Best fixed deposit rates in Singapore (Sept 2022) - DBS, UOB, OCBC and more (2022)

Fixed deposit(sometimes called time deposit) accountsare low-risk investmentsthat earn you interest over a fixed commitment period. You don’t need to do anything to earn this interest, just park your money with a bank. Think of itlike mould on a piece of bread. Just leave it out in the openand mould will grow — FREE! — on your bread for you.

Seriously, though, fixed deposits are great if you have a substantial amount of money lying around and you don’t want to risk investing it. Fixed deposits areextremely low riskways to grow your money.

You’ll be happy to learn that the fixed deposit rates are looking up again! Fixed deposit interest rates took a hit during Covid-19 but now the rates are back to pre-Covid days! If you’ve been holding out for the interest rates to pick back up, now might be a good time to park your spare money with a bank.

1. Best fixed deposit rates in Singapore (September 2022)

We’ve picked the highest fixed deposit rates for SGD in attainable deposit amounts (i.e. $50,000 and below).

Bank/financial institutionMin. deposit amountTenureInterest rates
Hong Leong Finance$10,00015 months2.4 per cent p.a.
CIMB$10,00018 months2.25 per cent p.a.
RHB$20,00024 months2.3 per cent p.a.
DBS $1,000 8 months1.3 per cent p.a.
ICBC$50012 months2.35 per cent p.a.
Maybank$20,00015 months2.3 per cent p.a.
UOB$20,00015 months2.3 per cent p.a.
HSBC$30,00012 months2.3 per cent p.a.
OCBC$20,00024 months2.3 per cent p.a.
Standard Chartered$25,00012 months2.2 per cent p.a.
Bank of China$5,00012 months2.35 per cent p.a.
State Bank of India$25,00018 months2.57 per cent p.a.

Note that most of thesepromotional interest rates, which changemonthly and the bank can change the rates anytime. The exception is DBS’ fixed deposit rate, which is non-promotional.

2. State Bank of India Singapore fixed deposit rates (September 2022)

State Bank of India Singapore fixed deposit rate
Interest rate2.57 per cent p.a.
Deposit amountMin. $25,000
Tenure18 months

The State Bank of India Singapore’s interest rate is the highest amongst the banks here with its ongoing promotion of2.57 per centp.a. for 18 months(minimum $25,000). If you’re looking for a lower minimum deposit of $5,000, you can opt for a shorter fixed deposit tenure. The State Bank of India Singapore offers an interest rate of 1.6% for a year. If you can afford to stash it away for a longer period of 36 months, you can earn up to 2.3% p.a..

Either way, it’s interest rates across the board are rather attractive and worth looking into regardless of the inconvenience of banking with a foreign bank.

3. Bank of China fixed deposit rates (September 2022)

Bank of China fixed deposit rate
Interest rate2.35 per cent p.a.
Deposit amountMin. $5,000
Tenure12 months
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Bank of China’s fixed deposit promotional rate offers a relatively high 2.35 per centp.a. interest and it gets better. The best part about Bank of China’s fixed deposit rate is that youonly need a minimum deposit of $5,000 to get earn the 2.35 per centinterest rate. Typically, most banks require a minimum deposit of at least $10,000.

If you’re looking to get the most out of a smaller sum of your savings, you can still leverage on Bank of China’s 2.35 per centp.a. which is far better than the 0.05% p.a. interest you would earn with a regular savings account. Plus, you only have to stash your money away for a year to earn your 2.35 per centinterest.

4. Hong Leong Finance fixed deposit rates (September 2022)

Hong Leong Finance fixed deposit rate
Interest rate2.4 per cent p.a.
Deposit amountMin. $10,000
Tenure15 months

Apart from the big banks like DBS, UOB and OCBC, the fixed deposit aficionado should also look at non-bank financial institutions likeHong Leong Financeas they also offer promotions. They may not be quite as risk-free as banks, though.

Given its current fixed deposit interest rate of 2.4 per centp.a. for a lock-in period of 15 months, it ranks second highest in terms of interest rate across the board. It also has a relatively short lock-in period of a little over a year. If you’re certain you won’t be needing extra cash on your hands for the next 15 months, Hong Leong Finance is a good place to put your cash and let it work for you.

5. CIMB fixed deposit rates (September 2022)

CIMB fixed deposit rate
Interest rate2.25 per cent p.a.
Deposit amountMin. $10,000
Tenure18 months

Malaysian bankCIMBoffers a pretty standard fixed deposit rate for the month with their 2.25 per centp.a. promotion (till Aug 31,2022) if you are not a CIMB Preferred customer. If you’re a CIMB Preferred customer, you’ll enjoy an even higher rate of 2.3p.a.

