitable to your needs.

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