Overview of best fixed deposit rates in Singapore 2023

Overview of best fixed deposit rates in Singapore 2023

. The following table for all banks fixed deposit rates.

Amount (S$)	1 Months	3 Months	6 Months	8 Months	9 Months	12 Months	18 Months
0 - 500	2.90% p.a. (ICBC)	3.30% p.a. (ICBC)	3.20% p.a. (ICBC)		3.20% p.a. (ICBC)
501 – 1,000			2.90% p.a. (DBS)	3.00% p.a. (DBS)	3.10% p.a. (DBS)	3.20% p.a. (DBS)
1,001 – 5,000	3.00% p.a. (Bank of China)	3.50% p.a. (Bank of China)	3.35% p.a. (Bank of China)		3.25% p.a. (Bank of China)	3.20% p.a. (Bank of China)	3.00% p.a. (Bank of China)
5,001 – 10,000			3.35% p.a. (CIMB)		3.55% p.a. (CIMB)	3.15% p.a. (CIMB)
10,001 – 20,000		3.00% p.a. (RHB)	3.40% p.a. (RHB)			3.40% p.a. (RHB)    3.00% p.a. (Maybank)
20,001 – 25,000			3.20% p.a. (SCB)
25,001 – 30,000		3.50% p.a. (HSBC Bank) *	3.45% p.a. (HSBC Bank) ^			3.45% p.a. (HSBC Bank) ^
30,001 – 50,000		3.20% p.a. (Citi Bank)		3.10% p.a. (Hong Leong Finance)
50,001 – 100,000		3.50% p.a. (HL Bank)

^{(Last updated: 16 Aug 2023)}

Note: Most of these are promotional interest rates, and banks can change their rates anytime. Do check their respective websites for the latest rates.

 

 

 ICBC fixed deposit rates

	Deposit amount
Period	$20,000 and above (over the counter)	$500 and above (via e-banking)
1 month	2.85% p.a.	2.90% p.a.
3 months	3.25% p.a.	3.30% p.a.
6 months	3.15% p.a.	3.20% p.a.
9 months	3.15% p.a.	3.20% p.a.
12 months	3.15% p.a.	3.20% p.a.

Note: The rates above are promotional rates subject to change at any time by ICBC. Do check ICBC’s website for the latest rates.

 

Citibank fixed deposit rates

	Deposit amount
Period	$50,000 to $3 million
3 months	3.20% p.a.
6 months	3.20% p.a.

Note: The promotional rates above are stated as valid until 31 Aug 2023. Do check Citibank’s fixed deposit promotion page for the latest rates in case Citibank makes changes.

HSBC fixed deposit rates

Period	Deposit amount: $30,000 and above
3 months	3.50% p.a. (new customers) / 3.45% p.a. (existing customers)
6 months	3.45% p.a. (existing customers)
12 months	3.45% p.a. (existing customers)

Promotional rates valid until 31 Aug 2023. Do check HSBC’s website for the latest rates.

 

 

 

 

 

Bank of China fixed deposit rates

Period	Fixed deposit interest rates ($5,000 and above)
	Over the counter placement	Mobile banking placement
1 month	2.95% p.a.	3.00% p.a.
3 months	3.45% p.a.	3.50% p.a.
6 months	3.30% p.a.	3.35% p.a.
9 months	3.20% p.a.	3.25% p.a.
12 months	3.10% p.a.	3.20% p.a.
18 months	2.95% p.a.	3.00% p.a.
24 months	2.75% p.a.	2.80% p.a.

The best part about the Bank of China’s fixed deposit rates is the low minimum deposit and tenor period. Currently, even if you only have $5,000 to spare for only 1 month, you can still get a decent interest rate of 3.00% p.a. Typically, most banks require a minimum deposit of at least $10,000.

 

CIMB fixed deposit rates

	Deposit amount: $10,000 and above
Period	Personal Banking (For regular CIMB customers)	Preferred Banking
6 months	3.35% p.a.	3.40% p.a.
9 months	3.55% p.a.	3.60% p.a.
12 months	3.15% p.a.	3.20% p.a.