This promo is for deposits of at least $10,000. To enjoy this rate, you need to lock up your money for 18 months. This promo extends to both new and existing CIMB Personal Banking and CIMB Preferred customers. To be eligible, you have to apply online.

If you’re looking to deposit smaller amounts of your savings into a fixed deposit account, CIMB only offers up to 0.3 per centp.a.. In this instance, you would be better off placing your money with Bank of China where you can earn 2.35 per centp.a..

6. DBS fixed deposit rates (September 2022)

DBS fixed deposit rate
Interest rate1.3 per cent p.a.
Deposit amount$1,000 to $19,999
Tenure18 months
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The current highestDBSfixed deposit rate is 1.3 per centp.a. for those who have $1,000 – $19,999 for 18 months. However, DBS has stopped taking in fixed deposits above eightmonths. So, if you’re already on an existing DBS fixed deposit programme,heng ah!

If you’re opening a new fixed deposit account, the highest you can go is0.85 per centp.a. for 8 months.The only consolations are that the lock-in period is relatively short, and the minimum of $1,000 is quite a manageable amount. Still beats having your cash parked in a regular savings account!

7. ICBC fixed deposit rates (September 2022)

ICBC fixed deposit rate
Interest rate2.35 per cent p.a.
Deposit amountMin. $500
Tenure12 months

It used to be that you needed at least $20,000 lying around in order to benefit from the higher promotional interest rates. However, the lower-commitment options have become a lot more competitive of late.

There are a few fixed deposits which have pretty low barriers to entry on this list, but Chinese bankICBCtakes the cake by requiring just a $500 minimum deposit.

ICBC’s interest rates are also slightly above average when compared across the board.You get a 2.35 per centp.a. (if you apply for this fixed deposit online via ICBC e-banking) with a commitment period of 12 months.

When you do it the old school way, you’ll get a lower 2.30 per centp.a. and you’ll have to hit a minimum deposit requirement of $5,000.

If you’re looking to start somewhere, ICBC has a low barrier of entry, a good fixed deposit rate to offer and a low commitment period of only a year.

8. Maybank fixed deposit rates (September 2022)

Maybank fixed deposit rate
Interest rate2.3 per cent p.a.
Deposit amountMin. $20,000
Tenure15 months

You can earn 2.3 per centp.a. withMaybank’s Singapore Dollar Time Deposit. It is the standard fixed deposit rate that most banks are offering this month. You have to leave your money in for 15 months. A little over a year might not be an extended period of time but you can a higher interest rate with a lower minimum deposit amount with ICBC or Bank of China.

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However, if you’re looking to commit for a shorter time period, Maybank also offers 2.2 per centp.a. for 12 months.

9. UOB fixed deposit rates (September 2022)

UOB fixed deposit rate
Interest rate2.3 per cent p.a.
Deposit amountMin. $20,000
Tenure15 months

Right now, local bankUOBis offering 2.3 per centp.a. on their 15-month fixed deposits while promotion lasts till Aug 31, 2022. While the lock-in period is relatively short at a little over a year, it still does require a minimum deposit of $20,000.

Note that if you have an UOB fixed deposit that’s maturing this month, UOB will auto-renew your account at the current “promotional” rate. You might want to check and update your standing instructions.

10. RHB fixed deposit rates (September 2022)

RHB fixed deposit rate
Interest rate2.3 per cent p.a.
Deposit amountMin. $20,000
Tenure24 months

Malaysian bankRHBis offering a 2.3 per centp.a. fixed deposit interest rate.If you are an RHB Premier customer, you get a higher 2.4 per centp.a. interest rate instead. It’s on par with what most banks are offering this month. However, with RHB, you have to stash your funds away for twowhole years and it also has a rather high minimum deposit requirement of $20,000.

Of course, not forgetting that RHB is also a foreign bank and you already know the risks involved with that. Whether the risk is worth taking, it’s your call. If you have $20,000 to stash away, you can earn the same interest in a shorter period of 15 months with Maybank, a fellow Malaysian bank.

11. Standard Chartered fixed deposit rates (September 2022)

Standard Chartered fixed deposit rate
Interest rate2.2 per cent p.a.
Deposit amountMin. $25,000
Tenure12 months

Standard Chartered’s fixed deposit rates are nothing to scream and shout about. At 2.2 per centp.a. interest rate for a lock-in period of a year, Standard Chartered’s fixed deposit rates are currently amongst the lowest. If you have $25,000 to stash away for a little over a year (15 months), you’ll earn a better fixed deposit rate with Maybank or UOB.

