SBI Fixed Deposit Interest Rates

SBI Fixed Deposit Rates

What FD Interest Rates Does SBI Offer?

SGD Term Deposit

  • A regular time deposit or fixed deposit account.
  • Minimum deposit amount of S$1,000 applies.
  • Flexible tenures ranging from 1 month to 3 years.
  • You can use the FD as collateral to apply for a secured loan of up to 90% of the deposit value.
  • You may start a joint fixed deposit account with your parent, spouse, siblings or children.

Table: Find below the interest rates for the SGD Term Deposit:

Amount Deposited Interest Rates (p.a.)
S$1,000 - S$50,000 0.10% - 1.10%
S$50,000 - S$0.5 million 0.20% - 1.15%
S$0.5 million - S$1 million 0.20% - 1.15%

Please Note: Any amount deposited between 8 days and 1 month will earn no interest.

This information can be illustrated with the following example:

Tenor Amount Deposited Interest Rate (p.a.) Balance in Account Total Interest Earned
1 year S$20,000 0.6% S$20,120 S$120
2 years S$50,000 1% S$51,000 S$1,000
3 years S$500,000 1.15% S$517,250 S$17,250

SBI 50Plus Time Deposit

  • For senior citizens above the age of 50 who will get 0.2% more interest than the prevailing FD interest rates.
  • Minimum amount you need to put in is S$25,000.
  • Maximum amount you can deposit is S$500,000.
  • Flexible tenures of 1 to 3 years.
  • In case of joint accounts, the primary account holder has to be 50 years old and above.

Table: Here are the interest rates for the 50Plus Time Deposit, including the 0.2% bonus rate:

Deposit Amount Interest Rates (p.a.)
S$1,000 - S$50,000 0.10% - 1.10%
Period S$1,000 - $49,999 S$50,000 - S$999,999
Interest Rate (p.a.)
1 month 0.3% 0.4%
2 months 0.35% 0.4%
3 months 0.45% 0.5%
6 months 0.55% 0.65%
9 months 0.65% 0.8%
12 months 0.8% 0.9%
18 months 0.9% 1.05%
24 months 1.15% 1.2%
36 months 1.3% 1.35%

SBI Foreign Currency Term Deposit

  • A high yielding term deposit.
  • A time deposit for foreign currencies that include US Dollar, AUD, and GBP.
  • Minimum deposit amount of 5,000 units of the given currency.
  • Flexible tenures of 1 to 12 months.
  • You can withdraw the amount as a telegraphic transfer or a demand draft.

Table: Find below the USD deposit interest rates

Deposited Amount Interest Rates (p.a.)
S$5,000 - S$25,000 1.75% - 2.7%
S$25,000 - 100,000 1.75% - 2.7%
S$100,000 - S$1 million 1.75% - 2.7%

Table: Find below the GBP deposit interest rates

5,000 - 100,000 Units of Currency (GBP) 100,001 - 1 Million Units of Currency (GBP)
Tenor Interest Rate (p.a.) Interest Rate (p.a.)
3 months 0.13% 0.38%
6 months 0.2925% 0.4925%
12 months 0.26% 0.66%

Table: Find below the AUD deposit interest rates

Less than 100,000 Units of Currency (AUD) 100,000 - 999,999 Units of Currency (AUD) Above 1 Million Units of Currency (AUD)
Tenor Interest Rate (p.a.) Interest Rate (p.a.) Interest Rate (p.a.)
3 months 1.05% 1.05% 1.05%
6 months 1.2% 1.2% 1.2%
12 months 1.5% 1.5% 1.5%

What Are the Main Features of an SBI Fixed Deposit Account?

  • Flexible tenures available from 1 month to 3 years.
  • Attractive interest rates.
  • Can be encashed at any time.
  • A minimum deposit amount of S$1,000 is all you need to open an account.
  • Take a personal loan of up to 90% of the deposited amount.
  • Open a deposit account online from the comfort of your own home (existing customers only).
  • Any deposit in the SGD FD account is covered by the Singapore Deposit Insurance Corporation for up to S$50,000.

What Is the Eligibility Criteria to Open an Account?

  • Minors below 12 years of age may open a joint account with one of their parents or legal guardians provided only the legal guardian or parent operate, open, and close the account (except for 50Plus Time Deposits and Foreign Currency Term Deposits).
  • Individuals from the age of 12 to 20 are eligible to open and operate the account if they are Singaporeans or Permanent Residents (except for 50Plus Time Deposits and Foreign Currency Term Deposits).
  • Individuals of the age of 21 years and above are eligible to open any term deposit account.
  • Individuals of the age of 21 and older who are foreigners are also eligible to open any term deposit account with SBI.

How Do I Apply For an Account?

Below are the documents that are to be submitted with the application form. The originals must also be provided for face-to-face verification.

Singaporeans and Permanent Residents:

  • A photocopy of both sides of the NRIC with the latest address of the applicant.

Foreigners:

  • A photocopy of the applicant’s passport.
  • A photocopy of the applicant’s work permit, dependant pass, or employment pass.
  • A proof of address if it is not the same as on your work permit/dependant pass/employment pass. Examples include utility bills or driver’s license, etc.

Singapore Deposit Insurance Scheme (SDIC)

Fixed deposit accounts are automatically protected by the Deposit Insurance Scheme for up to S$50,000 per person.

Frequently Asked Questions

Q.How do I go about opening a Fixed Deposit account?

A. You can open an account online on the SBI Singapore website by submitting an account opening form, which can be downloaded from the same webpage.

Q.Are the fixed term deposits fixed or flexible?

A. The nature of a fixed deposit is such that all interest rates are fixed when you deposit your principal in order that you may earn guaranteed interest on top of it. For example, if you have been given an interest of 3% when you deposit your amount, it will not change - even in the instance that the board rate changes to 3.2%.

Q.Can non-individuals in Singapore open an SBI term deposit account?

A. Yes. Sole proprietors and corporates too can open an account with SBI.

Q.What will I be charged for prematurely withdrawing from the 50Plus Time Deposit scheme?

A. Should you need to withdraw the deposit before the maturity date, you will not receive any interest on your deposited amount if you make the withdrawal within 3 months of opening the deposit account. In case of withdrawal after completing a quarter, interest will be paid according to the board rates at the time of placement. However, you will not earn the bonus 0.2% interest.

Q.Can I make deposits with tenures less than 1 month, like for 1 or 2 weeks?

A. Yes. You can open a Term Deposit Account (in SGD) for a period of 8 days up to 1 month. However, the minimum deposit amount required to open an FD for such tenures is S$500,000. To know the interest rates offered on these tenures, you will have to contact SBI SIngapore.

Q.Will my foreign currency deposits be insured under SDIC?

A. No. Only deposits denominated in Singapore Dollar will be insured for up to S$50,000 per member. Foreign currency deposits are not covered under the SDIC.

Q.If I deposit over 5 million units of a currency into a foreign currency fixed deposit account, what interest rate will I be getting?

A. Any amount in USD/GBP/AUD above 5 million will be given an interest rate as per the bank’s discretion - so you will have to check with the bank for more information.

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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
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Fixed Deposit Promotion by Banks
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