Fixed Deposits in Singapore | Best Fixed Deposits Singapore October 2022
Bank Accounts | Fixed Depositsby Priyadarshini 6 October 2022
Here’s everything you need to know about fixed deposits in Singapore, including the best-fixed deposit rates, how they work, and whether they’re the best place to stash your money. Fixed deposit rates vary monthly depending on when you open the account, and the interest rate you earn is determined by the amount you deposit and the length of time you keep the account. Tenures can range from one month to four years, with longer tenures of two to three years receiving higher interest rates.
Fixed deposits are a low-risk investment that is practically risk-free, making them an excellent place to keep your emergency funds. But, if you’re still unsure, the Singapore Deposit Insurance Corporation (SDIC) will insure your deposits for up to S$75,000.
Fixed Deposits in Singapore – Best Fixed Deposits Singapore October 2022
HSBC is currently offering a promotional fixed deposit rate of 2.8% p.a. and 2.5% p.a. for a 12-month and 7-month fixed deposit, valid until October 31, 2022. In addition, when you purchase an insurance plan, you will receive a preferential rate of up to 10.88% p.a. from now until December 31, 2022, on your 3-month time deposit.
Citibank offers two fixed deposit rates, one for six months and one for twelve months. The interest rates are 2.8% per annum and 3.2% per annum, with a minimum deposit of S$50,000. S$3 million is the maximum deposit amount. Citibank’s interest rate is quite generous, and it is currently offering one of the market’s highest fixed deposit rates.
Bank of China
If you open an account through mobile placement, the Bank of China will pay you 2.95% p.a. on fixed deposits with a term of 18 or 24 months. Over-the-counter transactions will earn you 2.85% p.a. While this is the second highest interest rate available, two years is a long time to keep your money in a fixed deposit. For deposits of at least $5,000, shorter tenures of 12 months will earn you 2.85% p.a. via mobile banking. The BOC fixed deposit interest rates are updated every few months, and the rates shown above are based on the board rates as of October 1, 2022.
CIMB currently has the third highest fixed deposit interest rate — 2.90% p.a. for 18-month fixed deposits and 2.80% p.a. for 12-month fixed deposits. A minimum deposit of S$10,000 is required. Personal banking: Get 2.85% p.a. and 2.75% p.a. on fixed deposits with terms of 18 and 12 months, respectively, with a S$10,000 minimum deposit.
DBS – Fixed Deposits in Singapore
DBS provides a competitive fixed deposit rate of up to 1.7% p.a. However, these higher rates are only available to those who have an existing fixed deposit with DBS/POSB, as tenures of twelve months and above are only applicable to rollover of existing placements with the same tenure. DBS/POSB is only accepting applicants for new placements with tenures of eight months or less. This means that the best-fixed deposit rate you can get is 1.6% p.a.
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