Fixed Deposit Rates in Singapore [January 2024]
3-Month Fixed Deposit Rates in Singapore
Key Takeaway
Indicates 3-Month Fixed Deposit Rates in Banks (as of 09 August 2023) in Singapore with SGD currency. Deposits $500 and under, $20,000-$50,000, $50,000 and above.
A fixed deposit rate (also known as time deposit rate) is an interest rate that a bank or financial institution pays to a depositor of a fixed deposit account holder. The rate is usually fixed for a specific period of time and is guaranteed, meaning the depositor will receive the agreed-upon rate regardless of any changes in market conditions. Also, some of them may have minimum deposit amount.
One key difference between fixed deposit rates and other types of interest rates is that they are typically higher than savings account rates due to the longer-term commitment involved. While you can withdraw your money from fixed deposits, if you withdraw before the tenure is up, you will earn less interest or no interest at all.
Comparison - Fixed deposit rates in different terms
Check other commitment period on Fixed Deposit Rates in Singapore>>
DBS 3-Month Fixed Deposit Rates
Period 3-month (S$1,000 - S$9,999): 1.00% p.a.
Period 3-month (S$10,000 - S$19,999): 1.00% p.a.
Period 3-month (S$20,000 & above): 0.50% p.a.
#Note: The Rate above is effective on 1 August 2023. To check the latest rates and news, please access the official webpage DBS fixed deposit rates.
HSBC 3-Month Fixed Deposit Rates
Period 3-month (New customers): 3.50% p.a.
Period 3-month (Existing customers): 3.45% p.a.
#Note: HSBC fixed deposit promotion rates are till 31 August 2023. To check the latest rates and news, please access the official webpage HSBC fixed deposit rates.
Minimum deposit of SGD5,000 to open an HSBC account, and the minimum fresh funds placement amounts for the SGD TMD Promotion is SGD30,000.
ICBC 3-Month Fixed Deposit Rates
Via E-Banking
Period 3-month (S$500 & Above): 3.30% p.a.
Over the Counter
Period 3-month (S$20,000 & Above): 3.25% p.a.
#Note: ICBC fixed deposit promotion is available from 1 August 2023 till further notice. To check the latest rates and news, please access the official webpage ICBC fixed deposit rates.
The minimum deposit amount over counter is SGD20,000, the minimum deposit amount via E-banking is SGD500.
Considerations
While interest rates are lucrative now, you will still have to consider the potential drawbacks of fixed deposits. By parking your money in fixed deposits, you are giving up liquidity which can incur opportunity costs whereby you will not be able to use that sum of money for other investments. Premature withdrawals will often come with penalties such as receiving decreased interest rate payments or receiving no interest at all.