If your existing time deposit with Standard Chartered has recently matured, there’s an ongoing renewal promotion. You can earn 2.0 per centp.a. in interest if you renew your time deposit for another year. However, again, you would be better off parking that money at another bank that’s offering a higher fixed deposit interest rate.

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12. HSBC fixed deposit rates (September 2022)

HSBC fixed deposit rate
Interest rate2.3 per cent p.a.
Deposit amountMin. $30,000
Tenure12 months

HSBC offers a pretty decent 2.3 per centp.a. for a tenure of 12 months. However, the drawback is that it requires a very high initial deposit of $30,000. If you don’t have that much funds to stash away, you can earn a higher interest rate of 2.35 per centp.a. for a lower initial deposit of only $500 with ICBC.

Now that we’ve had a look at the interest rates banks have to offer, here’s a quick and easy summary of what youneed to know about fixed deposits.

13. Fixed deposit vs savings account — what’s the difference?

Once an attractive alternative to the 0.05% p.a. interest on savings accounts, fixed deposits are fading from collective memory. Today, every bank in Singapore is competing for your dollar withhigh interest savings accounts, which may actually offer better returns.

Here are the differences between fixed deposits and savings accounts at a glance:

Fixed depositSavings account
TenureAs low as 3 months, but go for at least 12 months for better ratesNone
Interest rateThe longer the tenure, the better the interest rateUsually the same regardless of tenure
Amount to depositFixed amount, usually at least $10,000Smaller initial deposit and minimum monthly balance ($500 to $3,000)
CurrencySGD by default, but some banks offer higher interest rates for foreign currencySGD by default. There are a few multi-currency accounts, but no difference in interest rate
Can you withdraw?Contrary to popular belief, yes, but you lose the interestYes, no impact on interest, but don’t fall below the minimum balance
Interest paymentsQuarterly or annuallyMonthly
Risk levelVirtually risk-free, insured up to $75,000 by Singapore Deposit Insurance Corporation (SDIC)

14. Fixed deposit vsSingapore Savings Bonds (SSB) — which is better?

In anearlier article, we compared theSingapore Savings Bondsto fixed deposits. There area few key distinctions between these virtually risk-free investment vehicles.

First, interest rates. Believe it or not,fixed deposit interest rates were actually higher than SSBsin 2021. TheMarch 2021 issue of SSBsoffered a measly 0.35% p.a. interest average return after the first twoyears. However, things have completely changed in the past year.

In fact, the Singapore Savings Bonds interest rates are better than they have ever been. TheAugust 2022 Singapore Savings Bond (SSB)has a ten-year average return of 3 per centp.a., while even two-year rates are 2 per centp.a. average return. TheSeptember 2022 SSBis slightly lower but still with an optimistic ten-year average return of 2.8 per centp.a.. While fixed deposit interest rates might be more attractive than SBSs in the short term, SBSs outperform fixed deposit rates in the long run.

Next, entry point. It takes just$500 toinvest in Singapore Savings Bonds, which is lower than the $1,000 or more for most fixed deposits. That said, ICBC fixed deposits only require $500 to start. (On the flip side, there’s a cap of $200,000 you can put into Singapore Savings Bonds. There’s no cap for fixed deposits.)

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Finally, tenure.Fixed deposits are shorter term investments. After the lock-in period is over, you should shop around again for another place to park your money.

With SSBs, however, the interest rate climbs every year, so the longer you keep the money in there (up to a maximum of 10 years) the more you get. At the same time, SSBs have higher liquidity than fixed deposits. You will not be penalised if you withdraw your money at any point. You do have to pay a $2 transaction fee each time you buy or redeem a bond, though.

This article was first published inMoneySmart.

FAQs

Which Bank in Singapore offers the highest interest rate for fixed deposit? ›

The highest interest rate is by HL Bank which offers an interest rate of 2.75% p.a. for 12 months tenure for funds of $50,000 and above. Comparatively, UOB offer an interest rate of 2.60% p.a. for funds of $20,000 and above for 12 months tenor.

Which bank FD rate is high 2022? ›

Best FD Rates in India 2022
Banks Offering FDInterest RateTenure
SBI2.90% - 5.50%7 days-10 years
HDFC Bank2.50% - 5.60%33-99 months
ICICI Bank2.50% - 5.50%7 days -10 years
AXIS Bank2.50% - 5.75%7 days-10 years
19 more rows

Which fixed deposit is best in Singapore? ›

2.57% p.a. The State Bank of India Singapore's interest rate is the highest amongst the banks here with its ongoing promotion of 2.57% p.a. for 18 months (minimum $25,000). If you're looking for a lower minimum deposit of $5,000, you can opt for a shorter fixed deposit tenure.