Promotional rates valid until: 31 Aug 2023. Do check CIMB’s website for the latest rates.

Malaysian bank CIMB is offering average fixed deposit rates in Singapore this month, at up to 3.55% p.a. for regular CIMB customers and 3.60% p.a. if you signed up for CIMB Preferred.

 

RHB fixed deposit rates

	Deposit amount: $20,000 and above via online placement
Period	Personal banking	Premier banking
3 months	3.00% p.a.	3.10% p.a.
6 months	3.40% p.a.	3.45% p.a.
12 months	3.40% p.a.	3.45% p.a.

Note: The rates above are promotional rates subject to change at any time by RHB. Do check RHB’s website for the latest rates.

 

 

HL Bank fixed deposit rates

Period	Min. deposit amount of $100,000
3 months	3.50% p.a.
6 months

Promotion period: Now till 31 Aug 2023. Do check HL Bank’s latest fixed deposit rates.

Standard Chartered fixed deposit rates

	Deposit amount: $25,000 and above
Period	Regular bank customers	Priority banking customers	Priority private banking customers
6 months	3.20% p.a.	3.30% p.a.	3.40% p.a.

Promotional rates valid until: 31 Aug 2023. Do check Standard Chartered’s fixed deposit rates for the latest.

 

Maybank fixed deposit rates

	Deposit amount: $20,000 and above
Period	iSAVvy Time Deposit Promotion (Online Placement)	SGD Time Deposit/Term Deposit-i Promotion (Placement in Branch)
9 months	2.90% p.a.	2.90% p.a.
12 months	3.00% p.a.	3.00% p.a.
15 months	3.00% p.a.	3.00% p.a.
18 months	2.90% p.a.	2.90% p.a.
24 months	2.75% p.a.	2.75% p.a.

Note: The rates above are promotional rates subject to change at any time by Maybank. 

 

 

 OCBC fixed deposit rates

Period	Deposit amount of $30,000 and above
6 months	2.70% p.a.

Note: The rates above are promotional rates subject to change at any time by OCBC. See OCBC’s fixed deposit rates for the latest.

 

DBS fixed deposit rates

	Deposit amount
Period	$1,000 – $19,999	$20,000-$999,999
1 month	0.30% p.a.	0.05% p.a.
3 months	1.00% p.a.
6 months	2.90% p.a.
9 months	3.10% p.a.
12 months – 60 months	3.20% p.a.

Currently, the best DBS fixed deposit rate is 3.20% p.a. for those who put $1,000 to $19,999 into a fixed deposit for 12, 18, 24, 36, 48 or 60 months. Anecdotally, we’ve noticed DBS doesn’t change their rates often. Now that other banks have reduced theirs, 3.20% isn’t looking too shabby. And besides, it still beats having your cash parked in a regular savings account!

 

UOB fixed deposit rates

Period	Min. deposit amount of $10,000
6 months	2.70% p.a.
10 months

Promotion valid until: 31 Aug 2023. Do check UOB’s website for the latest rates.

UOB’s fixed deposit rate structure is currently as flat as HL Bank’s: a single interest rate for 2 different deposit periods of 6 and 10 months. And the rate itself is as dismal as OCBC’s this month: 2.70% p.a. for both time periods.

 

State Bank of India Singapore fixed deposit rates

	Deposit amount
Period	$5,000 to $1,000,000
1 month	0.35% p.a.
3 months	1.75% p.a.
6 months	2.25% p.a.
12 months	2.45% p.a.
24 months or 36 months	2.85% p.a.

We’ll cut to the chase: The State Bank of India (SBI) Singapore’s fixed deposit rates for SGD aren’t great. The highest rate you’ll get to enjoy is 2.85% p.a., and only if you can afford to stash away your cash for at least 24 months.

 

 

Hong Leong Finance fixed deposit rates

	Deposit amount
Period	$20,000-$49,999	$50,000 and above
5 months	3.00% p.a.	3.05% p.a.
8 months	3.05% p.a.	3.10% p.a.

Note: The rates above are promotional rates published on 8 Aug 2023 and subject to change at any time by Hong Leong Finance. See Hong Leong Finance’s fixed deposit rates for the latest.

 

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