Fixed Deposit Rates July | Best Fixed Deposit Rates in Singapore
Bank Accounts | Fixed Depositsby Priyadarshini 6 July 2022
Fixed deposit accounts are low-risk investments that pay interest over a certain period of time. You don’t have to do anything to get this income; simply deposit your funds in a bank. Fixed deposits, on the other hand, are ideal if you have a large sum of money laying around and don’t want to risk investing it. They are incredibly low-risk investments. In this blog, we tell you about fixed deposit rates for July in Singapore.
You’ll be relieved to learn that fixed deposit rates are rising once more! Fixed deposit interest rates fell during Covid-19 but have since returned to pre-Covid levels! If you’ve been waiting for interest rates to rise again, this might be a good moment to put your money in a bank.
Fixed Deposit Rates July in Singapore
With Maybank’s Singapore Dollar Time Deposit, you can earn 1.8 percent yearly. Unfortunately, you must leave it in for 36 months (3 years!) in order to earn that amount. It is now among the highest across the board, but if you do not want to commit for the period it takes to create a BTO flat, there are shorter commitment fixed deposits available. If you want to commit for a shorter amount of time, Maybank offers 1.3 percent p.a. for 12 months and 1.6 percent p.a. for 24 months.
State Bank of India Singapore
With its continuing promotion of 2% for 15 months (minimum $25,000), the State Bank of India Singapore has one of the highest interest rates among Singapore banks. If you want a lower minimum deposit of $5,000, you can choose a shorter fixed deposit duration, such as the State Bank of India Singapore’s 1.6 percent interest rate for a year. If you can save it for a longer period of 36 months, you can earn up to 2.2 percent every year. In any case, regardless of the inconvenience of banking with a foreign bank, its interest rates are generally rather favourable.
If you are not a CIMB Preferred customer, Malaysian bank CIMB offers very high fixed deposit rates for the month with their 1.95 percent p.a. promotion (until 31 July 2022). If you are a CIMB Preferred customer, you will receive an even greater rate of 2%. This promotion is only available for deposits of at least $10,000. To take advantage of this rate, you must commit your funds for 18 months. It is available to both new and existing CIMB Personal Banking and CIMB Preferred clients.
If you want to put small sums of money into a fixed deposit account, CIMB only gives up to 0.3 percent p.a. It used to be that you required at least $20,000 on hand to take advantage of the higher promotional interest rates. However, the lower-commitment solutions have recently become much more competitive.
Bank of China
At 2.1 percent p.a., Bank of China’s fixed deposit promotional rate is among the highest in the industry, and it gets much better. The best aspect of the Bank of China’s fixed deposit rate is that it just requires a $5,000 minimum deposit to obtain the 2.1 percent interest rate. Most banks typically require a minimum deposit of $10,000.
If you want to get the most out of a lesser sum of money, the Bank of China’s 2.1 percent p.a. interest rate is significantly superior to the 0.05 percent p.a. interest rate on a typical savings account.
ICBC – Fixed Deposit Rates July
On this list, there are a few fixed deposits with low entrance barriers, but the Chinese bank ICBC takes the cake with a $500 minimum deposit. However, when compared across the board, ICBC’s interest rates are far from fantastic. If you apply for this fixed deposit online through ICBC e-banking, you will receive 1.75 percent p.a. for a commitment term of 12 months.
If you do it the old-fashioned way, you’ll get an even lower 1.70 percent p.a. and a $5,000 minimum deposit requirement. Also, if you want to get started, ICBC has a low entry barrier, a decent enough fixed deposit rate, and a one-year commitment period.
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