Which Bank gives highest return on fixed deposit? ›

Fixed Deposit Interest Rates by Different Banks
BankTenureInterest Rates for General Citizens (per annum)
ICICI7 days to 10 years2.50% to 5.50%
Punjab National Bank7 days to 10 years3.30% to 5.25%
HDFC Bank7 days to 10 years2.50% to 5.50%
Axis Bank7 days to 10 years2.50% to 5.75%
3 more rows

Which bank has the best interest rate in Singapore? ›

2.0% p.a. 0.80% p.a. 0.80% p.a. CIMB comes through again by offering arguably the highest realistic interest rates for a savings account – the CIMB FastSaver at 1.8% p.a. – provided you also sign up with the CIMB Visa Signature credit card and spend a minimum of $300 per month.

Which bank is giving 7% interest on FD? ›

By Roshni Agarwal
BankTenureInterest rate
Yes Bank3 years to less than equal to 10 years7% w.e.f June 6, 2022
IndusInd Bank2 years to below 61 months7% w.e.f. June 1, 2022
Deutsche BankMore than 3 years to 5 years7% w.e.f. May 10, 2022
Bandhan Bank2 years to less than 5 years7% w.e.f. May 4, 2022
1 more row
Jun 8, 2022

What is interest rate on FD in DBS Bank? ›

Preferential rate will be applicable for tenure of 181 days and above.
...
Rates w.e.f. 28th July, 2022.
TenureInterest Rate p.a.
270 to less than 1 year4.75%
1 year to 375 days5.75%
376 days to less than 2 years6.00%
2 years & less than 2 years 6 months6.50%
13 more rows

Which bank is offering highest interest rates? ›

Top Banks In India Offering Highest Interest Rate On Savings...
  1. DCB Bank: This is a new age bank and hence to boost its market share it is offering a high return on savings account of up to 6.75%. ...
  2. RBL Bank: This private bank offers a maximum rate of return of 6% per annum. ...
  3. Bandhan Bank: ...
  4. IDFC First Bank: ...
  5. Yes Bank.
Jun 17, 2022

Where can I get the highest interest on my money? ›

The following ideas can help you make a plan to save and maximize your interest earnings.
  1. High-Yield Savings Account. ...
  2. High-Yield Checking Account. ...
  3. CDs and CD Ladders. ...
  4. Money Market Account. ...
  5. Treasury Bills.
Apr 8, 2022

What are the best fixed deposit rates? ›

Best Fixed Deposit with Highest Interest Rates 2022
FD SchemeTenureSenior Citizen Rates
HDFC Ltd FD6 Year7.15 %
Shriram Finance FD4 Year8.4 %
PNB HFL FD6 Year7.5 %
Bajaj Finance Ltd FD3 Year7.65 %
16 more rows

Where can I put my money to earn the most interest Singapore? ›

1. Best savings accounts in Singapore with highest interest rates
Savings accountRealistic bonus interest ratesBest for
UOB One0.25% to 0.75%No salary credit
OCBC 3600.05% to 0.6%Growing your savings
Maybank Save Up0.1% to 0.7%Home, education, car loan users
SCB Bonus Saver0.21% to 0.31%High spenders
3 more rows

Which bank is best for FD for senior citizens? ›

Moreover, some banks/NBFCs also offer additional interest rates to super senior citizens of age 80 years and above. For instance, Indian Overseas Bank, Indian Bank and RBL Bank offer an additional 0.75% interest rate over and above the regular fixed deposit rates to super senior citizens.

Where can I get 10% interest on my money? ›

How Do I Earn a 10% Rate of Return on Investment?
  • Invest in Stocks for the Long-Term. ...
  • Invest in Stocks for the Short-Term. ...
  • Real Estate. ...
  • Investing in Fine Art. ...
  • Starting Your Own Business (Or Investing in Small Ones) ...
  • Investing in Wine. ...
  • Peer-to-Peer Lending. ...
  • Invest in REITs.
Aug 15, 2022

Where can I get 5% interest on my money? ›

Here are the best 5% interest savings accounts you can open today:
  • Current: 4% up to $6,000.
  • Aspiration: 3-5% up to $10,000.
  • NetSpend: 5% up to $1,000.
  • Digital Federal Credit Union: 6.17% up to $1,000.
  • Blue Federal Credit Union: 5% up to $1,000.
  • Mango Money: 6% up to $2,500.
  • Landmark Credit Union: 7.50% up to $500.
Aug 26, 2022

Where do millionaires keep their money? ›

Stocks and Stock Funds

Some millionaires are all about simplicity. They invest in index funds and dividend-paying stocks. They like the passive income from equity securities just like they like the passive rental income that real estate provides. They simply don't want to use their time managing investments.

