Singapore banks have raised their fixed deposit rates

A number of banks in the market are currently offering fixed deposit rates of up to 3%, including OCBC Bank, UOB, Citibank, Bank of China, Malayan Bank and Industrial Bank. Among them, Industrial Bank has the highest preferential interest rate for fixed deposits, with the 24-month preferential rate increasing to 3.2% and up to 3.4% for VIP customers.

Here are the fixed deposit rates for Singapore Dollar deposits

According to data from the Monetary Authority of Singapore, the last time bank interest rates on 12-month fixed deposits exceeded 3% was in November 1998, when they averaged 3.11%. Since then, bank fixed deposit rates have been declining and have been below 1% for most of the past 20 years.

While many banks are competing to increase their preferential fixed deposit rates, DBS Bank has not introduced a preferential fixed deposit rate, but has maintained its normal fixed deposit rate, which is only 1.7% at the highest.