Fixed Deposit Rates in Singapore [January 2024]
5 Fixed Deposit Rates in Singapore
Indicates 5 Banks' fixed deposit rates (as of 1 January 2024) in Singapore with SGD currency, including DBS, HSBC, ICBC, UOB, CIMB and their promotion interest rates, highlighting their deposit rate in period of 1-month, 3-month, 6-month, 9-month, 12-month.
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.
According to Monetary Authority of Singapore (MAS), deposit-taking institutions in Singapore comprise full banks, wholesale banks, merchant banks and finance companies.
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 may incur early withdraw penalties and/ or even earn less interest or no interest at all.
SGD fixed deposit rate might be different from USD FD - foreign currency FD
Global Central Bank Policy Dashboard 2022-2023
According to Bank for International Settlements statistics, there's now clear evidence that more global cuts are coming through than hikes, which is the first time that's been the case since January 2021.
At the moment, the number of hikes is a fraction of where they were at their peak in summer 2022. Cuts have slowly been building up, but the general theme has been a much lower level of global central bank activity.
Comparison - Fixed deposit rates in different terms
Note: The above information is based on public information from banks as of 1 January 2024. Banks may change interest rates at any time, and please check the latest information on the respective official website.
DBS Fixed Deposit Rates
For New Customers
Period 1-month (S$1,000 - S$9,999): 0.30% p.a.
Period 3-month (S$1,000 - S$9,999): 1.00% p.a.
Period 6-month (S$1,000 - S$9,999): 2.90% p.a.
Period 12-month (S$1,000 - S$9,999): 3.20% p.a.
#Note: The Rate above is effective on 1 January 2023. To check the latest rates and news, please access the official webpage DBS fixed deposit rates.
DBS Bank, headquartered in Singapore, is the largest bank in Southeast Asia with a presence in 18 markets globally. It offers a broad range of financial services including personal banking, wealth management, corporate banking.
HSBC Fixed Deposit Rates (Promotion available)
Period 3-month (S$30,000 - S$200,000): 3.00% p.a.
Period 3-month (S$200,000 - S$2,000,000): 3.65% p.a.
Period 6-month (S$30,000 - S$200,000): 3.00% p.a.
Period 6-month (S$200,000 - S$2,000,000): 3.50% p.a.
Period 12-month (S$30,000 - S$200,000): 3.00% p.a.
Period 12-month (S$200,000 - S$2,000,000): 3.20% p.a.
#Note: HSBC fixed deposit promotion rates are till 31 January 2024. 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.
HSBC Singapore is a subsidiary of the multinational banking and financial services company, HSBC Holdings plc. Established in 1877, HSBC has been operating in Singapore for over 140 years, providing a wide range of personal, commercial, and corporate banking services.
ICBC Fixed Deposit Rates (Promotion available)
Via E-Banking
Period 1-month (S$500 & Above): 2.90% p.a.
Period 3-month (S$500 & Above): 3.35% p.a.
Period 6-month (S$500 & Above): 3.20% p.a.
Period 12-month (S$500 & Above): 3.10% p.a.
Over the Counter
Period 1-month (S$20,000 & Above): 2.85% p.a.
Period 3-month (S$20,000 & Above): 3.30% p.a.
Period 6-month (S$20,000 & Above): 3.15% p.a.
Period 12-month (S$20,000 & Above): 3.05% p.a.
#Note: ICBC fixed deposit promotion is available from 1 January 2024 till further notice. To check the latest rates and news, please access the official webpage ICBC fixed deposit rates.
The minimum deposit amount over the counter is SGD20,000, the minimum deposit amount via E-banking is SGD500.
ICBC Singapore is the Singapore branch of Industrial and Commercial Bank of China, one of the largest banks in the world by total assets. ICBC Singapore offers a comprehensive array of financial services including corporate banking, trade financing, investment banking, cross-border RMB (Renminbi) business, wealth management, and more.
UOB Fixed Deposit Rates (Promotion available)
Period 1-month (Below S$50,000): 0.05% p.a.
Period 3-month (Below S$50,000): 0.35% p.a.
Period 6-month (Below S$50,000): 0.95% p.a.
Period 12-month (Below S$50,000): 2.30% p.a.
#Note: UOB fixed deposit promotion is available from 1 January 2024. The prices shown here are indicative only as per the prevailing board rates. To check the latest rates and news, please access the official webpage UOB fixed deposit rates.
United Overseas Bank (UOB) is a leading bank in Asia, offering a range of financial services including personal banking, wealth management, and corporate banking. Founded in 1935, UOB has a presence in Southeast Asia with branches across 19 countries globally.
CIMB Fixed Deposit Rates (Promotion available)
PERSONAL BANKING
Period 3-month (S$10,000 & Above): 3.45% p.a.
Period 6-month (S$10,000 & Above): 3.50% p.a.
Period 9-month (S$10,000 & Above): 3.35% p.a.
Period 12-month (S$10,000 & Above): 3.15% p.a.
PREFERRED BANKING
Period 3-month (S$10,000 & Above): 3.50% p.a.
Period 6-month (S$10,000 & Above): 3.55% p.a.
Period 9-month (S$10,000 & Above): 3.40% p.a.
Period 12-month (S$10,000 & Above): 3.20% p.a.
#Note: CIMB fixed deposit promotion is from 1 January 2024 to 31 January 2024. To check the latest rates and news, please access the official webpage CIMB fixed deposit rates.
CIMB Bank Berhad Singapore is the Singapore branch of CIMB Group, a leading ASEAN universal bank headquartered in Kuala Lumpur, Malaysia. The bank offers a range of financial products and services to individuals, small businesses, and large corporations.
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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.
Disclaimer
The above information is based on public market data as of 1 January 2024. It is not a financial advice, recommendation or solicitation to buy or sell financial products. Investors should conduct their own research and consult a financial advisor before making an investment decision.