What is the safest investment with the highest return? ›

High-quality bonds and fixed indexed annuities are often considered the safest investments with the highest returns. However, there are many different types of bond funds and annuities, each with risks and rewards. For example, government bonds are generally more stable than corporate bonds based on past performance.

Where should I put my money right now? ›

Here are eight places to stash your money right now.
  • TIPS. TIPS stands for Treasury Inflation-Protected Securities. ...
  • Cash. Cash is often overlooked as an inflation hedge, says Arnott. ...
  • Short-term bonds. ...
  • Stocks. ...
  • Real estate. ...
  • Gold. ...
  • Commodities. ...
  • Cryptocurrency.

Will interest rates go up in 2022 Singapore? ›

UOB analysts echoed that market expectations remain firm for the Fed to continue hiking rates and expect three more interest rate increases – ranging from 25 to 50 basis points – over the rest of 2022.

Which bank is giving 7% interest on FD? ›

By Roshni Agarwal
BankTenureInterest rate
Yes Bank3 years to less than equal to 10 years7% w.e.f June 6, 2022
IndusInd Bank2 years to below 61 months7% w.e.f. June 1, 2022
Deutsche BankMore than 3 years to 5 years7% w.e.f. May 10, 2022
Bandhan Bank2 years to less than 5 years7% w.e.f. May 4, 2022
1 more row
Jun 8, 2022

Will interest rates go up in 2022? ›

Mortgage rates are currently near 5.5%, and I expect them to hover between 5.5% and 6% between now and the end of 2022.” Freddie Mac: “We forecast 30-year fixed rates to average 5% in 2022 and rise to 5.1% in 2023.”

How high will Singapore interest rates go? ›

Interest Rate in Singapore is expected to be 0.65 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Singapore Average Overnight Interest Rate is projected to trend around 1.00 percent in 2023, according to our econometric models.

Is interest rate going up in Singapore? ›

Homeowners in Singapore are starting to tighten their belts as they will soon face higher mortgages, thanks to rising interest rates.

What is 3M Sora rate now? ›

3M Compounded SORA + 1.00% p.a.

3M Compounded SORA refers to the 3-Month Compounded SORA that is published on MAS' website. It is currently at 1.3745% p.a. (as at 12 August 2022).

Where can I get the highest interest on my money? ›

The following ideas can help you make a plan to save and maximize your interest earnings.
  1. High-Yield Savings Account. ...
  2. High-Yield Checking Account. ...
  3. CDs and CD Ladders. ...
  4. Money Market Account. ...
  5. Treasury Bills.
Apr 8, 2022

Which bank is best for FD for senior citizens? ›

Moreover, some banks/NBFCs also offer additional interest rates to super senior citizens of age 80 years and above. For instance, Indian Overseas Bank, Indian Bank and RBL Bank offer an additional 0.75% interest rate over and above the regular fixed deposit rates to super senior citizens.

How do I get a high interest rate? ›

Ideas to Earn More Interest on Savings Account
  1. Maintain High Monthly Average Balance. Savings Account holders today are required to maintain a low average monthly balance in their accounts. ...
  2. Choose from a Wide-Range of Savings Accounts. ...
  3. Link Your FDs for Sweep-in Facilities. ...
  4. Open Digital Savings Account.

Are interest rates going up in September 2022? ›

Weekly averages for popular mortgage rates from September 1, 2022. 30-year fixed rates change to 5.66%, 15-year fixed rates change to 4.98%, and 5-year adjusted rates change to 4.51%. Mortgage rates have experienced wild swings for more than a month.

Will interest rates go up in August 2022? ›

The BOE had previously suggested the rise in inflation would only be temporary but it now accepts that this is no longer the case and it will hit 13% in the coming months, which is why it has raised interest rates six times between December 2021 and August 2022. It will likely continue to do so in 2022.

What will interest rates be in 2023? ›

We project a year-end 2023 federal-funds rate of 1.75%, compared with 3.25% for the consensus. Further out, our 2026 and long-run projection for the fed-funds rate and 10-year Treasury yield are 1.75% and 2.75%, respectively.

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1. Singapore Banks Stock Analysis: Weakness An Opportunity | DBS, UOB, OCBC
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3. Strong Sgx Stock 2022 Jan | Sembcorp | DBS | OCBC | UOB | OLAM | Singapore Airline
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